Housing prices

By
Real Estate Agent with Frank Rubi Real Estate
Looks like for the first time in my lifetime house prices will decline.  Seems we will have to pay the devil.  We had such a good run for so long it caught up with us.  How long and how deep it will go is anybody's guess.  Personally I think it will last for a few years.  You are fine if you bought years ago but not if you bought recently.  Many people are actually upside down on their mortgages.  We will still have some demand but it will be much softer than before.  I think rental property will be the way to go.  People will have to rent if they can't buy a home.  Oh well hang in there this will pass eventually.
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Comments (4)

Anonymous
Wendy
We will also see a huge impact on the rental inventory as homes that don't sell go into the rental pool.  Rental rates will go down as supply exceeds demand.
Aug 27, 2007 01:27 PM
#1
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com
Wendy we were in the business in the late 80's. I saw rental properties in a working class area drop in value of say 70's go to 20's. The rents stay about the same for us, as we held our ground. I hope we don't see that again. If you recall, in the mid to late 80's you lose the tax deduction and the S&L crisis. Could the supply be the catalysis? What do you think John?
Aug 27, 2007 02:49 PM
John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana
I think in this area prices won't fall a whole lot more.  Depends if we have another monster storm.  As far as rentals there will always be renters.  If you can't buy you will have to rent.
Aug 27, 2007 11:51 PM
Ethan Dozeman
Realty Executives Platinum Group - Grand Rapids, MI
Real Estate in Grand Rapids
John, I just closed on my 6th single family rental home.  I think there will always be renters who need good homes
Aug 27, 2007 11:53 PM

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