Dallas, TX · Member since 2008 · 73 posts · 0 votes
I was reading USA today and I read that there was a 70% drop in first time buyers. They said that less people are buying and more people are moving in with friends and family. According to this statistic, prices are going to appreciate alot slower. What do you guys think about this?
In the Phoenix metro are we are hard hit by the down turn. Tons of REO properties on the market.
In the rental market, rents are down by allot. This is due to the fact that many seller's who can't sell are putting the properites up for lease. Slow bleeding is better than fast bleeding. In addition, some of the condo coversion propeties have turned back into apartment buildings.
It may be 2 years or more before things start to turn around in my area. At some point the real investors will come into the market, buy cheap and hold long term.
Yes, 4 bedroom houses with 2 baths will rent for $1650-$2200 a month.
There are restrictions that only 3 unrelateds may rent these houses but this is skirted frequently. 2/3 bedroom houses range from $650-$1400 depending on location etc. I see alot of people moving together. Two professionals sharing a small house rather than 2/1 bedroom apartments.
Energy costs really affect everyone. The two rental houses I went to this week were dark because these folks don't walk around and waste electricity.
Reminds me of my grandmother. These people have means but they're not wasting electricity.
In my opinion, mega mansions are toast. Smaller, more energy efficient and downsizing will be trendy.