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Real Estate Discussion

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  • #61
    I myself have been reading up on this and I was thinking the other day that for most of us who surrendered/lost our homes (in 2005 & 2006) may benefit from the crash when we're ready to buy a home again because we'll be at the 2 year and 3 year mark. I've seen a lot of homes in our area come down in price every week. One home in particular was listed at $379K this summer and is now down to $334K. The home was purchased for $325K a about 5 or 6 years ago.
    Bankruptcy History:
    Chapter 7 filed - 10/12/2005 - Asset
    Discharged - 02/16/2006
    Case Closed - 11/08/2007

    A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

    All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

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    • #62
      Some people must be on crack and still trying to get "housing boom" prices. There's a site we use to look through houses in our area. One house in particular has been on the market for almost a year now and has had the price lowered considerably over time. At one point, in just a two week time period it went down $20k.
      Chapter 13 Filed "Old Law"
      Filed: 6/2003 Confirmed: 3/2004
      Early pay off sent: 10/05/2007 - 9 months early
      11/16/2007 - Discharged!

      Comment


      • #63
        Much of the housing boom can be attributed to seller greed! It's hard to blame a person for wanting to make a fat profit on the sale of thier home. But people failed to realize that this trend created a double edge sword! lol Many of the folks that bought at the peak prices, are going to have a very difficult time selling their homes without being able to break even. I still personally think that a lot of sellers are still trying to price gouge on the selling prices though. The average price for a decent single family home from Boston down to DC Metro, are still extremely high. $300k will literally buy junk!
        The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

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        • #64
          We bought our house the summer of 2005, right BEFORE housing took a dive. I told my husband we should rent for a year but he wanted to buy right away. So now I get to tell him "I told you so" whenever he wants to get on my case about something, lol.

          Seriously, I wanted to keep my house even though we're filing bankruptcy and it could have been smarter for me to give it up. We plan to live there for a really long time so hopefully eventually the price will come back up.
          Kari
          10/12/2007 Filed Chapter 711/08/2007 341 Meeting 01/07/2008 Last Day for Objections
          http://www.bankruptisnormal.com/

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          • #65
            Real Estate prices will definately begin to rebound...but I think prices need to take a major dive first. So that prices can continue to increase at a more moderate rate, and so that buyer, and lenders feel more comfortable to instigate action.
            The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

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            • #66
              While it's pretty true that real estate prices are declining....and sellers are making a lot of concessions to buyers to help get thier houses sold. But prices are still to far out of reach for the majority of buyers. You still need to spend $500k+ in most markets just to get into a home that is less than 15 years old and only decent! If you do the math you will realize that you will need to make more than $180,000 to even "afford" the mortage on a $500k house alone! And once you factor in utilities, car notes, daycare, food, etc. You're broke!! And the reality of the matter is...most people don't earn anything close to $180k on a single income. And a lot of couples don't even earn $90k a year per person either!
              Last edited by HRx; 03-10-2008, 08:11 AM.
              The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

              Comment


              • #67
                AMEN! We suspended our house hunt for exactly that reason. It's a buyers market in theory, but in reality it's still out of reach.
                Chapter 7 Pro Se....Discharged Feb. 2006

                Comment


                • #68
                  I'm waiting for the market to really bottom out so I can score a good sized single family house somewhere in the Carolinas, or Georgia.
                  The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

                  Comment


                  • #69
                    While real estate prices have definately been declining...prices are still to high for decent homes. Another 25-35% drop in the average price will help get prices back to realisticness.
                    The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

                    Comment


                    • #70
                      I'm quite surprised to see that the real estate prices are still holding strong in many markets! You still have to spend between of $350k - $550k if you want a single family style house that will not require tons of $$$ in repairs just to get up to date around here, or if you want to reside in a safe/clean neighborhood/town/city.
                      The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

                      Comment


                      • #71
                        I have been thinking about maybe selling my home... Is right now a bad time to try to sale a house ?..... I dont know much about these kind of things. I have heard the market is bad right now for selling homes with all the foreclosures up so high. So would right now be a bad time to try and sale one ??
                        Filed CH 13: 3/5/04
                        First Mtg: 3/31/04
                        Confirmed: 11/4/04
                        I'M DONE !!

                        Comment


                        • #72
                          Originally posted by Lacy View Post
                          I have been thinking about maybe selling my home... Is right now a bad time to try to sale a house ?..... I dont know much about these kind of things. I have heard the market is bad right now for selling homes with all the foreclosures up so high. So would right now be a bad time to try and sale one ??
                          I would say its not a good time to sell but that is depending on where you live in Texas. I underdstand that Houston and its suburbs are doing well so if you live in those areas might not be too difficult to sell. Best wishes on what you decide to do.
                          "Paper is poverty,... it is only the ghost of money, and not money itself." --Thomas Jefferson to Edward Carrington, 1788

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                          • #73
                            Originally posted by bmrigs View Post
                            I would say its not a good time to sell but that is depending on where you live in Texas. I underdstand that Houston and its suburbs are doing well so if you live in those areas might not be too difficult to sell. Best wishes on what you decide to do.

                            Thanks bmrigs

                            I am in a small hick town in West Texas ... Not really sure what I am going to do yet. But if I do end up selling I would like to buy another home just not sure where at though. I just didn't know if right now would be a good time to be selling or buying one.
                            Filed CH 13: 3/5/04
                            First Mtg: 3/31/04
                            Confirmed: 11/4/04
                            I'M DONE !!

                            Comment


                            • #74
                              During the housing boom I was having a conversation with a good friend of mine (who happens to be a financial advisor). He was talking about how the housing bubble would burst. I said "no way". I thought it would slow - but the cost of homes would always go up annually - at least a little bit. Good thing I'm not the financial advisor

                              Anyway, in spite of his high income (he has several other irons in the fire), he stayed in his modest home and always said he would not buy another until it was paid off.

                              When others bought big homes and his wife nagged him to get one, he always said "anyone can get a mortgage, not everyone can pay it." (The anyone can get a mg day has passed but it used to be basically true.)

                              Anyway, they just bought a sprawling mansion (in my opinion) for dirt cheap... which is beyond impressive to me considering these tough times.

                              Wish I had listened to him

                              Comment


                              • #75
                                Originally posted by Lacy View Post
                                Thanks bmrigs

                                I am in a small hick town in West Texas ... Not really sure what I am going to do yet. But if I do end up selling I would like to buy another home just not sure where at though. I just didn't know if right now would be a good time to be selling or buying one.
                                I would reconsider buying a house if you do sell. Homeownership is a misnomer and a scam. My reasons are in the "Let's talk politics here thread" in General Talk. Like George Carlin said: Its called the american dream because you have to be asleep to believe it.
                                "Paper is poverty,... it is only the ghost of money, and not money itself." --Thomas Jefferson to Edward Carrington, 1788

                                Comment

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