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With so many homes vacant, where do people live now?

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Viking

Thread Starter
Junior Member
Joined
Nov 18, 2006
Professional Status
Certified Residential Appraiser
State
Minnesota
Many homes are vacant, and it's not like the population has gone down. I've seen declining neighborhoods where the the listings and recent sales of 2-4 family properties are also vacant and values are declining the same as single family homes. In the worst hit areas are rentals occupied, and are values of 2-4 family properties declining or stable?
 

KD247

Senior Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
They're is a contraction of they are, their is a possessive pronoun, there is an adverb of place.
Just take a step back in time to two years ago. Their buying homes, not because there planning on living in them, but with the intent of holding they're investment for a few months before selling selling for a prophet.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Look at rental prices in area. if rental prices do not equal carrying costs of ownership, it would indicate prices of multi family would be declining. ( and of course look at sale prices/listings) homes are vacant because nobody can afford to rent them, or banks own them and will not rent them.
 

Jim Hill

Member
Joined
Oct 13, 2003
Professional Status
Certified Residential Appraiser
State
Florida
How much will you pay?

What I have seen here on the west coast of Florida is the people who could not sell their homes now are trying to rent them.

Homes that might have rented for say $900 to $1,500 a month are now taking what ever they can get just to pay some of the bills.

Our condo market is so bad that even they are now really just trying to rent all these units rather then have them sit.

I know investors who have a number of homes they are trying to sell but right now there are no buyers so in order to stop of the bleeding they are trying to rent their homes.

Sure they would like to get $1,500 a month but when someone shows up and says they can only pay $1,100 a month they are taking it.

The why part is simple the home is costing them $2,200 a month to carry so getting $1,100 is better then leaving it emply.

One other note our commerical market is also doing anything they can to find tennents for empty stores all over this area.

You can drive by any shopping center or strip mall and see what's going on for yourself. There are for rent or lease signs in everyone one of them.

The thinking is take whatever you can get right now rather then leave it empty.

If banks can't sell thousands of empty homes they might also start thinking this way.

Jim Hill
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
What I have seen here on the west coast of Florida is the people who could not sell their homes now are trying to rent them.

Homes that might have rented for say $900 to $1,500 a month are now taking what ever they can get just to pay some of the bills.

Our condo market is so bad that even they are now really just trying to rent all these units rather then have them sit.

I know investors who have a number of homes they are trying to sell but right now there are no buyers so in order to stop of the bleeding they are trying to rent their homes.

Sure they would like to get $1,500 a month but when someone shows up and says they can only pay $1,100 a month they are taking it.

The why part is simple the home is costing them $2,200 a month to carry so getting $1,100 is better then leaving it emply.

One other note our commerical market is also doing anything they can to find tennents for empty stores all over this area.

You can drive by any shopping center or strip mall and see what's going on for yourself. There are for rent or lease signs in everyone one of them.

The thinking is take whatever you can get right now rather then leave it empty.

If banks can't sell thousands of empty homes they might also start thinking this way.

Jim Hill
That sounds like my area of Florida.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
but with the intent of holding they're investment for a few months before selling selling for a prophet.

I guess all those prophets didn't see the coming of the sub-prime meltdown. Some prophets!
 
Last edited:

Viking

Thread Starter
Junior Member
Joined
Nov 18, 2006
Professional Status
Certified Residential Appraiser
State
Minnesota
I've done appraisals recently in old neighborhoods with 100 year old houses and have noticed that both single family and rental properties are vacant. My thought in posting was that rental demand should be up.
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
When you are foreclosed on your credit is ruined.I always say find another Rental or buy another home BEFORE you get foreclosed on, otherwise it's difficult because the whole world revolves around your FICO score. Except the US Government that has 52 Trillion in obligations and is bankrupt..Quick , buy some beans and Ammo ,Especially whan todays the day for the market crash,ahhhhhhhhhh 1929 all over again..
 

Viking

Thread Starter
Junior Member
Joined
Nov 18, 2006
Professional Status
Certified Residential Appraiser
State
Minnesota
Just take a step back in time to two years ago. Their buying homes, not because there planning on living in them, but with the intent of holding they're investment for a few months before selling selling for a prophet.

Thanks ALOT
 

Scott Kibler

Elite Member
Joined
Oct 7, 2003
Professional Status
Certified Residential Appraiser
State
Illinois
Renting.

It's the new paradigm.
 
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