Answers
Where will be the smartest place to buy real estate once the prices bottom out?
Miami? LA? Chicago? New York?
Best Answer:
Start at any coast line. Work your way inland until you get to about 300 feet above sea level. Right there. In a few years it will be water front property. .
Answers:
You're assuming the markets are all the same. In those locations, the prices really won't bottom out. NY will never succumb to the buyer's market, and Miami will play hardball. All the places you mention, sans the burbs, are all going to be top dollar houses that go fast.
If you want a smart deal, try homes 30 miles away from these cities, not quite in a burb but not TOO far away. You'll find it is a better market there. Also be prepared to bargain. The smartest HOUSE to buy would be the one that has been on the market for 270 days and needs a lot of updating.
We just purchased a home in Kansas City, and I can tell you that this is ONLY a buyer's market in the way that (1) it's not overpriced and (2) houses that are older and need updating are left on the market. The average house in the KC area is left on the market for less than 3 weeks, in some cases less than a week.
Don't believe that because news stations are reporting that it's a buyer's market that it's a buyer's market in the way that ANY buyer in ANY location is going to benefit.
the place you will need to look for property is where you can get the most return for your dollar.....the quickest......from my reading Detroit has homes as low as $10,000-20,000 and has a housing glut......LA properties range in the $400,000 and higher New York in the Millions for some properties, as for the averages unknown...
for the most part the prices have bottomed out, banks are restucturing already to correct the high risk loans to prevent defaults, interest rates are projected to come down to ease in foreclosures as well.....new construction has slowed down extensively, and if figured to regain some momentum in late 08....while all the experts could be wrong, this lull in the housing boom may last longer......but in reality once prices are already established and jobs are available given areas do not lose market value.....our population will continue to grow and more houses will always be needed in addition to the existing home sales
Somewhere on a mountain peak. Global warming rememer?
You do not agree that prices have bottomed out because "analysts say..."
So, when will you agree? When some "analyst" says: "As of 5:43 PM today the prices bottomed out..."
I apologize for being sarcastic, but I am amazed at some of those predictions.
In our area, Orange County, California, many "analysts" have been predicting complete crash of real estate market for the last 6 years. Yes, the prices went down a little, but we are still waiting for the crash.
Every year, here in Southern California, we have a Real Estate Report published by Business Department of a local university. Many people make their decisions based on this report. The funny part is that in the past 29 years, this report was completely wrong 27 times!
Nobody knows FOR SURE when the prices will go up or down. I'll not be surprised if the prices are flat for the next 2-3 year, I'll not be surprised, if they go up or down a little.
As for a good market to invest, Orange County, of course!