Real Estate market.

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KK

Lifer
Jan 2, 2001
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Has anybody here been looking at what is available out there? Seems like there are some awesome deals out there. We've been looking at some in the 200-275k range, mostly short sales and foreclosures in decent neighborhoods with homes in the 400k range. We put in an offer on one short sale that was recently on the regular market for 100k more. Anybody here have experience with what to expect with a short sale? I know that they can take alittle while to close, but that's fine with me, as long as we can get it finished before the 6500 tax credit goes away.
 

Triumph

Lifer
Oct 9, 1999
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I'm looking, but everything depends on your market. I don't know what's going on where you live, but my area has certainly not been hit as hard as some of the other areas of the country (northern virginia). There are a lot of short sales and foreclosures out there for sure, though.
 

sandorski

No Lifer
Oct 10, 1999
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What I heard a couple days ago seems to indicate there could be another Dip coming. Be sure to find out the Current Rate of Mortgage Delinquency in your area first.
 

iGas

Diamond Member
Feb 7, 2009
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My assumption is that condition varies from region to region.

In my area real estate price didn't drop at all, and price grew 4.5% in 2008 as the worst year since 2000. Currently a fixer upper around town start at $500K, and average house is near $600K. While a new house start at $700K.

What I heard a couple days ago seems to indicate there could be another Dip coming. Be sure to find out the Current Rate of Mortgage Delinquency in your area first.
W growth, dips that I have heard flying around in the last 6 months or so due to the believe that growth in the stock market can not be a V shape growth. However, the rest of the world isn't going to wait or be affected by the US market from what I have seen and read on various investment sites. Therefore world wide market will pull the US & Canada market along as it grow.

If history repeat it self Vancouver/Victoria may experience a low for a couple of years after the Olympic as it happened to every game so far. Look up Olympic Estate.
 
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Marinski

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Apr 5, 2006
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i'm in the process of buying a house right now. If your lookin to get in soon and don't want to wait, then don't waste your time with short sales. You could be waiting forever and might not get an answer at all, even before the tax credit. Tons of short sales out there right now, you can always put in an offer and say you need an answer by X amount of time and keep looking at other stuff. Another thing you sometimes gotta worry about is people coming and taking shit outta the place. Could have to wait on a bank foreclosure too, because banks are taking forever with things. The house I'm hopefully getting, is from a private investor that bought from the bank before it went to auction.
 

sandorski

No Lifer
Oct 10, 1999
70,231
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My assumption is that condition varies from region to region.

In my area real estate price didn't drop at all, and price grew 4.5% in 2008 as the worst year since 2000. Currently a fixer upper around town start at $500K, and average house is near $600K. While a new house start at $700K.


W growth, dips that I have heard flying around in the last 6 months or so due to the believe that growth in the stock market can not be a V shape growth. However, the rest of the world isn't going to wait or be affected by the US market from what I have seen and read on various investment sites. Therefore world wide market will pull the US & Canada market along as it grow.

If history repeat it self Vancouver/Victoria may experience a low for a couple of years after the Olympic as it happened to every game so far. Look up Olympic Estate.

I wasn't talking about the Stock Market, but the US Housing Market.
 

iGas

Diamond Member
Feb 7, 2009
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I wasn't talking about the Stock Market, but the US Housing Market.
Stock & Housing affect each other.

Housing start (building permits) affect price of real estate.
Housing start affect stock market price.
 
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FoBoT

No Lifer
Apr 30, 2001
63,082
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fobot.com
the two foreclosures in my neighborhood are now occupied again

i guess that means things are getting better
 

iGas

Diamond Member
Feb 7, 2009
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They do, but it's not a 1:1 ratio.
No because the human factor is the biggest effect, and interest rates also is another factor.

I don't believe there will be another dip, but if you must then there will be one in the next few years because the market (stock & housing) doesn't grown in a straight line but more like a roller coaster.
 

sandorski

No Lifer
Oct 10, 1999
70,231
5,806
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No because the human factor is the biggest effect, and interest rates also is another factor.

I don't believe there will be another dip, but if you must then there will be one in the next few years because the market (stock & housing) doesn't grown in a straight line but more like a roller coaster.

Like I said though, there's a significant amount of People in Delinquency right now. More Foreclosures are quite close.
 

KK

Lifer
Jan 2, 2001
15,903
4
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One of the foreclosures we looked at had 6500 sq ft(upstairs and finished basement), inground pool, almost an acre, and was listed for 229k. The only issue it had was the pool would need a good cleaning, but the rest of the house was in good shape. I liked it, but the wife thought it was too big. Taxes on it were high but for what it should be worth would be inline.
 
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