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Posted: 12/14/2005 10:23:44 AM EDT
Should a person wait about 2 years and pick up a cheap "McMansion" when there are too many new houses and not enough suckers(I mean buyers) forking out the cash for them?
Link Posted: 12/14/2005 10:41:44 AM EDT
You need to factor in the probable rise in interest rates in 2 years, to see if you can afford the house. But who knows what that will be or even what the house in 2 years will be worth.....
Link Posted: 12/16/2005 7:22:17 AM EDT
You also need to factor in the location. Even if the market in the rest of the country goes into free-fall, the DC-metro area will still be nuts. FedGov is going to add tens of thousands of new jobs to the area in the next few years even as the surrounding counties are using zoning restrictions to limit the number of new houses that can be built on the remaining available land.
Link Posted: 12/16/2005 7:46:59 AM EDT
if you want a house to live in, buy one now, I wouldn't be a renter for 2 years hoping a mcmansion would come down in price. Say you wait 2 years, the mtg rates might be up to 7 to 8%, thus wiping out any benefit of a lower house price, assuming you're going to get a mansion
Link Posted: 12/24/2005 3:04:59 PM EDT
If you want to bet against the housing market...


www.hedgestreet.com
Link Posted: 12/27/2005 7:50:27 AM EDT

Originally Posted By rcsguns:
Should a person wait about 2 years and pick up a cheap "McMansion" when there are too many new houses and not enough suckers(I mean buyers) forking out the cash for them?



Not gonna happen. The market MAY slow down or even loose a couple percent. But, you aren't going to be picking up houses for dimes on the dollars.
Link Posted: 1/5/2006 9:50:58 AM EDT
Oh, I dunno
I could see "blood in the streets" in the housing market.
Late 80's/early 90's in DC, condo's etc were in the toliet. People who had paid 80k in 1980 couldn't sell for 80k in 1989. total toliet. that's not that long ago

In boulder in 1990, you could buy any house you wanted for about 80k, now they are about 400k. In 1986, people who had paid 90k for their condos in Aurora (CO) could not get an offer for 30k.
That's 20 years ago.
that's not forever ago
when they say it's different this time, watch out.

however, housing prices are sticky, they don't fall like the stock market, people just hold on for longer.

Brian
Link Posted: 1/7/2006 10:56:44 PM EDT
When the 'minimum' credit card payments double, we are going to see foreclosures rise.
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