Stanley Morr…, Home Buyer in 07675

Have home prices hit the bottom in St Augustine

Asked by Stanley Morrow, 07675 Thu Jul 10, 2008

Help the community by answering this question:

Answers

8
Stanley,

Impossible to tell.....but it would be fair to assume we are close to the bottom and possibly on the way back..

The reality is you can create your own bottom by negotiating a price that is within your comfort level. There are many motivated sellers willing to make deals that are competitve with foreclosure prices.

Good luck,
The "Eckler Team"
1 vote Thank Flag Link Fri Jul 11, 2008
Stanley, Like others have stated, there is not any way to know if home prices have bottomed. That being said, we do know that the prices now are very low and reasonable, therefore it is a good time to buy. Remember owning a home is a long term investment and historically has been a good investment. There are tax benefits as well. With the current Tax Credit extension, buyers moving up or first-time buyers now have a really good opportunity for a great buy. The headlines in the Times Union point to an increase of 5% in Median home prices and there seems to be a trend for lower priced home back up. Also, specific neighborhoods that are in popular areas or school zones are showing more signs of improvement. This may be a great time for home buyer looking to move up into a larger home (or smaller home) or into a better school zone to seriously consider selling and purchasing new construction to have an opportunity to purchase as these still great prices and sell their home during construction.

For info or help navigating/coordinating the selling/purchasing process contact me anytime by email or phone.

Dawn Spencer, Realtor
Magnolia Properties
904.608.0016
dspencerrealestate@comcast.net
0 votes Thank Flag Link Tue Nov 24, 2009
No one can tell you that for sure. No one knows exactly what the future will bring or when it will bring it. But look at these links. They talk about some very compelling reasons prices should not go up and should go down. Make your own informed decision after looking.

http://www.housingwire.com/2009/10/19/27m-distressed-propert…
That shows 2 million foreclosures already in the pipeline.

http://www.businessinsider.com/the-housing-chart-thats-worth…
This shows historic normas and is just scary for those thinking prices will increase soon.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aw6_…
http://www.informationliberation.com/?id=27491 (second link to similar story in case of bad link)

Housing Crash to Resume on 7 Million Foreclosures, Amherst Says (what more could I say?)

http://www.zillow.com/advice-thread/Housing-Crash-to-Resume-…
This is a forum talking about the 7 million foreclosures.
0 votes Thank Flag Link Thu Oct 22, 2009
I love the experts that say the prices will continue down for a specific time period. Where were these experts before the market crashed? If you are considering a home purchase now...pick up the phone and get a realtor that can advise you on your purchase. If you are a first time homebuyer...pick up the phone, call your realtor, schedule your showings, and be prepared to write and offer asap...time is almost over unless they extend the $8000.00 1st time homebuyers credit....Wow are there any investors out there that could use the credit that is being offered to 1st time homebuyers? If you are considering a purchase in the near future....an increase in the loan rate will almost certainly offset any future price reductions so go for it now....
THERE IS NO BETTER TIME THAN NOW!
Jeff Milam
Brokers Associate
Watson Realty Corp.
Florida
0 votes Thank Flag Link Thu Oct 22, 2009
Who knows?? It has always been the motivation of the buyer and seller...Sellers seem to have had it unless they are in a position that forces them to sell. I have seen a lot of listings that have expired and the owners are not relisting. They are taking homes off the market..So, if you look at that case senario, I would say it has hit bottom. On the other hand, there are still some people that need to sell and are more desperate to go lower to see if price is the problem. Having said that, if people can't walk away with something in their pocket they walk away from the house or do a short sale with the bank. So, to me, the bottom line is if you truly want to buy, now is the time to do it while mortgage rates are low. Seek out the area you would like to be in, look at properties that appeal to you, do your homework on price comparison in what has sold and what is available in that price range in the neighborhood so you can make a good judgement on buying or not! If you need help, feel free to contact me...Marlene Weiss
0 votes Thank Flag Link Sat May 9, 2009
The direct answer is NO, home prices will continue to fall for most areas, It still a great time to buy based on location and Price with a understanding that you will need to stay in this home for 3-5 Years. REO are selling fast, creating a nice Opportunity for home buyers as well as many other deals...
0 votes Thank Flag Link Fri Jul 11, 2008
Of course, no one can predict with absolute certainty, but we have been seeing a very slight drop in the inventory in the past couple of months, which is always a good sign. Here is a link to an article in the NY Times talking about when the prices may begin to rise again.
http://preaecards.com/ve/ZZQs6895CE9472fPy9/stype=click/OID=…

Have a great day.
Erin Lewis & Jaime Cacchio
REALTORS®, GRI®, ePro®, eCertified®
0 votes Thank Flag Link Thu Jul 10, 2008
No one will know until the prices start appreciating again.
0 votes Thank Flag Link Thu Jul 10, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer