More details on June home sales
If you're not sick of housing news yet, feel free to read my story today about local home sales last month, which touches on some of the issues you've all been debating here.
For instance, John McClain, a senior fellow at the Center for Regional Analysis at George Mason University, says that falling prices do eventually seem to bring buyers off the sidelines:
He points to Loudoun County, Va. Average prices in that Washington suburb dropped 17 percent in June - and sales rose 19 percent."It may indicate that prices do have to fall to a certain level - and it probably won't be the same level in each jurisdiction - but after they fall to a certain level, buying does increase," McClain said.
A variety of Wonk readers have said they're interested in buying when the price is right. What's your "time to buy" criteria? Are you waiting for a certain percentage drop across the region? For a specific type of house in a specific community to get below a specific dollar amount? For signs that foreclosures have bottomed out? Chime in.
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Comments
Jamie,
Some of us are never sick of reading of the troubles of those that drove the housing market (WAY) up a few years ago while we sat on the sidelines b/c prices were ridiculous. Their uppance has come! :-)
Posted by: Ron | July 11, 2008 10:01 AM
Speaking only for myself, I am waiting to see houses priced at 2002 levels + normal appreciation. That works out to be about $30K for each $100K. In other words, I'd pay $130K for a house that cost $100K in 2002, $260K for a house that cost $200K in 2002, etc.
Posted by: anon | July 11, 2008 10:02 AM
Jamie,
"If you're not sick of housing news yet..."
For most of us, a house is the single biggest financial investment of our lives. Those of us who are looking to buy or sell a house need the information and insight that you provide. Keep up the good work and keep the information and anlayses coming. Thanks.
Posted by: James | July 11, 2008 10:03 AM
When I stop reading about people who insist they can't afford to lower their prices, and are instead capitulating to the power of supply and demand by pricing to sell. When this second round of "investors" that I'm beginning to read about "swooping in" for these "great deals" are bemoaning their falling knife, again. And when the terms NINA and NINJA are only found in historical documentation of this record bust. Why do I want a neighbor with NINJA? That's a recipe for disaster.
Posted by: Nikki | July 11, 2008 5:16 PM
I am trying FSBO and it is tough. Even when you find an interested party, they typically want to go through an Agent. In my case my Equity to Asking Price ration is about 40%. Paying a commission and splitting closing costs on a below Asking Price sale price is a killer! Especially when I am selling in Harford County and looking to move to Baltimore County. I need to get something out of it in order to purchase a new home. You just have to hang in there and be as flexible as possible with a potential buyer. Otherwise, you just have to stay put and hope for better times. In Harford, a lot of hopes are hanging on BRAC to APG. Some jobs are comiing this summer, with more to follow in 2009, 2010 & the majority in 2011.
Posted by: Dan | July 11, 2008 5:18 PM