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Dadof4Kiddies | When the real estate market goes down, will people lose money? |
I live in southern California, for the past few years home prices have skyrocketed.
Recently I noticed houses are selling slower and the prices are going down.
Does this mean that people who bought their house at the peak will lose money if they sale before the next peak?
Why do people buy at real estate peaks then?
If you lose your job or have to move then you are really screwed right?
People are going to be selling their houses for a lot less than what they paid for them.
They will sell their house but still be paying a loan off.
Wouldn’t it be best to not buy when houses are at a peak unless you plan to live in a house for at least 10 years? |
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Call me Un-Nacirema...
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Right on all accounts. My dad was in real estate and I followed it about as closely as he did for over 20 years...I remember a time when houses went ridiculously up and up and up and then the market crashed BIG TIME. I'm talking houses dropping around $100,000...so yes people who bought then were really screwed if they wanted to sell anytime within the next 10 years...because it took that long for their houses to be worth what they bought them for. I guess those that bought either had to buy, or thought now is a good time to dump this place and move into something better...who knows..but they all bought....and no doubt regretted it since.
But that was because of speculation and real estate agents themselves were buying and turning houses over so they helped drive the prices up themselves. The government quickly came up with Capital Gains Tax to put an end to quick turnovers...people would basically fix and sell houses within 6 months or a year driving prices up...I don't really know what else factored into that "crazy period" but houses since have gone up slowly and stayed up. If you're near a big city, houses in the city will be worth a lot more even if they are pure garbage with no land to go with them...it's crazy. Any free land around us now is being bought by developers and either matchbox houses, townhouses or condos are going up....you do not see houses being built anymore...everywhere you go is a traffic nightmare and congested thanks to all these people wedged together like that. |
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georgia b
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People will not lose "money": they will lose the anticipated equity that they banked on when they bought more than they could realistically afford, through ARMs or worse: "Option" loan products.
The buyers who hopped on the gravy train at the beginning made killings. They also took the most risk. The ones who got on later were too late. The market wised up, interest rates went up and consumers began to see the writing on the wall.
What will happen in Southern CA, among other things: 1. Government agencies will begin investigating all the loan fraud, taking out some major lending players. As a result of auditing, lenders will be forced to buy back their secondary market loans and lending practices will become more conservative, eliminating a HUGE segment of the homebuying population (They will no longer qualify). 2. Real estate prices will drop because homes cannot sell without qualified buyers. 3. The 68% increase in foreclosures means that there is some stiff competition for home sellers.
Election year is coming. Politicians want to make names for themselves. There are also some big human-interest stories in the mass numbers of borrowers who were sold loans that they can no longer afford, due to predatory and fraudulent lending. |
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Travis C
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The market cooling does not mean it will crash. Our economists learned something in the last bubble burst. They have approached our current situation with caution. Appreciation will slow but a crash is unlikely. ( in most parts of the nation ) Some larger cities will have issues. |
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Realtor Jim
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People who bought at a peak do stand a chance of losing some money if they are forced to sell. This could be forced by several things. First, lots of people took out 'interest only' loans. What this did was amortize the loan over 30 years. Interest only is due for a certain number of years defined in the note. Some people took a loan with a 5 year balloon. That means at the end of the 5th year, the entire principal is due. If the market stays bad for 5 years and the person can't refinance then they stand a chance on defaulting on the loan.
Another problem that was created was the use of Adjustable Rate Mortgages. Some of the ARM's I've seen have ridiculous terms and could allow the interest rate to go over 12% in a short time period. If a recession should occur and the interest rates skyrocket, these people could find themselves unable to make their monthly payment and they too could default on the loan.
I don't think anyone deliberately bought at the 'peak'. People were hoping that the market would continue to skyrocket but it didn't. Have faith though, the real estate market like everything else runs in cycles. Personally, I don't see this cycle lasting too long and I think by next year the market will improve.
I agree with you, it's best not to buy at a peak unless you plan to live in the house for awhile. Maybe not as long as 10 years but certainly at least 5.
I hope you found this information useful. Please visit my website at http://www.flwaterhomes.com if you have any other questions.
Jim Reske, Realtor
ERA Advantage Realty, Inc
Port Charlotte, FL |
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Price is what you pay for value.
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Some people will buy even when housing market continues to slump, possibly for following reason:
1. they trust their realtor/agents too much. realtor/agents gets commission so they want deals to go through.
2. they are making side way moves. they sell one to buy one, so the money invested aren't new.
3. they underestimate how much money one can lose. some of my friends said, "10, 20% is nothing, stocks lost more than that". they didn't realize 10 or 20% could mean $100K in housing.
4. they need one for various of reasons or they simply have too much money. so they can take the risk. |
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BrokenRomeo
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Here's a web site dedicated to just that in San Diego, CA the show how much they bought it for and what the loss is at the current asking price. Most of them flippers who got caught in the down turn.
http://sandiegomarketmonitor.blogspot.com/ |
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Vince M
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Part of your question aske about why people would buy at the peaks.
The real trick of ANY kind of marketing is KNOWING when its a peak and when it's the bottom of a slump. No one can really know. You may think the market has bottomed out, and you buy, only to find the market continues to drop and you could have saved money if you had waited.
You may kick yourself for buying close to a peak, but the market still goes up and you end up with a relative bargain. Investors spend a lot of money researching the peaks and valleys, only to lose it big because the "experts" got it wrong. That's exactly what happened with the dot com bust. Many people thought that the peak hadn't arrived yet. |
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Jill B
|
Right now homeowners in CA are losing equity.
Tired of the "It's always a great time to buy real estate" Industry line?
Get a current opinion on the real estate market from a local
San Diego real estate broker w/27 Yrs experience!
What is going on in the San Diego real estate market may
effect other cities that have had huge increases in home appreciation over the last few years!
If you are considering investing in real estate or when to sell a
current real estate investment, this real estate blog should be a MUST READ!
Other real estate sites are also noted below:
http://www.brokerforyou.com/brokerforyou
http://www.downtown-san-diego-real-estate.com/san-diego-real-estate-article-index.htm
http://www.san-diego-for-sale-by-owner.com
http://www.la-jolla-ca-del-mar-san-diego-real-estate-encinitas-california.us
http://san-diego-coastal-real-estate.blogspot.com
http://sandiegofsbo.blogspot.com
http://downtown-san-diego-real-estate-views.blogspot.com
http://san-diego-coastal-real-estate.blogspot.com
http://sandiegofsbo.blogspot.com
http://www.brokerforyou.com/san-diego-real-estate-sales.html
http://downtown-san-diego-real-estate-views.blogspot.com
http://www.poway-real-estate.info
http://www.del-mar-real-estate.info
http://www.la-jolla-real-estate.info
http://www.los-angeles-real-estate-brokers.com
http://www.san-jose-real-estate-brokers.com
http://www.orange-county-real-estate-brokers.com
http://www.san-francisco-real-estate-brokers.com
http://www.sacramento-real-estate-broker.com |
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business creature
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prices will rise again with in the next ten years so it depends on the investment time you want a return. |
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Pey
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Yes! |
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