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Existing-home prices fall for 1st time in 11 years

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I don't plan on selling any time soon. If I do have to sell, I have quite a comfortable cushion betweeen present value and what I owe. Bottom line, we aer ok. I feel for those that recently bought and need to sell.

Daniel

:energetic:

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I think that we bought just in time, and have no plans to sell anytime soon. I fell sorry for people who bought and have to sell (withouth accumulating any equity), but I also feel sorry for those who bought using escalation clauses. There are several properties in my community that are for sale, and one has been on the market for at least a month.

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I think that we bought just in time, and have no plans to sell anytime soon. I fell sorry for people who bought and have to sell (withouth accumulating any equity), but I also feel sorry for those who bought using escalation clauses. There are several properties in my community that are for sale, and one has been on the market for at least a month.

Just a month? My townhome complex has had half a dozen units on sale, 2 of them since May. The most recent one was listed a month ago and is still out there.

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I was talking to someone about this the other day. I think things are finally catching up with the builders. They hurried to make as much money as they could they were building #######. They threw them up and got as much money as they could and now people are realizing what ####### is out there and they are starting to look at even older houses that were built more solid and to a higher standard.

Least that is what I am seeing in my area.

Paul

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I was talking to someone about this the other day. I think things are finally catching up with the builders. They hurried to make as much money as they could they were building #######. They threw them up and got as much money as they could and now people are realizing what ####### is out there and they are starting to look at even older houses that were built more solid and to a higher standard.

Least that is what I am seeing in my area.

Paul

I have heard this too.

What area are you in?

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I was talking to someone about this the other day. I think things are finally catching up with the builders. They hurried to make as much money as they could they were building #######. They threw them up and got as much money as they could and now people are realizing what ####### is out there and they are starting to look at even older houses that were built more solid and to a higher standard.

Least that is what I am seeing in my area.

Paul

I have heard this too.

What area are you in?

this is rampant in FL. the construction industry hires many unskilled carpenters.

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Well, for us it's a welcome development - we will have to buy a house sooner or later. The prices are still nowhere near a "fair price", though.

I think I'd like to see the prices decreasing slowly (no more that 5% a year) over the next few years. And yes, I DO feel for those who bought recently.

Bartek

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Well, for us it's a welcome development - we will have to buy a house sooner or later. The prices are still nowhere near a "fair price", though.

I think I'd like to see the prices decreasing slowly (no more that 5% a year) over the next few years. And yes, I DO feel for those who bought recently.

Bartek

I just can't imagine buying a house at these prices though. I am glad I bought into the market over 10 yrs ago. Do you think the prices will fall drastically? Or how much do you think they will fall or need t fall to entice new buyers?

Daniel

:energetic:

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I think that we bought just in time, and have no plans to sell anytime soon. I fell sorry for people who bought and have to sell (withouth accumulating any equity), but I also feel sorry for those who bought using escalation clauses. There are several properties in my community that are for sale, and one has been on the market for at least a month.

Just a month? My townhome complex has had half a dozen units on sale, 2 of them since May. The most recent one was listed a month ago and is still out there.

In the DC metropolitan area, a month is a very long time....this is just in my subdivision, but there are houses sitting on the market longer. I think that this is also because sellers haven't realized that the bubble either has or is bursting. There are a lot of people still overpricing their homes.

Well, for us it's a welcome development - we will have to buy a house sooner or later. The prices are still nowhere near a "fair price", though.

I think I'd like to see the prices decreasing slowly (no more that 5% a year) over the next few years. And yes, I DO feel for those who bought recently.

Bartek

The caveat being that interest rates remain stable....

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I bought a Condo in Toronto in 1989 for 164,500. In 1999, 10 years after buying it, I sold it for 130,000.

Nice investment ... NOT! Oh well... ####### happens with real estate. Buy it to live in and enjoy. The capitol gains, if any are a bonus :-)

Edited by cmartyn

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