What are you waiting for? A lot of people wait for the rates to go down or the price to go down and my favorite> wait to get enough money. While you are waiting, prices are increasing, rates are fluctuating. Buy now and start making the money now. If the rates lower, you can refinance later for a better rate in a year.Meanwhile you are having someone else pay your mortgage and establishing that equity.
By the way> I am a mortgage loan officer> not a realtor
I was cruising through some of the older posts, to see what has changed. Mostly the folks who posted here...
But I came across this one. So here is the question again, In your area what is happening to land and home values?
Here in CT it is staying just below the peak. We have a lot of NY city money around, and folks like to buy when the market stalls. Since their money is doing nothing in stocks, land is usually a sure thing for long term ...in this area.
With the rates low and prices coming down in other areas of the country, now is the time to start paying attention if you have that home-ownership dream.
I was checking out the Land between the lakes in KY because of a magazine article I read. The prices for some homes are in the $25,000 range. To me that is unbelievable. Now I do not know the area, however I am sure I could rent to someone who is interested, if that where my ways of earning a living.
I'm sure Glenn or Square Eye would know. But this is also a great vacation spot, I may visit with my family some day.
Realty and construction have slowed a little in my area, nothing to get excited about for me yet, but I do have a real idea of what may be on it's way.
What is happening in your area? What are your plans?
The guy i sub for flips house in eastern pa. we finish about a house a month.
The market has pretty bad here. We mostly renovate sub 150k houses. This market is flooded with houses for sale. the interest rates did drop a little but it is alot harder for people to get mortages now. it used to be anyone with a 600+ credit score and job could get 100% financing. Now you need 720 or 20% + down. alot of people in this price bracket do not have this.
Prices dropped about 20% in the last year and the houses need to be in perfect shape to sell. We have 3 houses under contract right now all which are being practically given away. and every week the buyers are adding more things they want done to the house or they are backing out.
I spend a lot of time in the KY lake area in the summer
In the winter, it's a dead economy. Very few jobs in the area, very rural. A good place to pass through on your way to somewhere else lol
Western KY has been dead for a couple of years now. Starts are down to nothing, many if not most small-time builders are out of business or doing sub-contract or remodels. I've been doing ok, but I've been doing everything from storm repair and barn work to interior painting. Some of the larger commercial/industrial contractors have lost their bonding. For the economy to rebound around here, we're going to have to see something change. As of this past week, I'd just like to see the flood waters recede