I was a nervous wreck this time last year, but I'd be right there with Owen Wilson if I were selling a house right now. More bad news from CNNMoney.com ...
Homeowners trying to sell last month faced the biggest glut of homes on the market in about 16 years, as declining sales and growing problems in the mortgage market helped push home prices down for the 12th straight month.
Read the full article here ...
4 comments:
The double edged sword here too is that although its a buyers market, smart buyers have to be sure homes won't continue to depreciate before stepping up to the plate. Folks who bought a house two years ago are stuck with no equity because their property (in many markets) has gone down in value.
Good point. I was about to say Joe should have no problem paying whatever he wants for his new place, but I didn't think about long-term repercussions ...
It's gotta bounce back eventually, right?
We're facing that now. Houses where we're looking seem really overpriced to me ($135 / sq ft), so we might be able to lowball somebody, but I'm still concerned prices will drop further. It seems like not much is selling here these days.
It looks like we're going to go for a fixer-upper that is pretty cheap. We'll have to put some into it, but it will still be considerably less than what the newer houses are selling for. And this one has a bit of property with it.
I went the fixer-upper route myself and I'm so glad that 1)I did, and 2)that I had no idea what I was getting my lazy ass into.
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