when is the real estate market supposed to improve?

[Cumberland]

For real. I have done a few web searches and really dont see much of anything. I still just cant believe that people arent buying at all, but then the million for sale signs do point to that direction. I am just wondering how panicked I need to be.

[PrincessFiona]

Re: when is the real estate market supposed to improve?

Ugh. We are panicked over this issue. CN's house is now officially being put down in price again. It's officially 65k less than they paid for it and it is *gulp* a huge problem for us. We would stand to lose our shirts in the case that we had to sell. They bought when prices were lower than when we did. Ouch.

In our neighborhood (that is very small), two homes are currently heading towards the foreclosure route. The realtor for the builder in our neighborhood also lives here and she has had her house on the market for a loooong time. I have no idea how they are surviving because she isn't selling any homes. People can't afford to buy because they can't afford to sell their homes at such a loss. Unfortunately, those of us who got into the market when prices were still high have lost a lot.

We are seeing significant declines here. Several realtors have closed their doors and in an interesting twist that I don't know is necessarily related...a lot of the stores in our mall are closing. :huh:

I hear rumblings of it getting better in 2010...but then other reports say it will be a good 5-10 years. :huh:

It's such a bummer.

Kris

[DCJenn]

Re: when is the real estate market supposed to improve?

I think it depends on the market. Here in downtown San Antonio, we haven't seen much of a drop off except for the ginormous Victorians- the ones that are over 1 mil. and the prices aren't going down, they're just taking a while to sell. (which they probably would anyway, since my neighborhood has houses that are well under 75k to those that are 2mil+)

In DC, the market is going to turn around quickly- there will be a new administration in town and people need to leave and to come. I plan on putting our house back on the market right around election day. Prices in DC are also still pretty high. Nothing has dropped in price in our immediate neighborhood.

Now, in both places, the suburbs are feeling the hit, especially in the outermost DC suburbs. They overbuilt, there is no infrastructure and people were already turning away from them because of commute times.

My aunt lost her house in Ohio (Cleveland) to foreclosure and my other aunt/uncle came close to foreclosure (Columbus) and sold at a HUGE loss.

Jenn

[GrayMatterWife]

Re: when is the real estate market supposed to improve?

My aunt lost her house in Ohio (Cleveland) to foreclosure and my other aunt/uncle came close to foreclosure (Columbus) and sold at a HUGE loss.

Jenn

Oh, man. Cleveland is just getting BEAT UP. It is terrible there. I just read an article about a related problem plaguing Cleveland--there are so many foreclosed homes that they can't keep the homeless (just looking for a place to stay warm) and criminal element (usually looking to strip out the copper) out of the homes... It is causing a big problem for the neighbors living on streets with a lot of foreclosures.

Re: when is the real estate market supposed to improve?

That is horrible. And I'm sure that once a few homes foreclose, it is even harder to sell.

Copper? Is that used for making drugs?

[DCJenn]

Re: when is the real estate market supposed to improve?

Copper is sold for whatever...drugs usually.

Jenn

[poky]

Re: when is the real estate market supposed to improve?

OK, you guys are freaking me out. And making me really really glad we're renting and didn't buy here. Wow. Nellie, the burbs on the west side of Portland are still doing OK, right?

[GrayMatterWife]

Re: when is the real estate market supposed to improve?

Copper? Is that used for making drugs?

Copper wiring, primarily, but it also can be stripped from downspouts, etc.

There is a big black market for used copper. It's easy to fence because it is untraceable. And there's real money in it--copper has more than double its value in the past five or so years.

Re: when is the real estate market supposed to improve?

My aunt lost her house in Ohio (Cleveland) to foreclosure and my other aunt/uncle came close to foreclosure (Columbus) and sold at a HUGE loss.

Jenn

Oh, man. Cleveland is just getting BEAT UP. It is terrible there. I just read an article about a related problem plaguing Cleveland--there are so many foreclosed homes that they can't keep the homeless (just looking for a place to stay warm) and criminal element (usually looking to strip out the copper) out of the homes... It is causing a big problem for the neighbors living on streets with a lot of foreclosures.

and I'm having flashbacks to my home-selling nightmare in Cleveland. Even though it took us a year and we still had to write a check to be done with the place, I am SO GRATEFUL we sold it then. If we hadn't unloaded it then, I'm certian we'd still own it today.

Re: when is the real estate market supposed to improve?

That is interesting about the copper.

Portland real estate seems ok. It has slowed down but nothing like other parts of the country. I'd say that sellers are holding off in they can but I'm not certain. It seems like there are fewer homes on the market.

[houseelf]

Re: when is the real estate market supposed to improve?

It seems like there are fewer homes on the market.

There are fewer homes on the market in our neighborhood for sure. Many of them have decided just to wait it out by staying put for a little longer than they desired. And then there are cases like our neighbors, renting a $240,000 home for $1100 a month just to have something to put towards the mortgage ror which they are still obligated.

I hate to contribute to the fear mongering, but it is bad.

Kelly

Re: when is the real estate market supposed to improve?



We bought a house in an inner-ring suburb of Cleveland. When it's time to move again (in other words: as soon as this fellowship is over) we'll probably have to write a check like JennP did.

Re: when is the real estate market supposed to improve?

We're just getting our house ready to put on the market. Oh my gosh!!! We'll be pricing it very low for the neighborhood... so hoping it is enticing to someone who really wants to live here. Must sell!!!!

[alison]

Re: when is the real estate market supposed to improve?

We're just getting our house ready to put on the market. Oh my gosh!!! We'll be pricing it very low for the neighborhood... so hoping it is enticing to someone who really wants to live here. Must sell!!!!

Which neighborhood? We may look for a new place to rent for one more year (starting in June 2008) in Chicago - I know that you're not looking to rent, but sell...

Re: when is the real estate market supposed to improve?

We're just getting our house ready to put on the market. Oh my gosh!!! We'll be pricing it very low for the neighborhood... so hoping it is enticing to someone who really wants to live here. Must sell!!!!

Which neighborhood? We may look for a new place to rent for one more year (starting in June 2008) in Chicago - I know that you're not looking to rent, but sell...

I sent you a pm.