Housing bottom / recovery ???

[milee]

Varies widely by region. Around here, though, most of the investors I talk with think we're past the bottom. Don't worry too much about it, though, even if you missed the very bottom, prices are still low and unless unemployment and credit availability improve drastically, housing prices aren't likely to keep improving at a fast pace. It's still a good time to buy.

[cronewitch]

I think we are past the bottom. I am considering buying even if I don't want to move until I retire in a year or two.

[lurkyloo]

Agreed, past the bottom. I think it's going to be a long slow climb back up though--at every new sign of a stronger market, more owners that were delaying selling are going to put their houses up for sale and eventually mortgage rates are going to go back up too, both of which will counteract growth.

[seriousthistime]

I think the market is past the bottom and has been for a few months. A friend was trying to buy a place in a place hit hard by the housing crash, was looking at the lower end of the market in May and got outbid on 4 houses, all of her offers well over list price, before finally getting an offer accepted on house #5. But -- I don't think the market is going to get crazy for a good long time. As others say, people who were waiting to sell are more likely to put their houses in the market, and there is also a huge inventory of foreclosed houses that the banks haven't put on the market yet.

[Gardening Grandma]

I also think it is past the bottom in our area as well. There are a number of building lots in my neighborhood that have been for sale for the last 5-6 years. In the last year, most of them have sold. Two new homes have been built and a third is starting.

Over in Seattle, where we have our rental house on the market, I'm told it is very busy and houses under $300K (esp under $250K) are moving quickly....

[Deleted]

In our town here in NW Arkansas, 10% of the homes are rentals, about 5% are in foreclosure, and the rest listed for sale are not selling unless the seller is willing to take about $50sf. We would love to put ours on the market, but we're unwilling at this point to lose close to $50K if we listed it at the price point needed.

There are only so many jobs the "big three" companies provide and employment figures are either stagnant or continuing to drop.

However if you check the parking lots of Olive Garden and other restaurants, the sales of new Mercedes and BMWs, the recession/depression has not affected the high income people. We had dinner a few weeks ago at the most expensive restaurant in the county...where entrees are $40 and a potato and salad will be another $15 and the place was packed!!!

[Sam_2.0]

I think we still have some more to drop in our area (my city), but other cities around are picking up.

[souldoubt]

I think we're past the bottom here as well but obviously anything is possible if the economy stumbles or we have a double dip. I was approved to where I could get into a house (lower end of the house price spectrum here) in a an area where house prices more than doubled from 2000-2005 then dropped 30-40% since their peak. One house I was interested in got an all cash offer at asking along with about 15 other offers after being on the market for two days. The house that I was really hoping to get got 14 offers in less than 2 days and half of them were at asking or over. It ended up selling for more than 3% over asking despite the fact that it was going to need new carpet, new floors in the kitchen and eventually a new kitchen.

I ended up getting a townhouse which has everything on my "must have,", "like to have" and "must avoid" lists for a lower price than a house. My curiousity got the better of me and I did a house search in the area last week and there still isn't much available. During my time of looking anything with a reasonable asking price had multiple offers and was off the market in a matter of days but there still isn't a huge level of inventory in the city I'm looking in when it comes to SFH's, condos and townhomes. I now get to look for a place for my mom and the list I got of condos/townhomes a few weeks back was pretty sparce.

[Tiny]

I think we're past the bottom as well (atleast my city) - but there are still alot of houses on the market (or being held off the market). I don't think housing prices are gonna skyrocket anytime soon although I think they will creep up. There are still alot of shortsales/forclosures on the market or waiting to hit the market. Also, interest rates are low (if you've got the credit rating and the down payment).

It looks like the market may have bottomed/stablized in the other state where I've got a rental property... too.

I'm considering buying another house in my area at this point - there's a big selection at really reasonable prices (in comparison to where I'm at financially ). And interest rates are great!

I think what's helping are that there are people actively shopping for houses (5 houses have recently sold and been moved into - in my neighborhood - but there's still 10 - 15 empty out of about 300 houses). I'm wondering if some of these people are 'recovered' from a short sale/forclosure from back in 2008/2009? at least in my area 2008/2009 was when most homeowners stopped being homeowners.
I know a couple of families that hung on too long and didn't go to foreclosure/shortsale until 2011 - so they aren't gonna be a good place to purchase again for a couple years atleast.

[Deleted]

I think we are going to swim along at the bottom for awhile. Local newspaper was reporting that there is only about a 3-4 month supply of housing on the market so that many homes are getting multiple bids. Homeowners here aren't willing to sell until prices go up a bit more and the banks seem to be holding onto foreclosures.

[hurley1980]

Aug 6, 2012 15:10:10 GMT -5 @anne81 said:

I think we are going to swim along at the bottom for awhile. Local newspaper was reporting that there is only about a 3-4 month supply of housing on the market so that many homes are getting multiple bids. Homeowners here aren't willing to sell until prices go up a bit more and the banks seem to be holding onto foreclosures.

I don't know where you live Anne, but I am seeing the same thing in Northern California. Not much to choose from, and they seem too pricey considering they all look like they need some work. I'm assuming they are getting multiple bids as well.

I remember doing a search a few months ago, and there were TONS of really nice houses between $130-$160k, now it seems there isn't anything at all decent for less than about $170k, and its still going to need all new basics (blinds, flooring, appliances, etc).

It's got us feeling a wee bit discouraged...

[thyme4change]

I think we are at the bottom here, too - or past it. It not only is region, but highly local. Some neighborhoods are way past the bottom, and prices are rising fast. Others are still losing or will be flat for a while. It just depends on how bad the owner ration in that 'hood is.