THE HOUSING HUBBUB has a sunny lining for Gatherer's looking for a new place to call home. Home prices have fallen most sharply in the Sunbelt cities, marking a buyer's market for those of us with an eye on homes in lake-front Tampa, tropical Miami, suburban San Diego, casino-friendly Las Vegas, dessert-arid Phoenix or fast-paced L.A.
Meanwhile, if you're planning to move from Atlanta, Charlotte, Dallas, Seattle or Portland (my hometown) to your dream town, now may be the time. Home values there are bucking declines and continuing to rise.
The bottom line? Now may be just the time to examine your life goals and perhaps get the ultimate gift of all: a new home for the holidays.
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| Jennifer D. Meacham, Gather Money Correspondent | ||||
Jennifer's column, "The Bottom Line," is published every week to the Gather Essentials: Money channel. Jennifer is a business and personal finance columnist who covers money matters for RedwoodAge.com and real estate news for RISMedia, and co-authored the best-selling retirement investing guide "IRA Wealth: Revolutionary IRA Strategies for Real Estate Investment" (Square One Publishers, New York). Keep up on the latest news and analysis into how you can take control of your business and personal financial future by joining Jennifer's "Self-Directed Investing 101" network. | ||||
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Comments: 20
Help me get a publishing deal with a 10 rating and comment. I comment back.
As to housing prices, Jennifer, personally I think the market in LA has a much greater distance to fall. Prices are down a lot in certain areas (those where the upside down loans were made in excess), but most of those areas are places you really will not want to be living in (too far and long a drive from your friends and/or your work, or located in a fire or mudslide area). If you want to consider living in LA wait another 5-8 months to really see the prices drop. The longer Bushco is in office the further the prices will keep falling.
On the "silver lining" side, the U.S. does have more homes than ever before, and more homeowners than ever before. So while the number of foreclosures is up, I'd have to say that it's roughly comparative -- percentage wise -- to other years before. There are a number of mortgage companies that right now are aggressively marketing refinancing opportunities for those with the adjustable rate mortgages that are now strapped. (Maybe you've seen their ads on TV.) So, there's hope in the numbers....
Lori, are you planning to buy in Iowa? Acreage there sounds like a steal. I have yet to live or travel through there, but I hear that it's beautiful country.
I wanted to stop by and thank you again for your help with the Downsizing Your Home Contest. I won!!!! If I can ever do the same for you, just let me know!
We have ahome and a fixed 6% mortgage so I am not going to complain...most people we know have ARMS that are sky rocketing...I told them to refi months and months ago...they did not listen.