Is there still time to buy a home? (for sale, mortgage)

[novamom2011]

Seeing so less homes on sale this year and still haven't found a home in my budget and preferred location. Can we still expect to see more homes come in the market in the next one month or so?
Any thoughts?
Thanks.

[Caladium]

April, May and June always seem to be the rush season for homes coming on sale.

[khuntrevor]

there may be more time to buy a house than to get a mortgage.

[HokieFan]

Spring is usually the ideal time of year to place a home on the market as buyers and sellers are beginning to look at summertime moves (while the kiddos are on summer vacation).

If your expectations and wants are reasonable and you're willing to compromise on some things, then something will eventually come onto the market. It just requires patience.

For my budget, I had to compromise on the condition of the house or the commute.

I could have bought a home closer to my work but it would have been at the top of my budget and a fixer-upper (with no funds leftover to fix it up). But I chose to buy a home that was completely updated but added 40 minutes each day to my commute. Been there 6 months and I haven't regretted my compromise yet.

Good luck!

[hilsmom]

Be patient - I think there are a lot of sellers in the wings right now. We are hoping to put our house on the market soon - if we're moving, it needs to be by the time school starts. But we're waiting on a couple more things to be decided re: schools which are out of our control and likely we won't know until sometime in May.

[novamom2011]

Thanks everybody. I only see very few homes in the market this year and the ones I like are over-priced than their value. But I feel more positive now that I hear from all of you.

[mshan242709]

Redfin blog from a month ago said same thing - poor, stale old inventory, and cocky sellers who think it is 2007 again (they said 10 - 15% overpriced as general observation).

[tigger37708]

Originally Posted by khuntrevor

there may be more time to buy a house than to get a mortgage.

This!

Mortgage rates are climbing.
Mortgage availability may be declining.
Figure out where you can compromise (price, condition, location) and get a home while interest rates are still low and Mortgages are still available.

[Dwellington]

The homes in this area are definitely overpriced for most (considering cost compared to salaries), and alot of sellers are unreasonable both with their asking prices and unwillingness to negotiate. They have the right to be that way, but it's incredibly frustrating when trying to buy. Nothing wrong with making a profit on the sale of your home, but the motivation for many appears to be greed. Because of this, there might never be a "good" time to buy in this area.

[Dwellington]

Originally Posted by mshan242700

Redfin blog from a month ago said same thing - poor, stale old inventory, and cocky sellers who think it is 2007 again (they said 10 - 15% overpriced as general observation).

This lines up with looking at comparables. Alot of the homes for sale are asking for ridiculous amounts above the comps. If these sellers would actually price their homes accordingly ("to sell"), it'd be a "win-win" for everyone, instead of wasting everyone's time. As an aside, some of the homes that are listed are pretty dumpy and ugly (though beauty is debateable). It's no wonder some of them are old and stale.