HOUSING PRICES? (Full Version)

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Don675 -> HOUSING PRICES? (8/10/2008 6:19:07 PM)

Any one on this forum in real eastate care to comment on how long the
price of houses will remain down?
The reason i ask is we are contemplating moving to the APPLETON area
in WISCONSIN next year around JUNE. I will be looking for a house
earlier than JUNE next year.My wife intends to retire next year here in
MISSISSIPPI and four of the grand children live in WISCONSIN in the
APPLETON area.We looked at houses last christmas and found some
good ones from 120,000 to 135,000[ 4 bedrooms and 2 bath rooms].

DONK



MrsTracy72 -> RE: HOUSING PRICES? (8/10/2008 6:31:08 PM)

Don!!! How cool! My aunt lives in Appleton and I am about 2 hours away. I am not in the real estate business, but I can tell you that we sold our house in May and it was sold for less than I thought it should have been, but at the same time, we sold the first day on the market and houses in the city where I live have been for sale an average of 6 months to a year.

When you go looking, go to shorewest.com or a realtors website and look at the listings in that area. They have all of the houses that are listed on MLS not just houses they have up for sale. That will give you a good idea. When you find houses that interest you, call the city assessor and find out what the taxes are on those houses and what they have down as the fair market value. That will be different than the sale price, but lots of houses at least in my area are going for right around that value.

Call even if you know you aren't going to buy those specific houses because again, you will get an idea of what the market is in that area.

Hope that helps a bit.

Tracy



magiceraserbrush -> RE: HOUSING PRICES? (8/10/2008 6:43:07 PM)

That is what you would spend down here in Texas the prices are staying stedy are being steady for quite some time now[8D]



spitzu -> RE: HOUSING PRICES? (8/10/2008 7:41:26 PM)

You'll have to talk to someone familiar with that specific area. It varies from state to state and even city to city.



APZR -> RE: HOUSING PRICES? (8/10/2008 7:58:58 PM)

quote:

ORIGINAL: spitzu

You'll have to talk to someone familiar with that specific area. It varies from state to state and even city to city.


Ditto. It can also vary from neighborhood to neighborhood. Even in my own metro area, there are markets holding stable and some that have hit bottom. It depends on price range, competition (including foreclosures priced at must move $$$), and location/appeal.



Auben -> RE: HOUSING PRICES? (8/11/2008 10:36:24 AM)

I live in central Wisconsin and the home prices in the general area are good in comparison to other states.

For Wisconsin, Appleton is urban (almost as urban as Madison and Milwaukee). You can find anything there. Thus the prices will be up from some of the small towns round about. $120,000-140,000 is a reasonable price for what you mentioned in Appleton.

If you're frustrated with the prices in town you can probably look at some of the other towns around it.



Don675 -> RE: HOUSING PRICES? (8/11/2008 6:14:15 PM)

AUBEN,
What small towns are you talking about around APPLETON?I know we
looked at houses in NEW LONDON which is a pretty small town about 15
miles from APPLETON.
I know the property taxes are higher than here in MISSISSIPPI but the
home insurance is a whole cheaper than here.This area is considered as
high risk because of the damage from HURRICANE KATRINA and other
hurricanes.
Here a 2000 square foot home is at least 160,000 or more[especially in
OCEAN SPRINGS].

DONK



MrsTracy72 -> RE: HOUSING PRICES? (8/11/2008 9:56:31 PM)

Have you looked at Neehan or Menasha?



Auben -> RE: HOUSING PRICES? (8/12/2008 1:12:10 PM)

I've never been to Mississippi, but I know in comparison to Illinois taxes are a bit higher and schools and social services tend to be a bit better.

I must admit I don't know the intimate details of the small towns in the surrounding area..which is closest and has the best cost of living, etc. I live two counties over, closer to Stevens Point. My brother lived in Oshkosh for a few years and we do shopping in Appleton several times a year (the children's museum is great btw, if you haven't taken your grandchildren there you should).

Outlying towns:

Neenah
Little Chute
Schioctin
Omro
Larsen
Hortonville
Black Creek
Seymour
Greenville
Fremont
Navarino
Winchester
Winnecone or Winnecon (can't remember which)

There are several lakes in the area and there are some small communities on those as well.

Probably you should start by deciding how far from your grandchildren you want to live, then you can start searching within that range. A reputable real estate agent should be able to give you an idea by email or phone.



MrsTracy72 -> RE: HOUSING PRICES? (8/12/2008 5:29:20 PM)

Oh, I have heard of that Children's museum. We do have plans to go there one day when we are up to visit my aunt and cousins, but just haven't made it this summer.

Tamara, I thought you lived WAY up north.



Auben -> RE: HOUSING PRICES? (8/12/2008 5:48:17 PM)

Nope...although perhaps I seem more rural then that. [:D] I live right in the middle.

It is a great children's museum, especially since they overhauled it a few years ago. I recommend it to anyone in the area. The boys always have a blast.



MrsTracy72 -> RE: HOUSING PRICES? (8/13/2008 10:25:46 AM)

It wasn't that you seem more rural, it is what your location says. My MIL has a place in Crandon so we spend alot of time up there and in Rhinelander and Minoqua. I just see your location and think of the roads and the cranberry bogs.



Auben -> RE: HOUSING PRICES? (8/13/2008 2:10:21 PM)

The central part of the state is crammed with cranberry bogs and paper mills. I think you just have to travel off the highway a bit. You're probably more familiar with 'up North' than I am.

And there's always the Warrens Cranberry Festival. I go with my mom every year. She drives up from Janesville.



MrsTracy72 -> RE: HOUSING PRICES? (8/13/2008 3:49:02 PM)

I knew about the paper mills, but not the cranberry bogs. How cool. I will be up there hopefully sometime in the fall.



GroupW -> RE: HOUSING PRICES? (8/13/2008 4:00:23 PM)

As far as how long the are likely to remain down - here's a rule of thumb. Not worth much, but it's a data point.

In the long run, prices on nearly everything are a function of the money supply which is guided (not controlled!) by the Fed. The Fed began easing in response to the current crisis in late summer last year. On average, it takes about 6-18 months for monetary policy changes to show up in the broader economic statistics. That's in a normal expansionary/recessionary environment. The current environment isn't exactly normal. We've had a price shock on a major commodity (oil), a banking/financial crisis (subprime), a war with huge budget deficits ... The challenges faced by the current economy are such that I would expect the recovery in home prices to be toward the longer end of the normal range - let's say 18-24 months.

On that basis, I would expect home prices to continue falling until sometime between early '09 and summer/fall of '09. I think we've got another 6-12 months of financial penance to do.

Not much data behind that, but the rule of thumb has been relatively consistent over time. Now, that would apply to national statistics not individual home prices. As others have noted, real estate is a local business and conditions can vary state to state, city to city, and even neighborhood to neighborhood.



Don675 -> RE: HOUSING PRICES? (8/13/2008 11:50:07 PM)

That info about the cycle of housing is good for my situation because
next spring i will be looking for a house in the fox valley area.I will be
looking about 15 to no more than 20 miles from wrightstown and closer
than 15 miles if possible.
I hear about the cranberry bogs or marshes.I grew up on a cranberry
bog in massachussetts and my relatives own cranberry bogs in mass.
I see in this forum we have some people from wisconsin.

DONK



MrsTracy72 -> RE: HOUSING PRICES? (8/14/2008 12:02:46 AM)

quite a few of us are here actually. My aunt and cousin live in or near Appleton. I can't remember what their addresses are because I just know their houses.



dianetavegia -> RE: HOUSING PRICES? (8/15/2008 9:48:52 AM)

A house down the street from me, 4 bedrooms 2 1/2 baths and only 7 years old just sold for $97,000. My house is smaller and cost $109,000 nine years ago.

I think things will get much worse before we rise out of this recession. Buy now. Sell later!



GroupW -> RE: HOUSING PRICES? (8/15/2008 9:55:52 AM)

Wow. That's a heck of a hit. Assuming the two homes are comparable (other than size), that would be a decline exceeding what we've seen in most other major metropolitan areas.

Our neck of the woods is holding in there. Prices are up since '04 slightly. We never got the '05/'06 increases though. If you didn't go up as fast, you don't have as far to come down. (Usually - your case appears to be an unfortunate exception. Sorry.)



dianetavegia -> RE: HOUSING PRICES? (8/15/2008 10:11:16 AM)

Same builder, just larger than mine. All the homes on my street have lots of trees and are on 3/4th to an acre. It's quite upsetting. Rural area, 35 miles due west of Atlanta.

Another house in the other direction is up for rent. Several have been in foreclosure and sold for low $80,000 BUT the people moving out kicked in walls, busted bathtubs, turned on the water and flooded the houses.... Very childish stuff in such a cute neighborhood.

My house was appraised for $142,000 five years ago. Now I doubt I could get what we owe. Very sad info....



uncabeeil -> RE: HOUSING PRICES? (8/15/2008 12:52:55 PM)

quote:

A house down the street from me, 4 bedrooms 2 1/2 baths and only 7 years old just sold for $97,000
On 3/4 of an acre? Up here that house would sell for $350,000 minimum. Pretty much anywhere in the state. In my city, home of the inflated home price, that's a an easy million because of the lot size.



Angie_K -> RE: HOUSING PRICES? (8/15/2008 12:55:35 PM)

I'm in real estate and I have to agree with GroupW. It will be six moths to a year before we start seeing any recovery. And real estate is definitely a local market, as the others have said.

I live in between springfield and branson in missouri. Housing prices here haven't dropped much, which is exactly why they aren't selling. The market is bad here, which is unusual for us, we generally don't have to be concerned about national trends.

The general consensus is that until sellers are willing to drop their prices ~ buyers aren't buying. Buyers are not willing to pay the prices that they paid a few years ago. They are looking for bargains and they know that they will be out there ~ eventually ~ so they're just waiting it out.



dianetavegia -> RE: HOUSING PRICES? (8/16/2008 8:24:29 AM)

Angie and GroupW, how do you think all these foreclosures will affect housing prices nationwide? It seems to be getting worse instead of better.



Mrs.Wifey -> RE: HOUSING PRICES? (8/16/2008 10:10:37 AM)

Housing prices are getting better, somewhat... It's just going to be a long and slow process. My mom is a real estate agent, and the biggest problem she is having is that appraisers are appraising LOW and it's making it harder for people to sell and get out from under their loan.

Denver had about 7500 forclosures last year, and we are looking at another 11k this year, but our market IS recovering. There are several people we know who are snatching homes up left and right as investment properties.



iluvatar -> RE: HOUSING PRICES? (8/16/2008 11:00:38 AM)

quote:

ORIGINAL: uncabeeil

quote:

A house down the street from me, 4 bedrooms 2 1/2 baths and only 7 years old just sold for $97,000
On 3/4 of an acre? Up here that house would sell for $350,000 minimum. Pretty much anywhere in the state. In my city, home of the inflated home price, that's a an easy million because of the lot size.


Sounds like Boston. 3-4 bedrooms in my suburb start around $700K.

-dan.



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