think - 08 February 2008 09:36 PM

I suspect many will be taking advantage of the portability as housing prices fall.

Most that have waited this long especially with older homes with no updating being done probably will be the biggest losers. They were the ones making most of the profit from this building glut. Alot were buying in those area when those houses really never commanded those prices. What it costs some of those owners to update those homes. Some will probably never get updated because of the dropping of value.  That is a loss for the older neighborhoods. The ones in the new homes have a better chance of surviving because their repairs are at a minimum. They can hold out longer because of that.

If they don’t do maintenance, then they shouldn’t expect to be able to sell the property at top prices. 

And most of the “upgrades” done during the full crush of the flipping scene were shoddy.  If you are a reputable carpenter or electrician, then you have all the work you can handle right now.  People are upgrading their homes, instead of buying a new one.

Bad Krusty - 11 February 2008 12:38 AM

If they don’t do maintenance, then they shouldn’t expect to be able to sell the property at top prices. 

And most of the “upgrades” done during the full crush of the flipping scene were shoddy.  If you are a reputable carpenter or electrician, then you have all the work you can handle right now.  People are upgrading their homes, instead of buying a new one.

Buying a new home in this down market gives you more years and because we do live in Florida the extra safety features that are required by the new building codes. Roofs replacement as of Oct. 1st only require the new building code on some not all re roofing. Why? Does that mean the storms won’t hit those homes. There are really good deals on new homes right now and unless I was a good handyman which in this day and age is hard to come by. Is why most are looking at that option. Repairs can be very costly with taxes and property insurance as high as they are for the new owners buying now. Buying new gives you that extra money you need for both of those expenses.
This housing market is not going to clear up fast. It will probably takes years before all the damage is cleared up with the pricing mess. So it may take a new house or only very urgent repairs on an olders home before the mess is cleared.

Bad Krusty - 11 February 2008 12:38 AM

If they don’t do maintenance, then they shouldn’t expect to be able to sell the property at top prices. 

And most of the “upgrades” done during the full crush of the flipping scene were shoddy.  If you are a reputable carpenter or electrician, then you have all the work you can handle right now.  People are upgrading their homes, instead of buying a new one.

“People are upgrading their homes instead of buying new ones.” end quote

You’re absolutely correct.  And that’s what we did three years ago, when home values were through the roof.  We knew even then, that bubble wasn’t going to last forever.  By the way, if you hire a reputable carpenter/contractor, they’re going to give you quality work regardless of the economy.  Our remodeling turned out gorgeous.

Most of the people who are going to buy new homes will be first timers.  Or empty nesters who want a smaller home.