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Is the media way overhyping things or what? Sold my house FSBO and am settling in 2 weeks.
Now our search for a new house is turning out to be much more difficult than I thought. Anything that is a bank-owned is bought up with multiple bids in one day. We just got outbid on a house today.
Sure there are plenty of short-sales out there, but those take months. Anything that is a traditional sale is either way overpriced or, if not, snapped up instantly as well.
I envisioned us being able to leisurely pick the cream of the crop. Instead, we have to be out of our current place in 2 weeks, and I still don't have another place yet. Just a little discouraged at this unexpected turn of events.
Who said it was a buyers market? So many condos and homes are still overpriced in some areas. I won't be buying any time soon. You should start looking for a house or condo to rent otherwise you may start to feel pressure to buy anything. And try to avoid leaving a security deposit or last months rent.
Coolcats, we sold our home in October and rented an apartment for 6 months while we build. You might be wise to do the same while you look for a good deal.
Location: Halfway between Number 4 Privet Drive and Forks, WA
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Depends on where you are looking to buy, OP. Real estate is very local. If you're area didn't experience a huge inflation in prices over the past ten years, you probably won't see huge declines.
Is the media way overhyping things or what? Sold my house FSBO and am settling in 2 weeks.
Now our search for a new house is turning out to be much more difficult than I thought. Anything that is a bank-owned is bought up with multiple bids in one day. We just got outbid on a house today.
Sure there are plenty of short-sales out there, but those take months. Anything that is a traditional sale is either way overpriced or, if not, snapped up instantly as well.
I envisioned us being able to leisurely pick the cream of the crop. Instead, we have to be out of our current place in 2 weeks, and I still don't have another place yet. Just a little discouraged at this unexpected turn of events.
Guess a double move may be in order We are hoping to avoid that by doing subject to sale.
Is the media way overhyping things or what? Sold my house FSBO and am settling in 2 weeks.
Now our search for a new house is turning out to be much more difficult than I thought. Anything that is a bank-owned is bought up with multiple bids in one day. We just got outbid on a house today.
Sure there are plenty of short-sales out there, but those take months. Anything that is a traditional sale is either way overpriced or, if not, snapped up instantly as well.
I envisioned us being able to leisurely pick the cream of the crop. Instead, we have to be out of our current place in 2 weeks, and I still don't have another place yet. Just a little discouraged at this unexpected turn of events.
Sure things are certainly tough out there everywhere you go across the country. However, the media has made these across the board "blanket" statements about the real estate market which doesn't necessarily apply to every state and city in the US on every single home.
The truth is that if you have a home in a desirable location, in good shape, that is priced properly, it will sell and usually sell FAST!
Buyers are out there in abundance, and they're willing to pay...The only thing is they don't want to pay top-dollar for junk!
Congratulations on the sale-- the hard part is done.
I second that it's all local when it comes to buying. Micro-local in some ways. Probably your first and most accurate clue to local conditions will be to get a sense of how many months of inventory there are at your price level. The market is very schizophrenic. Lots of sellers who through desperation or delusion are overpriced. Occasional estates/relos/divorces priced fairly and sold in decent time. And then the destroyed foreclosures and weird short sales. Argh. Not simple.
We, too, sold about a year ago thinking we'd rent for a few months while we found a new place. Our old town, Boston, started correcting in 2005, so it was old news there. Not so in Chicago. Despite everyone's claims that "we didn't have a run-up here" the market has dropped 10% in the last 12 months. And more than that in the neighborhood where we're looking.
Grab a nice rental and proceed carefully. Since real estate recoveries don't tend to be V-shaped, you've got nothing to worry about but mortgage rates and/or inflation-- and many would argue you don't even need to worry about those.
No crystal ball here. Learn your market. Go with your gut.
Is the media way overhyping things or what? Sold my house FSBO and am settling in 2 weeks.
Now our search for a new house is turning out to be much more difficult than I thought. Anything that is a bank-owned is bought up with multiple bids in one day. We just got outbid on a house today.
Sure there are plenty of short-sales out there, but those take months. Anything that is a traditional sale is either way overpriced or, if not, snapped up instantly as well.
I envisioned us being able to leisurely pick the cream of the crop. Instead, we have to be out of our current place in 2 weeks, and I still don't have another place yet. Just a little discouraged at this unexpected turn of events.
Rent until it becomes a real buyers market, which for most post bubble areas is only a few months away.
it was. but the banks are playing games. the bailout slowed down the drop big time.
now you gota wait 18 months for a real drop.
The banks are waiting to see if the incoming Obama administration will bail them out further. So is every other major industry in the US.
Once that foolish hope is shattered within the next few months you'll see the economy of this nation tank like a plunging rock bringing down homeprices with it.
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We are hoping to avoid that by doing subject to sale.
