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What do you think is going to happen

to the Real Estate market in America in the next few years? I'm just curious what your thoughts are. Not sure where to put this. If you have a strong opinion I would love to know why, links, sources, ect.
:)

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JackieGirl007

Asked by JackieGirl007 at 2:27 AM on Jun. 23, 2013 in Politics & Current Events

Level 35 (73,191 Credits)
Answers (10)
  • I wish I knew. When I paid taxes this spring on the condo I bought five and a half years ago for $120,000, it was appraised at $90,000--twenty grand less than I owe.
    Ballad

    Answer by Ballad at 2:58 AM on Jun. 23, 2013

  • I'm sorry Ballad. We were in the same boat, but way worse. $100,000 underwater. It hurt.
    JackieGirl007

    Comment by JackieGirl007 (original poster) at 3:04 AM on Jun. 23, 2013

  • People keep saying it's getting better, yet there are 4 foreclosed homes within 3 blocks of my house. At least one of them was a foreclosure sold as a short sale. Two more in that same area have been foreclosed and sold twice.

    Go take a close look at unemployment numbers - we had a "drop" here, but the jobs added were all retail and restaurant/hotel. The US rate as a whole is rising again. Unloading all those foreclosures means nothing if the people buying them are working schedule-based jobs where their hours can be cut at the whim of a manager week to week.

    Now factor in what happens in 2014 when the insurance laws change and they all have a reason to cut people below full time.

    The market is going to have to readjust to lower values across the board if the banks ever want to keep the houses out of foreclosure at all.
    NotPanicking

    Answer by NotPanicking at 9:36 AM on Jun. 23, 2013

  • I'd like to think it can only go up from here. Since the whole fiasco started, we've lost 1/3 of our home value & the climb to get it back is slower than watching paint dry. Yet the banks who caused this whole mess were given 0% interest "loans" of epic proportions of tax payer dollars, but offering little to no breaks for their good customers seeking refi's or ways to keep their homes.  It's shameful.

    mrsmom110

    Answer by mrsmom110 at 10:04 AM on Jun. 23, 2013

  • It depends on where you live and what is happening in your area / state. The market wasn't as hard hit in certain areas where there was still growth. On the whole, I wouldn't expect things to get very much better for at least 4 more years, and after that it will depend on the direction of our leadership and their policies. Sad that politics has to play a role in the real estate market.
    QuinnMae

    Answer by QuinnMae at 10:50 AM on Jun. 23, 2013

  • My dh works for the railroad and this time of year is suppose to be really busy he is suppose to be gone all the time. The last time this happened was back in 2008 when the housing market crashed. But it's much worse this year and it will be pretty bad this winter.
    megclark22

    Answer by megclark22 at 11:02 AM on Jun. 23, 2013

  • My gut feeling and the little I have cared to look at (no links) says that the market is desperate and the lenders are desperate and there are going to be a large influx of buyers that really shouldn't be and they will lose those homes. They think they should "take advantage" of the market which can be good if you, yourself are ready and stable enough to withstand market fluxes.
    I think there are some that will snap them up and rent them out and do reasonably ok (don't quit you job and go into renting)
    I think a very few are read and will take advantage and have the savings to pay off the house if need be (or most of it) and intend to stay exactly where they are for years and it will not matter to them that much about the "value" of their house except for tax purposes until 20 years from now and they will be in goo shape to sell it.
    For the most part I think the housing market will struggle seriously until there are some
    Dardenella

    Answer by Dardenella at 2:04 PM on Jun. 23, 2013

  • serious changes in employment,( wages, hours and security) JMO
    Dardenella

    Answer by Dardenella at 2:05 PM on Jun. 23, 2013

  • We have all sorts of empty houses around our city and more become empty each week. There are houses all over the place that just sit empty from being foreclosed upon. While there are many others house that are for sale that just sit on the market for months on end.  With the Obamacare coming into play real soon many people are being cut back to part-time by their employers already.  Which to me I fore see many more people will try to sell their homes or loose them all-together.  It is really sad. 

    marymargret

    Answer by marymargret at 4:16 PM on Jun. 23, 2013

  • imo its all about where you live. here in Oklahoma, the housing bubble wasnt as big so it didnt blow up as much as the rest of the country. most ppl dont owe more than their house is worth and there are very few long term empty homes. there are 10 houses for sale in my 1/2 square mile block and they are selling like normal (couple of months tops). but we live in a starter home area so the houses always sell easy. there are also a lot of new homes being built, so somebody must be buying them. the large homes in other neighborhoods arent selling as fast b/c most ppl have stopped buying more house than they can afford.

    we bought our home in 2009 for what it was worth (97K) and its speculative value has only gone up a little since then (100K). so i dont think the market will be as inflated as it was before for a while.
    okmanders

    Answer by okmanders at 5:21 PM on Jun. 23, 2013

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