Housing Bubble 2: electric boogaloo?
- Thread starter Bartdog
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IMO, it's not a matter of if... it's when--and how bad will it be. I've made it a point to diversify my listing inventory. And I've told lots of family and friends to go ahead and sell and rent for awhile.
probably depends on where you live....I'm in SWFL and I would say there will be a 10-15% dip in the prices within the next 2 years. The saving grace right now is that rates are still good to really good so that is helping with the mortgage payment.
Well my house must have missed the bubble from the last bubble. I still don't think housing prices are back to what they were, at least in Tallahassee.
Depends on your market and it depends on what you consider a bubble. I think with the interest rates being relatively low and prices starting to drop just means that the consumers don’t like the going rates.
This isn’t like a decade ago.
This isn’t like a decade ago.
Been away from Tally for a while but I have a question.
How have housing prices in the Killearn area done over the last decade or so and do they stand to get hit harder when the next bubble pops?
I figure there are so many new developments and driving around Killearn houses have started looking a bit... old.
How have housing prices in the Killearn area done over the last decade or so and do they stand to get hit harder when the next bubble pops?
I figure there are so many new developments and driving around Killearn houses have started looking a bit... old.
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Killearn does look a bit tired-but it's 55 years old. Homeowners need to update, and to fund some refreshing of the entry area.
I worked for KPI back in the day and it was the pinnacle community in Tally.
I worked for KPI back in the day and it was the pinnacle community in Tally.
In south Florida it doesn’t feel that house prices have appreciated that much. Not like they were in the 2000s anyway.
Joe Manausa sees conflicting forces in the Tallahassee market-
On one hand, rising interest rates suggests lower demand and thus pressure on prices. On the other hand, we have low inventory which will result in competition among buyers and thus high appreciation.
The home appreciation in the Leon High School area is disappointing which he thinks it is in part driven by a glut of condo units downtown.
On one hand, rising interest rates suggests lower demand and thus pressure on prices. On the other hand, we have low inventory which will result in competition among buyers and thus high appreciation.
The home appreciation in the Leon High School area is disappointing which he thinks it is in part driven by a glut of condo units downtown.
Understanding that no economic sector experiences a continuous assent, I don't doubt that some level of stagnation or, in certain areas, even a correction may occur in the housing market.
What I don't believe will happen is a mid-2000's type bubble. The depth and breath of that collapse was almost entirely brought on by sub-prime lending practices and the subsequent packaging of those loans, which were peddled as derivatives (credit default swaps).
Are residential lenders still making zero/low equity loans to borrowers that cant even remotely afford to repay them?
What I don't believe will happen is a mid-2000's type bubble. The depth and breath of that collapse was almost entirely brought on by sub-prime lending practices and the subsequent packaging of those loans, which were peddled as derivatives (credit default swaps).
Are residential lenders still making zero/low equity loans to borrowers that cant even remotely afford to repay them?
Manicured entry areas are foremost for a good first impression and overall success.
I would say by far, no. Dealing with lenders and their customers, it seems they are very tough and thorough in their underwriting. Not saying they are all perfect, but I dont see that happening again.
Maybe not like the early 2,000’s but they have gone up quite a bit in Palm Beach County. My house appraised for over 100k more than I bought in 3 years. I expect a correction pretty soon.
I see the market softening already in high-prices areas. I have a friend looking at homes in the $1.2 to $1.5 range in Jupiter/Palm Beach Gardens areas and homes are sitting and prices being reduced. Jupiter CC and Frenchman’s Reserve are examples of the market weakening.
will this save it?
Mortgage rates just tanked, and they could go even lower http://a.msn.com/00/en-us/BBV306Z?ocid=se
Mortgage rates just tanked, and they could go even lower http://a.msn.com/00/en-us/BBV306Z?ocid=se
Seriously doubt it. Here in NY, its not just the prices that kill you, its the taxes...and they certainly arent going down.will this save it?
Mortgage rates just tanked, and they could go even lower http://a.msn.com/00/en-us/BBV306Z?ocid=se
As of now the prices are steadily climbing. Most of it is a case of supply and demand. So many homes damaged to the point they are no longer livable and those that are OK or needing a small amount of work are probable 25%-30% higher than pre-storm prices. In the Panama City area land and homes in the north part of county are seeing brisk sells and continually climbing prices. I had close and an 1-1/4 on a lake on Monday Oct. 8th. The lot is about 20 miles north of Panama CIty. I was called last week and offered 25% more than I paid for it.
The real estate folks are thinking we are returning to the glory days of '04 and predicting 75-100% property value increase in the next year. I think they are wishful thinking. The ones having to abandon their homes and seek other places to stay can not pay those type of prices. A lot of the owners who are finally getting insurance to act and are getting to start the rebuilding process will not be looking to move to other places.
Insurance is not the problem for us. Our problem is getting a contractor to call us back. When they do come and give a quote, some ghost when you ask about their insurance or ask for specifics to be listed in the quote.
My son had a contractor waiting on his insurance to make a decision. They finally starting working on his house 2 weeks ago. He had to get a hired gun adjuster to get the insurance moving. My brother's experience has been similar. About 1/2 of the folks I work with have had very bad experiences and half as had good experiences. Because Lowes and HD have gone crazy with their prices some of the folks in PC have been heading to B'ham and bring back materials and supplies from there. I needed some 2 X 6 X 10s last week. At both of those stores in PC the price was over $8.00 each. I bought them from Bailey's in Graceville for $4.58 ea. I swear if there is any way around it I will never set foot in either of those stores again.
I used them for spray foam insulation. I'm more of an old school guy when it comes to that kind of thing, but I met three great companies and was happy with the price and work.
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