Market Conditions in 32940>Question Details

Pspromo, Home Buyer in 32940

why is everyone selling on Somerville drive, Rockledge fl?

Asked by Pspromo, 32940 Mon May 3, 2010

Is there more than just foreclosures, will value keep dropping due to so many homes for sale in such a small area, what about rental outlook good or bad if purchase for investment

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2
Joe Harris’ answer
Pricing is a matter of supply and demand: if more property continues to come on the market, and the demand does not change, than prices will surely drop. While prices may further drop, the interest rates are currently at the lowest that they have ever been. You would have to go back to the middle ages to find lower interest rates. So, eventhough home prices may fall a bit more, the interest rates are most likely going to rise due to increased inflation, a decreased appetite for US debt, as well as a strengthen dollar vs the euro and the yuan. I made a short video blog on the subject below. It is impossible to time the market, and you will do much better buying on the way down, vs buying when prices are going up.
0 votes Thank Flag Link Mon Aug 9, 2010
I believe that prices all over will continue to decline for a period of time yet. Many people are selling now because they are realizing that they cannot make their payments anymore based on their ARM changes, and the fact that they are afraid they will be upside down if they aren't already. With all the people who are selling and going into foreclosure they do need somewhere to live so the rental market is stable. If you have any questions on a property just give me a call at 321-960-3577.
0 votes Thank Flag Link Mon May 3, 2010
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