Danpark,

If you are interested in seeing what your home is worth and what other homes in your area are selling for now I can do a Home Market Analysis. This is always a free service that I provide. You may call me personally to tell me where your home is located, type of home, bedrooms, baths, recent improvements or call me to schedule a time for you to give me a tour of your home and I can bring an area market analysis with me. My direct number is 518-514-8830 or my personal email is cserafinis@aol.com.

Look forward to speaking with you.
Christine Serafini

I think anyone can sell their home and fast as long as they bring the price down to what the market can afford to pay. This will be pretty low but next year it may be even lower. Best to get out quickly.

Ouch, Goat. Should I be looking for an open window in a tall skyscraper? (just kidding)

Danpark, even trying to ignore Goat's grime outlook on the future, most market indicators suggest that that home prices are not going to recovery any time soon. And as Goat aptly pointed out, we are probably just a minor shock away from an even worse economic swan-dive. The way things are going, it may take that 18 months to sell your house.
Tim

Among the fact that Americans are insolvent and produce nothing of value to sell are the following points:

- Endless War spending could subsidize every household in America with $1000 per year

- Income is trending down in the United States, England, and Japan

- US banks loan loss reserves are at a 20-year low while profound losses continue

- Of the nearly 9000 US banks, 1575 of them posted a Q1 loss

- Bernanke claims $2 trillion is needed by the big US banks, but they pass the Stress Test

- Municipal bonds and state finances are disasters, as they each appeal for USGovt aid

- A shocking 20% of US homeowners have loan balances greater than their home values

- Half of modified loans result in foreclosure within several months

- Jobs report for April revealed jobless level at 8.9% (massaged) and 15.8% (actual)

- Jobs Report for April included 66k worse revised job losses for March and February

- Continuing jobless claims at 6.56 million, grew 220k just last week

- CALPERS pension fund is insolvent, USGovt pension PBGC guarantee fund in deep deficit

- FDIC requested $500 billion in additional funds to cover bank failures (giant failure coming)

- Car sales still down 40% annually, with steep Japanese car sales declines also

- Detroit carmakers are closing down plants, with huge ripples through entire supply chain

- GM & Chrysler restructures are extremely likely to result in Chapter 7 liquidation in time

- GM burned $1.3B in Q1, burns $113 million per day, unable to transition to green cars

- Business investment down 38% in Q1, a RELIABLE LEADING INDICATOR

- Durable goods up 9% in Q1, but only after Q4 was pushed down from bank shock

- Inventory reduction not key, but rather inventory/sales ratio, since sales way down

- Economic contraction despite lower energy costs from crude oil, natural gas, gasoline

- Housing was false foundation since 2002, now in stubborn decline, the Giant Albatross

- Distress sales make up 40% of all housing sales, led by underwater sales and foreclosures

- Cramdown Law rejection means open season on foreclosures, more huge bank losses

- Banks admit that home loan are not modified after all, a revolving door to foreclosure

- Option ARMs, Jumbos, and Commercial mortgage defaults are ramping up fast

- Commercial mortgage bonds have $70-100 billion that cannot be refinanced, sure to default

- Staggering decline in consumer credit, -80% in Q3, minus $31.7B in Q4/Q1

Goat,

What are you basing your price declines for another 3yrs on?



Sean

Prices will continue to fall until they do not. Just hit a record 19% drop in housing prices this week so the trend is still down. 30 year fixed rates just jump up today too. Higher rates will push down home prices for certain. Best time to buy is when rates are near record highs which will cause home prices to be near record lows. At that time you will be able to buy with cash.

Exciting times are ahead for cash buyers but we are a year to three years out yet.

What is really scary are all the folks being suckered in by low rates and slight pricing discounts from 2006. These folks will be the new foreclosure population. We can't all be shrewd.

Hello Danpark,

The seller's market is recovering. There was a 2.9% increase in home sales nationwide for the last quarter. I can tell you since there is a $8,000 tax credit and low interest rates many buyers are anxious to take advantage of this. Realtor's and Banks are taking advantage of this opportunity also. If a seller and his/her agent price the property right it will sell. I don't believe housing sales will skyrocket like they did a few years back. However, sellers can still benefit. It is all in the marketing and the sale price.

Shelley Englert, Realtor
shelley@all-americanproperties.com
518 812-5510

Dan,

Home prices continued to fall the first 3 months of this year but consumers were encouraged by low mortgage interest rates and improvements in the stock market.

Although I do not have the crystal ball after reading many articles of past market shifts the shifts usually make a complete shift during a 7 year period. Since prices are still falling the first part of the year I would say that we have not hit the bottom line of priced homes before they start to shift upwards.

Good news for sellers is that there are incentives and programs for consumers to purchase homes. If priced and marketed correctly a home will always sell!

If you should have any more questions or would like to discuss this topic further please do not hesitate to contact me.

Regards,
Christine Serafini
Realtor