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"Incurable deficiencies" are almost always a "mistake" purchase.
Big power lines, backing to a 4 lane highway, etc. Too often the price paid does not reflect the level of error made by the buyer.
There are certain buyers where getting "A deal" is more important than the house.
But .... They will always want full value though when they go to resale.
7% increase does not make a bubble. Prices went lower than they should have and now they are adjusting. There is a lot of pent-up demand. A lot of people have put off buying for several years and they are now back in the market.
I am hoping to buy in an area that has suddenly taken off after years of being stagnant. Houses on the market for 2 years are suddenly all gone. Every one of them sold in about a 30 day period.
I don't consider it panic buying, I simply consider it realistic to lower my hopes and buy whatever I can get my hands on. Although that means smaller and older, not a bad area or under the high tension lines. If I can no longer afford what I want, I will settle for what I can get.
7% increase does not make a bubble. Prices went lower than they should have and now they are adjusting. There is a lot of pent-up demand. A lot of people have put off buying for several years and they are now back in the market.
I am hoping to buy in an area that has suddenly taken off after years of being stagnant. Houses on the market for 2 years are suddenly all gone. Every one of them sold in about a 30 day period.
I don't consider it panic buying, I simply consider it realistic to lower my hopes and buy whatever I can get my hands on. Although that means smaller and older, not a bad area or under the high tension lines. If I can no longer afford what I want, I will settle for what I can get.
Yes, but that is a 7% price increase in only 3 months...
I think we will just wait until my husband and I get our bonuses in 4 months unless by some miracle things change in the market. We were caught last time and bought during the peak of the bubble when we and all of our friends had to settle for the "mistake house". There's no way I am doing that again...I'd rather rent than be stuck with a house I don't like.
Buy when there's blood in the streets. That time is not at hand. There are millions of properties (shadow inventory) on the bankers' books that you won't see in the MLS. It's not an "honest" market IMO.
It's a "fools rush in" scenario right now. Don't get caught up in it. And, yes, it's a bubble -- again. If someone tells you, "this time it's different . . . " grab your wallet and RUN.
I have no vested interest. I am not a salesperson of any kind.
Inflation causes an increase in Interest rates and we are seeing both right now.
Back in the 80's this created a surge in buying, anticipating that costs and prices will go higher.
IMO we are seeing this and will continue. History will repeat itself.
Probably more to do with supply, demand and necessity/panic (i.e., need to get kids into school). If we talk about history, then the best time to buy is from November to February.
I'd wait to buy. That increase is likely an outlier.
Probably more to do with supply, demand and necessity/panic (i.e., need to get kids into school). If we talk about history, then the best time to buy is from November to February.
I'd wait to buy. That increase is likely an outlier.
That is what I am hoping. I will be interested to see August's housing data because the most recent data has indicated a slowdown. Mortgage applications are down over 40% and Wells Fargo last week announced large layoffs. Plus June existing sales were down and the major builders went down last week, too. Pulte's numbers were not good at all.
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Maybe or maybe not
