Those with the crystal ball....home value

What are you thinking....home values going to increase or do they still have to decrease a little more?

Re: Those with the crystal ball....home value

I think they will stay flat for the next year or so, but this is the bottom plus or minus 20k.

Re: Those with the crystal ball....home value

i think we are pretty near bottom ... i think they will start to very slowly rise over the next few years

Re: Those with the crystal ball....home value

A lot of investors/cash buyers are out now, which is a sure sign that the market has hit bottom and is starting to turn.

But I think we still have a few years of dealing with the fallout from the previous housing bubble -- i.e., the short sales and foreclosures that are dragging home values down.

So I think the market will stay relatively flat for awhile and then we'll start to see a gradual rise in prices in a year or so.

Re: Those with the crystal ball....home value

I agree that we are pretty much at the bottom.

In the long term I have a few concerns.
Over the past couple of years the fed has been feeding alot of money into the economy and that's going to be stopping in the next couple of months.

Jobs declines have been stabilizing and are showing signs of recovery but, how much of this has been due to the government stimulus?
If it's been a big part of the jobs growth then I'd expect prices to stay flat for a few years.

This time around it's all about jobs (and energy prices).

Re: Those with the crystal ball....home value

I think the prices are pretty much as low as they are going to get. I even think they actually started to go up already.

Like in every market, high or low, the good houses sell fast, the others don't sell or have to drop their price but mostly because they were overpriced compared to comps.

I think some people had wishful thinking that the prices would match prices of houses in other cheaper States but that's never going to happen. LI is near NYC. That's the botton line.

Re: Those with the crystal ball....home value

Message edited 4/22/2011 8:14:40 AM.

Re: Those with the crystal ball....home value

Re: Those with the crystal ball....home value

As a current seller (near you) I have seen the prices drop a bit since we went on the market in Dec. The houses that have sold didn't get asking price some came in 30k under. I am hoping it is getting better. But not to good till I buy our next house

Re: Those with the crystal ball....home value

I don't know if prices have gone up yet. There is a house a block away that has lowered their price several times. We are in a GOOD district and their house is very nice. They lowered it to $170k less than what we paid for our house 5 years ago And our houses are similar in size, etc. Doesn't give me much hope for a few years.

Re: Those with the crystal ball....home value

I think all the "good" neighborhoods are definitely at bottom, mainly because the demand is there.

If you are in an "ok" neighborhood, it will depend on how many houses are for sale. Might still see some dips.

I would love to buy a second house right now. Too many things on my plate right now though. Maybe down the road if prices are still good.

Re: Those with the crystal ball....home value

It's things like this that make me feel that housing hasn't quite stabilized yet

Re: Those with the crystal ball....home value

As long as their is a ton of inventory out there you will have downward pressure on prices.

Desirable areas will bounce back first while others will have to wait long for their recovery.