U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Ohio > Cincinnati
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-14-2010, 12:58 PM
 
Location: Cincinnati
94 posts, read 205,518 times
Reputation: 25

Advertisements

Just interested to know more about the buyers out there in today's world, because there are so much talk about who and what is buying (or not buying) right now.

So, if you are an active buyer looking for a house..tell us..

Are you buying and selling?

What areas are you looking in?

Newer, old or building the house?

Did the 8k incentives get you moving in the direction of buying?

Have you been looking mainly at foreclosed homes or just any that fit your needs?

Do you feel that there is a good supply of homes out there?

What price range are you looking to buy in?

Have you made any offers?
Reply With Quote Quick reply to this message

 
Old 06-14-2010, 02:15 PM
 
Location: Mason, OH
9,259 posts, read 13,371,704 times
Reputation: 1920
This appears to me to be a market for investors. That is, those who have the means to buy up depressed or foreclosed properties and hang on to them for better times. Since the investment markets are showing little or even negative return, why not put your money into property? If you are willing to wait awhile, I don't see how you can lose. As my dad said they are not making any more land.
Reply With Quote Quick reply to this message
 
Old 06-14-2010, 02:22 PM
 
Location: A voice of truth, shouted down by fools.
1,086 posts, read 2,223,983 times
Reputation: 894
When I was a kid (1960s) I used to hear that most wealthy people around the region here (Dayton-Cincinnati) made their fortunes in real estate, buying property during the (last) depression. Well, here we are again.
Reply With Quote Quick reply to this message
 
Old 06-14-2010, 02:23 PM
 
Location: Cincinnati
3,335 posts, read 5,731,421 times
Reputation: 2058
Are you buying and selling?
no, just buying

What areas are you looking in?
mostly city of cincinnati or otherwise a 15 minute door-to-door commute downtown

Newer, old or building the house?
open to any of the above. a house with character is important, a neighborhood with character is just as important.

Did the 8k incentives get you moving in the direction of buying?
no. in fact i thought they were messing up the housing market and have me thinking of waiting longer to see if they are reintroduced or if sellers will drop prices (i am noting inventory is rapidly increasing day on day since the credit expired).

Have you been looking mainly at foreclosed homes or just any that fit your needs?
working with a buyer's agent, mostly am steered to non-foreclosures in good condition

Do you feel that there is a good supply of homes out there?
i think the 8k credit took those priced competitively off of the market. so there is paradoxically a supply of overpriced homes i think. but the last month seems to bringing some good inventory online. i am disappointed with the current supply in northside

What price range are you looking to buy in?
130 - 180

Have you made any offers?
no, looked at a dozen or more houses though

my biggest concern at this point is that houses are overpriced and will continue to lose value for the next couple of years. i would rather not make an offer than offer a lowball of 10%-20% below asking when that is what i think it is worth.

also i am extremely wary to make an offer on those houses priced more than 30% or so above the zestimate. i looked at one price at 160 with a zestimate of 98. i just won't risk it, since so many people use zillow
Reply With Quote Quick reply to this message
 
Old 06-14-2010, 02:39 PM
 
10,139 posts, read 22,431,459 times
Reputation: 8244
I just assisted my two twenty something sons in each buying in Mt. Washington with the credit.

I just sold my two family house in Hyde PArk to a woman who has a son going to UC where he will live in one unit and rent the other unit. When he is done with school it will be returned to a single family and rehabbed top to bottom according to her.
Reply With Quote Quick reply to this message
 
Old 06-14-2010, 02:58 PM
 
Location: Indianapolis and Cincinnati
682 posts, read 1,388,648 times
Reputation: 610
Quote:
Originally Posted by progmac View Post
Are you buying and selling?


also i am extremely wary to make an offer on those houses priced more than 30% or so above the zestimate. i looked at one price at 160 with a zestimate of 98. i just won't risk it, since so many people use zillow
Zillow is just about the most unreliable indicator of home value I've seen. Their zestmates are based on geographical areas which are often too large and may include neighborhoods with a totally different market and neighborhood. They weigh heavily on list prices, do not differentiate between foreclosures and "market list" homes that have sold. Some foreclousres can be total crap and not realistic for an appraisal comparison. You can follow a for sale home on Zillow and the "zestimate" over a 90 day period could change up and done as much as 30 percent (which isn't accuate in the real world)

The LAST thing a bank, a realtor, or bank appraiser looks at is "zestimates" which are a joke. The only reliable way to tell value is to look at closed comps of recently sold houses of similar size and quality. Zillow is strictly amatuer hour , media hype, for the "get rich quick" types that just cauised this real estate market mess to start with.

In Cincinnati where house size and values vary widely within a block of each other is a totally ineffective tool.
Reply With Quote Quick reply to this message
 
Old 06-14-2010, 05:16 PM
 
2,886 posts, read 3,954,293 times
Reputation: 1499
Quote:
Originally Posted by progmac View Post
also i am extremely wary to make an offer on those houses priced more than 30% or so above the zestimate. i looked at one price at 160 with a zestimate of 98. i just won't risk it, since so many people use zillow
Just a general comment on zillow, if you're using it for any kind of pricing guidance make sure you're comparing apples and apples. My neighborhood is an unsual little pocket, but almost all the comparables zillow pulls up are irrelevant in just about every meaningful respect I can think of. In terms of comps that ARE meaningful, there are only one or two sales a year.
Reply With Quote Quick reply to this message
 
Old 06-14-2010, 06:39 PM
 
1,130 posts, read 2,024,807 times
Reputation: 700
I'm actively looking. My problem is that when I find a house I like, it's in an area I can't get comfortable with or it's more than I want to pay. Location Location Location. I'm afraid that my passions will get the best of me and I will buy something that I like, forgetting that the neighborhood could let me down and I end up with bad investment. I have my sights on something right now, and can't pull the trigger.

Zillow is a joke. Any buyer who is using Zillow to determine how much they should pay for a house will never find anything. I have no clue where they get those Zestimates.
Reply With Quote Quick reply to this message
 
Old 06-14-2010, 07:15 PM
 
Location: In a happy place
3,707 posts, read 6,572,623 times
Reputation: 7332
Would like to be an "active" buyer right now, but the seller "activity" has to pick up first for us.
Reply With Quote Quick reply to this message
 
Old 06-14-2010, 08:59 PM
 
13,714 posts, read 22,852,078 times
Reputation: 18526
Quote:
Originally Posted by rrtechno View Post
Would like to be an "active" buyer right now, but the seller "activity" has to pick up first for us.
It has been difficult to buy property in this market EVEN if it is a cash offer.

There seem to be two types of sellers.

The first believe that they should be able to sell their house for the same price that they would have received at the top of the market a few years back. It is hard to make an offer to these sellers as a market offer is probably 30-40% UNDER their asking price.

The second group are short sellers. These people generally bought in the last five years when FANNIE/FREDDIE was lending megabucks to anyone who could fog up a mirror. Make an offer to these people and you'll be lucky to get an acceptance. Then wait for several months until the lender decides to respond.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Ohio > Cincinnati
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top