Years supply of listings

14 years ago

We are looking for a primary home in a resort area that has been badly hit by the real estate implosion. Our previous home is finally under contract and now we have to take the next step. We don't have to buy right away but it would save the hassle of moving twice, paying for storage and the worry about interest rates.

I read a local real estate blog/analysis that calculates "years supply of listings" or the number of listings divided by the previous month's sales. It started at 2.8 earlier this year and is now about 2.2.

The supply of houses concerns me as well as the large amount of bank owned homes and their effect on future sales prices.

We aren't concerned about getting in at the very bottom but we don't want to throw caution to the wind.

Buy or sit??? Thanks for reading.

Sort by:Oldest

Comments (8)

graywings123
14 years ago
How long do you plan to stay in the house you would buy?
0
Billl
14 years ago
Well, my crystal ball says .......

Despite all the hype to the contrary, there is no "right" time to buy a house. It completely depends on your situation and your finances.
0
Related Discussions
Lowest Food Supplies In 50-100 Years
Q
Comments (2)
lets pretend this is all just hype and not look into making changes. Or plant less lawn and more veggies.....
...See More
Glass supplies I listed on Ebay
Q
Comments (2)
What does sink mean, NICE?
...See More
Community Garden Supplies List
Q
Comments (2)
Oh yeah what products do you recommend for pest and disease control? So far I have- Pest- I have neem oil, bt, insecticidal soap, DE Disease- Cooper spray, Sulfur Dust...?
...See More
Art supply types/sources for 11-year-old
Q
Comments (11)
Find your closest Michaels Arts and Craft stores and then go nuts!! A huge assortment of supplies tailored specifically for kids of varying ages. You name it when it comes to arts and craft supplies and they've got it!! Prices are very reasonable, IMO. And get her one of the new "adult" coloring books :-) Even though she says she doesn't need one, she will be fascinated by the patterns and details these offer - I've yet to meet a real adult that wasn't very taken by them. I've been into arts and crafts all my life and draw copiously but I love these things!! btw, this was my first request as a child when asked what I wanted for my birthday - art supplies!! I'd include: Prismacolor colored pencils - come in sets of just a half dozen or so to dozens. Probably your most expensive investment but worth every penny. A simple water color paint set with brushes. Or acrylics. Scissors Drawing pencils and an eraser. A smallish sketch pad A selection of colored tissue paper or printed art paper (often sold with the scrapbooking supplies). A set of gel pens or colored markers. Elmer's Glue or modge-podge at least one very good black ink pen, like a fine line rollerball. LOTS of paper - newsprint as well as printer paper
...See More
deegw
Original Author
14 years ago
Graywings - We don't plan on moving anytime soon. But, my husband works on an industry where moving is common. I know it doesn't really answer your question but you bring up a valid consideration.

billl - I don't care if I buy at the right time, I just don't want to buy at the wrong time. :)
0
larke
14 years ago
Well, for one thing, the 'year's' supply of houses needs to be qualified, because depending on where you live (Phoenix vs N. Dakota) there is either still a bad glut of empty or foreclosed houses, or not enough to go around, so keep that in mind. Also, while the market is much better than 1-2 years ago, there are signs that because of problems in Europe, it may well start going down again, and I imagine house prices would follow, so again, something to consider. This is definitely no time for crystal balls, just clear thinking and paying attention. But that being said, if you find your 'dream home' at a price you can afford, I would not dither around too much after all about just buying it, unless it is priced ridiculously higher than anything else around the area.
0
Billl
14 years ago
If you are betting on housing prices going up in the next 2 years, then it would be the "wrong" time for you to buy a house in a resort area. Short term speculation on realestate is usually a bad idea. It costs a lot of money to buy and sell houses and the carrying costs are significant.

If you've always wanted to live in a resort area and are going to stay for 10+ years, not would be a great time to buy. Will it be even "greater" 6 months from now? Who knows! Lots of experts have opinions, but they don't really know what is going to happen. If they did, they would be getting rich following their own advice instead of trying to sell their advice to others.
0
Carol_from_ny
14 years ago
There's alot of things in your post to consider. The time you are going to stay is one BUT also what do you define as a resort area?
Lake front property in some little community not far from work or are you talking a place on a beach someplace? In real estate location is EVERYTHING.
There's a huge difference in buying beach front property as opposed to a home in the hills of a snow resort area that's livelyhood is dependent on the amount of snow you get each year.
It also depends in what price range you are looking to buy into and just how easily you can get around during the peak season in the resort area.
It does no good to buy in a resort area if half the year you feel like you are under attack from those out side the community.
IMHO there's alot more to research about living in a resort area than there is in buying a home in Anytown, USA.
0
strike5
14 years ago
If you're really concerned about the possibility of the market falling further, you need to wait until the downturn is clearly and obviously over.

They call trying to time the market "knife catching" for a reason -- if you're as risk-adverse as you seem to be, you not only need to not try and catch a falling knife, but also wait until it sticks in the ground and stops quivering.
0
loves2read
13 years ago
depending on where the "resort location" is
would you consider holding this property--if you really like it--and keep it as second home after/if you are transferred again...
maybe make it your retirement home...

if you would then this price vs selling in two years might not be so important
and frankly if the market gets worse in two years--
no one is going to be selling a home cause there likely won't be any buyers...
0