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Rent until it becomes a real buyers market, which for most post bubble areas is only a few months away.
I think this is going to take more than a few months to play out. The spring selling season is just about to begin-- sellers are pricing now without knowing what '09 and Obama will bring. Chances are, they're pricing optimistically.
As for what Obama will or won't do, that IS a big question. But not even he knows the answer. He knows what his first move is going to be, but it's not hard to imagine that '09 will hold lots of surprises that will require him to adjust his plans accordingly.
When this crisis really hit the fan over the summer, someone I know compared it to the wings falling off a plane. The plane is going to crash. The only question is whether the pilot can maneuver it enough to keep everyone on board from getting killed.
As several have said, it's a buyer's market in SOME areas, but not others. As a very close to hand example,obviously, where you sold, if it sold FSBO (or anything else) within two weeks, it was not a buyer's market unless you drastically underpriced your house.
It may be that the area you're looking in is a seller's market. Have you asked your agent to give you information regarding comps (solds), average days on market of solds and the houses you're looking at, original list price to sales price ratio (remembering that the prices you're seeing may not be the original list price but a drop down from them), etc.?
I think we were looking in the same state you were only the southern part and I expected to pick up a house easily. What we found was tons of houses all short sales. I am sure there were other ones but the ones we liked in our price range were short sales. After 5 short sale attempts on different homes we finally are getting one, but we have been trying since August. We found we had several people trying for the same house also, so there are definitely alot of buyers out there.
Good luck and take your time and you will find the house that is for you!
I think we were looking in the same state you were only the southern part and I expected to pick up a house easily. What we found was tons of houses all short sales. I am sure there were other ones but the ones we liked in our price range were short sales. After 5 short sale attempts on different homes we finally are getting one, but we have been trying since August. We found we had several people trying for the same house also, so there are definitely alot of buyers out there.
Good luck and take your time and you will find the house that is for you!
Yes -- same state. I'm trying to move from a less desirable to a more desirable area. Well, I'm sure we'll eventually get something. Looks like I might spend a few months living with the in-laws. At least we'll save some cash that way as well.
Location: Halfway between Number 4 Privet Drive and Forks, WA
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Quote:
Originally Posted by coolcats
Yes -- same state. I'm trying to move from a less desirable to a more desirable area. Well, I'm sure we'll eventually get something. Looks like I might spend a few months living with the in-laws. At least we'll save some cash that way as well.
Oohhh, have fun with that We stayed with my sister and BIL over the summer (May thru Sept) while looking for our new house. Let's say I don't envy you. But I do think that's the wise thing to do. That way you won't be rushed to find something.
I've run into several multiple offer situations lately. What I'm seeing locally is the best priced homes in excellent conditions are selling (or if the price simply overcomes the condition). The ones that don't fall into that criteria are languishing on the market. If you're looking long term and you have a stable market buy a home you like at what you feel is a fair price. If you want to bargain shop do a 6 month lease while you shop so you have time to get the right deal.
Are the "best priced" houses priced higher or lower than this time last year? And how many multiple offers compared to the number of houses on the market? I could price my house for a dollar and get multiple bids, but that doesn't mean that my market is showing any sort of stability or strength.
There are always going to be sales of houses, even in the worst markets. And it's usually going to be the best values that are the ones that move first - measured using some combination of location, condition or price. So what you're saying isn't really telling us much, other than some houses are still selling. Has that ever not been the case even in the worst economic times?
The important questions - how many sold compared to the last few years, and at what prices? Giving useless realtor-speak like "the best priced houses in excellent condition sell first" tells us absolutely nothing about the strength of your particular market.
Funny thing is a seller will sit there and argue till their blue in the face that real estate is not over priced, that their home is not over priced....they sell and then want to go find a good deal themselves stating now "real estate is overpriced." They are all going into rentals waiting to get a good deal on a home. Why is it when they are selling homes are priced right but when they are buying after they sell their home now homes are overpriced. I have a coworker who has been trying to sell her house for over a year and a half...house was worth $700,000 in 06'...now is worth $600,000....argued with me that buyers were trying to take advantage. Saw her the other day...her home is still not sold and she is trying to find another home, told me she found something but that it's not worth what they are asking and is going to lowball it. This is after her and I have had many an uncomfortable conversation about me wanting to lowball and her argueing that I am a bottom feeder...ha ha ha. They want to sell high...sell off their overpriced problem to someone else...and then buy low!
Lets see all you sellers go buy something close to asking price, why should you rent if you believe prices aren't overinflated!
I think the problem is that everyone seems to think a "buyer's market" means that all sellers are hurting and giving their homes away. On the flip side, people seem to think that a "seller's market" is where there are bidding wars on every single home available.
A buyer's market simply means rates are good and there are more homes to choose from than normal. That means you have a little more leverage on pricing, but it doesn't mean that a seller has to "give" you their house. A seller's market means that you might have to be slightly less picky on the home you buy, as someone else might be looking at it as well.
I see a great amount of buyers out there getting offended right now because you can't steal a house. They call a seller stupid because they didn't accept their offer. After all, didn't they read that we're in a buyer's market?
In any market, you find the home you like and offer what you're comfortable paying. You may get a slightly better deal in a buyer's market, but more likely, you'll have more to choose from.
Those terms have been redefined in people's heads for some reason.
Funny thing is a seller will sit there and argue till their blue in the face that real estate is not over priced, that their home is not over priced....they sell and then want to go find a good deal themselves stating now "real estate is overpriced." They are all going into rentals waiting to get a good deal on a home. Why is it when they are selling homes are priced right but when they are buying after they sell their home now homes are overpriced. I have a coworker who has been trying to sell her house for over a year and a half...house was worth $700,000 in 06'...now is worth $600,000....argued with me that buyers were trying to take advantage. Saw her the other day...her home is still not sold and she is trying to find another home, told me she found something but that it's not worth what they are asking and is going to lowball it. This is after her and I have had many an uncomfortable conversation about me wanting to lowball and her argueing that I am a bottom feeder...ha ha ha. They want to sell high...sell off their overpriced problem to someone else...and then buy low!
Lets see all you sellers go buy something close to asking price, why should you rent if you believe prices aren't overinflated!
Ironic isn't it? I guess it's human nature.
A person in this position, if they are savvy enough and play their cards right, can have a net positive result.
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We stayed with my sister and BIL over the summer (May thru Sept) while looking for our new house. Let's say I don't envy you. But I do think that's the wise thing to do. That way you won't be rushed to find something.
New Jersey
