Anyone waiting till next spring to buy?

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[Post New]08/14/2013 21:28
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REALTOR4U
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@14:21 5.98% increase is year over year.
[Post New]08/15/2013 04:50
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Anonymous
Anonymous wrote:....as bell-weather Cisco Systems announced just today that they are laying off 4000 people :O


"...Happy Days Are Here Again..." -ha!


Eh, Cicso is not in DC, and is old-line business. You have to look at up and comers, like Palo Alto Networks and Facebook. I mean FB has hit its IPO price, and I don't hear any word of layoffs.
[Post New]08/15/2013 08:13
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Anonymous
Realtor4you wrote:OP...good question...I know it can be frustrating. I have clients that I can't find any inventory for as well. Try to keep positive. Here are the facts: Interest rates will begin to climb slowly. They have already ticked up about .75% over the past six months. Home values continue to climb year over year. The July stats were released on the 10th. For MoCo, the average sold price was up 5.98%. You can check your area at www.rbiintel.com or email me and I can send you a report based upon your zip code of interest. According to the "gurus", for what it may be worth, this trend is likely to continue for a couple of years due to low inventory and as builders begin to get ramped up again. Try to stay positive as it doesn't appear that interest rates or prices are likely to go back down anytime soon.


I feel really feel bummed out. I know that I got a great deal if I am comparing to the peak market, but I should have bought it earlier this year where interest rate was like 2.6% for 15 years and house prices were cheaper. I rushed and bought a house few weeks ago during this hype and settle this week. I am keep seeing the market calmed down and the new listings stay on the market for weeks now without being on pending status just makes me feel sad (during the time when i was hunting, it usually went under contract within days) but at least i am keep telling myself that the previous owner paid almost 100k for what I just paid. (Got it for 350k)

Hope I made the right choice with this investment.
[Post New]08/15/2013 08:15
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Anonymous
Um yes Cisco is in NoVa ...I interviewed for a legal position there before. In the tech corridor with the other tech and telecom companies.
[Post New]08/15/2013 10:22
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Anonymous
Anonymous wrote:Um yes Cisco is in NoVa ...I interviewed for a legal position there before. In the tech corridor with the other tech and telecom companies.


Fair point, but DC would be more impacted by layoffs at Booz Allen, CACI, defense contractors or even Marriott.

The bulk of employees for Cisco is in the Bay Area, though curious where bulk of layoffs will be...
[Post New]08/15/2013 10:34
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Anonymous
Anonymous wrote:
Realtor4you wrote:OP...good question...I know it can be frustrating. I have clients that I can't find any inventory for as well. Try to keep positive. Here are the facts: Interest rates will begin to climb slowly. They have already ticked up about .75% over the past six months. Home values continue to climb year over year. The July stats were released on the 10th. For MoCo, the average sold price was up 5.98%. You can check your area at www.rbiintel.com or email me and I can send you a report based upon your zip code of interest. According to the "gurus", for what it may be worth, this trend is likely to continue for a couple of years due to low inventory and as builders begin to get ramped up again. Try to stay positive as it doesn't appear that interest rates or prices are likely to go back down anytime soon.


I feel really feel bummed out. I know that I got a great deal if I am comparing to the peak market, but I should have bought it earlier this year where interest rate was like 2.6% for 15 years and house prices were cheaper. I rushed and bought a house few weeks ago during this hype and settle this week. I am keep seeing the market calmed down and the new listings stay on the market for weeks now without being on pending status just makes me feel sad (during the time when i was hunting, it usually went under contract within days) but at least i am keep telling myself that the previous owner paid almost 100k for what I just paid. (Got it for 350k)

Hope I made the right choice with this investment.


Congratulations! You're a homeowner. Don't dwell on what could have been. Hopefully, you have a home that you like. Interest rates are still historically low...just ask family or friends who were buying homes with interest rates at 15+%.
[Post New]08/15/2013 10:50
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Anonymous
but prices were much less when interest rates were at 15%. was the monthly payment better or worse then when compared to incomes? assuming an equal monthly payment, you are actually much better off with a lower price for the house and a higher cost of interest for at least 2 reasons: 1)you can save up cash and prepay the loan thus saving lots of money 2)at least you get a mortgage interest deduction (for many people) for that interest you paid.

people always say what you are saying about interest rates being so much higher then, but I wonder if that reasoning really makes sense?
[Post New]08/15/2013 11:01
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Anonymous
We are waiting, but not really by choice. We need to save up more money. Hope to buy in winter 2014 though, not spring.
[Post New]08/15/2013 11:14
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Anonymous
We're waiting mostly because there's no inventory where we're looking (AU Park/Friendship Heights). This means anyone waiting for a place in our current neighborhood will have to wait too.
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