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We are so tired of doing our research, knowing so much and finding that homes are still overpriced.
1.They say to look within your price range, but just because you look in your price range doesn't mean you should just buy....the home could be priced still too high and really belong in a lower price range.
We look 75k higher and find after researching the comps, land size, upgrades etc that these homes would be in our price range and that we could actually buy a nicer home if only these people were priced right.
2.Then they try to give us some bull excuse as to why we shouldn't consider all the comps we find: These homes are distressed, relocation, job loss, pre foreclosure etc....well what house isn't! Most homes on the market are some sort of distress sell or why would you sell. Yeah there are a few fishing, but why would you bother if you really didn't have to sell.
We are so fed up with trying to find the fair market value and not buying a home that will find us underwater before we even get the key in the front door.
This is NJ so I guess the greediness is to be expected more here.....what other excuse can I find. What really is fair market value...a figment of our imagination.....
Did you ever think about the seller who bought high in 2006 and has upside down equity on their home? Maybe they have to move because of a job loss or family loss? Having bought a new house in 2006 and paid 495,000 for it and its being marketed for 439,000 at a substanially loss of purchase price with NO EQUITY involved, if you where in my place would you consider dropping the price another 75,000? Leaving yourself with a loan and no home? Not everyone is "out to get you" which is what your post is implying, there are many of us in this stressful situation and have to deal with it, I only wish I was in your position.
How will the market improve, if everyone, everywhere decided this is not a good time to buy?
Well, if everyone decided that, then prices would fall until some folks decided otherwise. Homes would be more affordable, and that would be an improvement in the market.
Well, if everyone decided that, then prices would fall until some folks decided otherwise. Homes would be more affordable, and that would be an improvement in the market.
Can't argue this.
Do you see the circular nature of this? The more affordable homes become, the more people who will be upside down on their mortgage and unlike previous downturns, many will choose to bolt rather than ride it out, putting more shorts and foreclosures into the marketplace which creates more affodable housing opportunities which.....
Do you see the circular nature of this? The more affordable homes become, the more people who will be upside down on their mortgage and unlike previous downturns, many will choose to bolt rather than ride it out, putting more shorts and foreclosures into the marketplace which creates more affodable housing opportunities which.....
I agree. What I've realized in recent months, is that the value of the U.S. dollar is inversely affected by the net volume of mortgages created.
If we don't sell houses, I don't think we can debase the currency.
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In the meantime, we all have to live somewhere.
Indeed we do. Thankfully the rental market is still based on supply and demand.
OP - My only suggestion is to write offers on the homes you like for what you are willing/able to pay while keeping in mind what things in your area are selling for. If it doesn't work out you can blame the market. If you don't present written offers to the seller(s) you can blame yourself.
Often the market doesn't fit the criteria of the buyer - when it doesn't fit the criteria of the majority of buyers it will eventually adjust. Just be careful to watch what is selling, or you may find yourself a year from now wondering why you hadn't been doing more than looking.
Many sellers are in denial about the price drops. Some don't have to sell, yet. This time next year will be a whole new world in real estate. Just wait them out.
To the OP
You are not a sucessful buyer yet you "know" what properties "should" sell for. Hum.
My friend, it's a market place not a playground.
You look at other similar properties, that have sold and make an estimate about whatever property you are looking at. It's not rocket science, to figure out when a property is 100k overpriced.
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Did you ever think about the seller who bought high in 2006 and has upside down equity on their home? Maybe they have to move because of a job loss or family loss? Having bought a new house in 2006 and paid 495,000 for it and its being marketed for 439,000 at a substanially loss of purchase price with NO EQUITY involved, if you where in my place would you consider dropping the price another 75,000? Leaving yourself with a loan and no home? Not everyone is "out to get you" which is what your post is implying, there are many of us in this stressful situation and have to deal with it, I only wish I was in your position.
