Reply to s/o How far will prices drop in MoCO?

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[quote=Anonymous][quote=Anonymous]This is a spin off from the exodus in Montgomery County thread. What is the best way to protect against over spending in MoCo and not getting stuck with a house that is worth even less than what you bought it for in several or many years later?

Is it best to wait 1-2 years and see how far prices drop? Is it better to wait until winter and just submit really low ball offers until someone accepts and hope that you bought below market enough to stay above water? Avoid the area all together?[/quote]

OP, we want to home around the area, and are in the same boat.  I think the best play is to hold and wait now for 1-3 years. There are just soooooo many unknowns when it comes to MoCo.  Economic growth has been anemic in the county.  The county govt continues to run up massive budget deficits. Combine deficits with a huge wave of Baby boomers who used to earn high salaries that the county can no longer tax, it'll mean tax increases, possibly very significant.  You don't want to buy a home and then have a huge tax increase that breaks your budget. Also, no one knows how redistricting for schools in MoCo will play out.  People are worried that they could lose $100k in home value overnight.

OP, there's a good chance home prices in MoCo have peaked.  Too ma y unknowns with lack of job growth, potential for tax increases, changes coming to schools.... it's a mess and far too much risk for us.  We may have to bite the bullet and look at Howard county and suffer a commute or look towards PG.  Virginia is looking better too, but the commute is hellacious and homes are unaffordable.  [/quote]

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