Does anyone know what the projection outlook may look like for a year and a half down the road? I bought low

Asked by jstockham, 85338 Tue Aug 19, 2008

6 months ago and want to sell by March 2010.  Do you think my house will increase in price or will I just break even at that point in time?

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Steve Belt, , Scottsdale, AZ
Tue Aug 19, 2008
By all means you should listen to the advice from the pro in New Hampshire. He clearly has his finger on the pulse of Glendale's real estate market. Egads!!

My magic eight ball tells me you'll be lucky to break even. Although I need a lot more info before I could tell you how lucky you need to be. Like do you mean break even on buying price to selling price only? Or including all expenses? Is this a rental property or do you live there? Are you remodelling? And what did you actually pay/where is it? Just a few minor details...
1 vote
Eric Crane, Agent, Mesa, AZ
Tue Aug 19, 2008
While no one has a crystal ball, I will give you my projection and explain what I am basing that projection on. For some time, I have been referring to data regarding the volume of adjustable rate loans that are scheduled to re-set. As you may know, many people got in trouble by going into mortgage products that they were unfamiliar with -- these loans had re-set provisions which resulted in higher mortgage payments after an initial period of time elapsed (often 3 to 5 years).
In looking at the current data, it indicates that the bulk of the mortgage re-sets will take place by early next year. If you then factor in an additional 6 months or so, for many of the problem loans to work through foreclosure, it is possible that the worst will be seen by the middle or late '09.
At that point, we will still have to be chewing through the existing inventory, but the number of new foreclosures entering the pipeline should be coming to an end. Once the inventory is more in balance, prices could then begin to stage a partial recovery. I do not believe that this will begin, in our market, before 2010. But within several years thereafter, we could once again have a market on a much stronger footing. Best regards, Eric
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Joe Bourland, Agent, Avondale, AZ
Fri Mar 6, 2009
If one of the answers below doesn't solidify that real estate is a local specialty, I don't know what does. Goodyear and the rest of the West Valley have seen over 40% declines in value in the past 3 years. Some as high as 60%. The peak of pricing was June 2006. NO ONE knows where our home prices will bottom but i can with certainty say that it hasn't happend today.
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Lucinda Tkach, , Phoenix, AZ
Tue Aug 19, 2008
If you would like a current market analysis feel free to contact me!

We are hoping the values will start increasing, however it is only speculation at this point!
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Donald Keys, Agent, Scottsdale, AZ
Tue Aug 19, 2008
Real estate is local - very local. What is happening in your neighborhood could be completely different from what is across the street.

I use a special method to predict future values of homes and it has been fairly accurate.

If you want me to do a quick analysis on your home and what I think it will be worth in March 2010 - visit my website and email me your address.
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Scott Godzyk, Agent, Manchester, NH
Tue Aug 19, 2008
by all means it should increase, cycles usually go in 7-10 year increments anyway. prices are nearing there low point in most area's. the banks will recover, they will start loaning money again and people will start buying again. Some area's may recover faster than others but the old saying what ever goes up goes back down, well it also goes back up again. good luck
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