Home Selling in 15090>Question Details

John, Home Seller in Wexford, PA

When do you think the housing prices will reach bottom?

Asked by John, Wexford, PA Sat Oct 18, 2008

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11
easy answer! .....about 5 months before we know that prices have reached bottom. Buy now and enjoy your home. The market will take care of itself!
2 votes Thank Flag Link Sat Oct 18, 2008
Hi John,
Thanks for your questions. I hear concern from many people in Pittsburgh and I want to address your concerns. The local market in Pittsburgh is much different then the national real estate market. While many areas of the country are seeing declining prices, the market in Pittsburgh and the Wexford area has been much more stable. Pittsburgh never had the high, inflated prices seen in other parts of the country so we are in much better shape now. With more inventory and it is taking longer for some home to sell and this is why accurate pricing is essential to selling your home for top dollar. Homes that are priced correctly and marketed effectively are selling. Many areas like Downtown Pittsburgh are seeing an increase in demand and prices are increasing. Please let me know if I may assist with any other questions. Are you thinking of selling your home? I would be happy to provide updated information on home sales in Wexford these past few months and evaluate your home.

Regards,
Liz Caplan
1 vote Thank Flag Link Tue Oct 21, 2008
John,
we are in a market correction period. Look at history! It has happened many times before. The bigger the mountain the wider the valley usually is on the other side- but the mountain ranges have continued to go up higher after each valley.
When will we hit bottom-- when consumer confidence returns. You can be part of the first upswing and get the biggest profit margin when it rises, or you can wait for somebody else to take that first risk at buying and let them take the most profit while you settle for a smaller share along with a crowd of others.
Whats your need for housing? If you need a place to live, buy now,(at low interest rates) and then enjoy your home when others are wishing they had had your forethought
Hope that helps
1 vote Thank Flag Link Mon Oct 20, 2008
John
Real estate is local. I would not want to speculate on how the market will behave in your area, or mine.
We do see a couple of factors in shift right now:
- tighter lending guidelines reduces the pool of buyers
- in the short term (next few months) interest rates are falling
- People who bought in the last few years have adjustable mortgages adjusting UP, so more homes will be on the market in short sales or REOs

And remember there are two markets: The homes that sell for top dollar and those that don't. HOmes that are properly marketed and priced sell within 30 days at closest to asking price. Homes that are (about 80% of listings) sell longer. At 120 days on market (DOM) they sell for 92.7% of asking in my MLS. Compared to 99.7% that sell within 30 days.

I would be honored to refer you to a top Realtor in your area whom you can interview and find out what your home is worth and help you get it sold for top dollar. (no cost or obligation to you).

The other major concern is that you need to know what the market is like in your destination location. REal Estate is local. I had a client that needed to sell their home in Glendale and move to Tennessee. The market in Glendale was going down, and in Clarksville it was going up. They ended up losing money in Glendale (homes are more expensive) and losing money in Clarksville...because they waited.
1 vote Thank Flag Link Sun Oct 19, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
This is a great question. Whoever can give you an accurate answer should work at Wall Street =)

In all market when the price starts going up, you know the house price has reached bottom.

In Wexford, it really depends on neighborhood and price range. A "detailed" market analysis will give you a better picture as to how the market is doing.

If you planning to move up (purchase a higher price range home), it is a good time to buy at a buyer's market. Usually, the higher the price range, the drop is more. But even if the rate is the same, you gain more. For example, you sell a home ($200,000) for 5% less and you purchase a bigger home for 5% less ($400,000), you actually "gain" $10,000.00
0 votes Thank Flag Link Fri Feb 26, 2010
individual areas will differ greatly. In most places priices will stabalize next year, however onc eteh banks start loaning again you will see a mini flood of buyers anxious to take advantage of these great prices.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Oct 21, 2008
The bottom seems to be bottomless. House prices are still declining. Wait another year to buy, save another 20%. You are not going to miss the bottom. We will be there for years, maybe decades. Good Luck
0 votes Thank Flag Link Mon Oct 20, 2008
John,

Possibly the best way to gauge this question is to use the current property foreclosure sales prices as the barometer for the bottom of real estate the market in a specific location.

With this said, if you are considering purchasing a foreclosed property you should be at or very near the bottom of the market.......barring any additional economic or world crisis.
0 votes Thank Flag Link Sun Oct 19, 2008
Price will have bottomed just before the prices are starting to go up again. There's no way to predict this with certainty. We'll only know in hindsight.
0 votes Thank Flag Link Sat Oct 18, 2008
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
Contact
Hello John.

Real Estate is local, just like the weather. If you are asking about your area, I would recommend that you speak with an expert in your area.

As for national prices, I think it is anyone's guess. I don't think there is anyone who can tell you for sure, just like no one new exactly when the peak was coming....everyone had their guess. My gut feeling tells me at least another year of price drops (how much depends on the local conditions) before they level off for a few years. I would expect a normal rate of appreciation 3-6% for the few years that follow.
0 votes Thank Flag Link Sat Oct 18, 2008
Good question. Every answer would depend on the specific state and city as real estate is location, location location !!!

But overall I will go out on a limb and say 9 months. By that time consumer confidence should be higher and banks should be lending more.
0 votes Thank Flag Link Sat Oct 18, 2008
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