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If you are trying to get a foreclosure for a song and a dance, it won't happen in a nice neighborhood...just my opinion.
HOWEVER, this market is still a blood bath for sellers and will continue to be extremely slow for a considerable amount of time...you have alot of flippers out there still trying to make a buck and figure there's blood in the water to pounce.
Just wait till interest rates start to rise which will put even more pressure downward on home prices...
This will not be a sellers market for a long time....
Sheenie, I hope you find the right house..continue pressing!
I don't believe Sheenie really thinks it's a "sellers market" - she is just exaggerating to vent her frustration over losing so many homes already.
Dealing with foreclosures IS particularly tough - personally it wouldn't even interest me to try! But I am pulling for her to find her dream home
And Jack, maybe you could ammend your statement to say, "this market is a bloodbath for SOME sellers", because it is certainly not a bloodbath for all. If you've owned your home more than 7 years and didn't buy at the height of the market your home hasn't lost much in value in many cases. Some of us have sold recently and MADE money.
The FHA has started to close the loop hole that is letting people continue to buy homes that are sensible and within their means to pay. They did some more tightening this past week. Expect more of this.
The banks have begun putting a low pricing structure on their foreclosure homes and anticipating a "bidding war". I have been watching this closely and desireable foreclosures seem to be selling for greater than the listed price.
There is also a trend for foreclosures to be sold for cash. Even if you put in a higher bid with conventional financing, the bank would lean towards a reasonable cash offer, even if it is less than offers with financing.
Yea I'm curious to see what the property that I lost on sells for. I either lost to not bidding high enough or a cash offer.
How much over list price have desirable foreclosures been selling for? I got some good advice over in the RE forum that I was focused on list price rather than market value for the home. I wish I knew that when I made my previous offer to the other house as it was much cheaper. But on the other hand this house, is really the dream home and fits every criteria we were looking for...
If you are trying to get a foreclosure for a song and a dance, it won't happen in a nice neighborhood...just my opinion.
I never said we were looking for it for a song and dance. This house, we're planning on bidding possibley thousands over asking, and I still think we'll lose. Because even at that price point it's below market value (and there are very little repairs that need to be done on the property).
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Sheenie, I hope you find the right house..continue pressing!
I hope so lol! Whatever house is meant to be, it will happen!
There seems to be a general consensus that banks are sitting on a lot of foreclosed homes and not putting them on the market to keep prices higher. It's easy for them to do since the federal government has given them so much bad mortgage relief.
I don't believe Sheenie really thinks it's a "sellers market" - she is just exaggerating to vent her frustration over losing so many homes already.
Dealing with foreclosures IS particularly tough - personally it wouldn't even interest me to try! But I am pulling for her to find her dream home
Yea I found many dream homes, they just aren't my husband's and vice versa lol. We are so opposite on this. So when we find something we agree on, we pounce on it. So when it's lost, it's even more devastating. It's like man I do NOT want to start again!!
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And Jack, maybe you could ammend your statement to say, "this market is a bloodbath for SOME sellers", because it is certainly not a bloodbath for all. If you've owned your home more than 7 years and didn't buy at the height of the market your home hasn't lost much in value in many cases. Some of us have sold recently and MADE money.
I totally agree. I think it really is market and subdivision/area specific. If you look in certain neighborhoods it is a bloodbath so it can seem like it's brutal out there for everyone. Especially the new subdivisions. Values have plummeted 100K+. But some neighborhoods haven't declined that much since peak. And the stable subdivision like loves is saying, if you have owned since around 2003, you can definitely walk away with money at the closing table (and on top of that get all your downpayment back). Of course that's if you didn't tap into your home equity.
Interesting. I commented to my husband on the way home today that there seem to be fewer for sale signs in our area.
I noticed that too. I think a part of it though was because of the holidays. A lot of people removed their listings or it expired. But it looks like it's picking up a little again. When the spring starts coming up, it'll be interesting to see if a lot more homes are on the market or if the inventory is really decreasing.
(Of course my comments are for the areas that I'm looking in).
The FHA has started to close the loop hole that is letting people continue to buy homes that are sensible and within their means to pay. They did some more tightening this past week. Expect more of this.
I don't think you can include short sales or foreclosures into the general sellers market. The number of ss and forclosures on the market are the reason why this is a buyers market and not a sellers market.
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