Updates?
becki sanders
news to share?
Home purchases? Licensed?
I'm gearing up to buy in the next couple months. I decided to wait out
the summer months (high season).
-Becki
Aditya Angrish
Median prices will rise as the Sub $1M segment crumples down to the vicinity of $500K causing the current $300Ks to fall even further. (but as that will still be more than the $40K that a lot of ripped up and gutted houses sold for earlier this year, the median price will rise)
As interest rates start a slow rise next year, house prices are going to get squeezed again. Employment will continue to drop until the middle of next year keeping the market depressed so the next few months will be a good time to buy 'decent' houses.
However, if Obama comes out with a 'Cars for Clunkers' for Houses, all bets are off. Actually that's what they should have done in the first place - instead of funneling money to the Banks/Investment banks - but this way they get to rob the public twice. (BTW, by 'they' I mean politicians Democrats and Republicans alike).
(Time to go create my business cards)
Aditya
Becki Sanders
Are you working in the field full time, on the side, investing only or what's your plan?
You really think Sub $1mil are going to drop like that? I haven't put a lot of thought into that bracket but I've noticed schizo pricing in the multi-mill.$ homes. Some are still trying make a few hundred $k while others are dropping their prices just as much (ex. in Piedmont).
I agree that we have a few more months to get good deals. I also believe we will be seeing more options pop up since some of these foreclosures have been withheld for a while now. I'm a little unsure if I should jump in in Nov. and catch the $8k tax credit or hold off until the dead of winter when I predict there will be a little dip in prices.
You should pass your card design by me when you're done or editing if you want feedback. I have a design background and friends in the field. ...that goes for anyone on BARE.
Indigo Dutton
Congrats Adyita on getting your license, and to you Becki for finding a partner. I know that was on your agenda for a while. I have not been able to do anything on the real estate front because there is so much going on with my regular business. I haven’t had a day off for well over a month, and have another intense month ahead. In fact, I just hired two people, and I’m still turning projects away that I don’t have time for. It amazes me that the economy is continuing to contract and the jobless rate rise, when I’m having such a different experience. This is experience is also what I’m hearing from a lot of people within my professional community. And the amount of calls I’ve received in recent weeks from other companies trying to hire me as a subcontractor (something I no longer have time for at all) is ridiculous. I get at least one new inquiry every day. I keep feeling like the economy is really picking up, but then I read the paper.
In any case, I may decide to make a purchase next Spring, but can’t really think about it until then. I’m also not really attracted to the idea of buying in California, and without a location everything comes to standstill. I just can’t take the tax rates of residence in this state though. It is one thing to rent here, because I can leave any day I want and be out no more than a month’s rent. But buying in to a place I doubt I want to stay at a time when it is so hard to sell, not a great plan. Searching for property somewhere else though will be even more time consuming, so that’s why I’m not thinking about it at all until next year.
Indigo
Becki Sanders
There is a lot of opportunity outside of CA for sure but you don't have the benefit of getting to the property easily and will be dependent on a manager (who hopefully you can trust). My parent's decided to do the same and bought in Arkansas and they paid cash for a 3 bd 2 ba house -- $30k. They flew out there to fix it up and the house next door went up for sale and they bought it too. At this point they have three houses in a row on the same street and also have family nearby in an emergency. I think it works if you have some connections to a particular location.
-Becki
On the other hand I just see so much potential in CA right now that I feel like the deals outweigh the high taxes. It also depends on what your intentions are with the property: hold, flip, rent...