Six “sold” signs popped up on our street this month. They are putting in the foundations on three of the lots and there are “sold” signs on three more lots.
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I don't know exactly why the sudden surge in sales but I have a feeling that the $8,000 cash for first time homebuyers might have something to do with it.
By the way, you qualify as a first time homebuyer if you haven't owned a personal residence for two years.
Same here. Lots of houses, especially starter houses, are selling at a much-increased rate. Average days on market seem to have dropped as well. Kinda nice, really.
Jason
houses here on the north shore of LI are selling finally but the prices still are falling...but then again they were the ones that climbed the fastest too.
Just when I'm getting to relist again....I suck at the timing of these things.
I just need to land that huge reno so I can hold on another year here if I don't get any good offers.
Meanwhile with Obama's stimulas program I do have to say these two jobs...the one I'm finishing the guys spending probably $200,000 (so far)since I've been doing his projects and the next job for my next cistomer will run between $5-600,000 is my guess but I'll try and keep the numbers down for them by showing them options using different ideas and materials and will still keep the jobs looking awesome.... which should bring me more work seeing how i work "for" the customer.
I also am seeing new homeowners around here doing additions and other home improvements so things do seem to be going forward.
We shall see.
http://www.cliffordrenovations.com
http://www.ramdass.org
I'm (sadly) dealing with my sister's estate. She passed away last November but we decided to wait until the Spring to list the place. That turned out to be the right thing. The lawyer we're dealing with also does real estate and he said that the last month has been the busiest in a year. He said that low mortgage rates, the new buyer tax incentive, and belief that these are the bottom prices are spuring qualified buyers to buy. It's looking up. Buyer's market for now...
I think you are right Crash. The combination of those three things certainly is helping in the used housing market. These are new and I'm sure the sales people are telling the clients that prices are depressed right now but are headed up. This city (Round Rock) experieced price appreciation in housing last year. We also gained jobs instead of losing the.
I am positive that the 8k or 10k stimulus money has something to do with the flurry of sales. We have had steady building in this sub for the last two years but all of a sudden 7 sales sprung up (I thought there were only six) within ten houses of me. I don't know what the price range is but they are all two story homes in the 3000 sf range. I'd be guessing about 300k because they are premium lots on the golf course.
Surprisingly, I did see a white male out there framing today. That is the first white male framer that I have seen in this sub in the two years I've been here. I might stop and ask him if he was born outside the USA and try to figure out how he landed that job. I don't think he's the contractor but I'm curious.
He'll be tan like all the rest of them right quick :o)
stimulus has nothing to do with it. It would have happened last year if the idiots in congress had kept their collective noses out of the market. Markets have rallied dozens of times since the founding of our country...all on their own. In the 1930s, when the foundation of the government getting involved in the housing market was established...we ended up with, you guessed it, a depression that never ended. No, "stimulus" funds had nothing to do with it, other than prolonging the mess.
In other words, free-market capitalism is the best path to prosperity.
And we all know that you personally made millions last year?
Lefty-Just wondering
And your point would be.....???? I find no connection between your question/comment and the topic...
At its most basic level, capitalism offers people the freedom to choose where they work and what they do … the dignity that comes with profiting from their talent and hard work. … The free-market system also provides the incentives that lead to prosperity -- the incentive to work, to innovate, to save and invest wisely, and to create jobs for others.†-President George W. Bush
In other words, free-market capitalism is the best path to prosperity.
Thought you was a market wizard....so you musta retired by now.....
I'm here because I have had a finish carpentry business for 20+ Years. I also have been managing money for 25+ years as a stockbroker, and when I read things would could be regarded as ridiculous or outright incorrect, I inject some background or comments. How much money I made last year is irrelevant. But your snarky cynicism is duly noted!! Have a nice day.
At its most basic level, capitalism offers people the freedom to choose where they work and what they do … the dignity that comes with profiting from their talent and hard work. … The free-market system also provides the incentives that lead to prosperity -- the incentive to work, to innovate, to save and invest wisely, and to create jobs for others.†-President George W. Bush
In other words, free-market capitalism is the best path to prosperity.
Guess I read too much into your comment about the recession. In you experience we'd be out of it by now if it wasn't for those clowns in Washington...
But like Smith says.....hey what do I know?
Just got a contract approved on a house for ~$40,000. The house is worth $90,000 per the appraisal district. My RE guy says it's worth ~$120-150,000.
Stimulus package didn't have anything to do with it.
Cash money did.
"If you have enough energy you can solve a lot of other problems." - Charlie Munger, Berkshire Hathaway.
We have an abundant supply of domestic natural gas. Let's get busy solving problems.
Edited 5/19/2009 6:18 pm by intrepidcat
From what I am seeing, most of the sales are in hard hit neighborhoods for a fraction of what houses were selling for a couple years ago but at least they are moving. Some of the better neighborhoods have slow sales but the prices are not really hurt as bad.
I think you have to realize 2004-2006 prices were an illusion but if you looked at 2002-2003 prices people are not getting hurt that bad.
The biggest problem in our market is all the houses they built in 2005-2007 that were not really needed by anyone.
Must be your geographic location. Builders around here sitting on properties built 18-36 months ago are still advertising 20-40% off. My builder still has a house for sale that was built in 2006. And I know of at least 6-7 folks that have been trying to sell their homes for +2 years.
I would probably now have an easier time selling my home (bought in 2000 before the explosion in market inflated values), but the sheer poor quality in this phase 1 home would keep the reality check triggering and be doubtful.