so how much further will house prices fall?

[Pugetsoundman]

Driving around the Kitsap Peninsula in the normal course of things I have noticed a few houses that are stick framed and just sitting for months, rotting in the rain. I guess the builders ran out of money to finish them. Eventually they will be bulldozed. Until then, I will keep renting.

[cdelena]

Originally Posted by Pugetsoundman

Driving around the Kitsap Peninsula in the normal course of things I have noticed a few houses that are stick framed and just sitting for months, rotting in the rain. I guess the builders ran out of money to finish them. Eventually they will be bulldozed. Until then, I will keep renting.

Yes, when financing dries up there is no choice for many small businesses but to just stop operating... and with sales virtually dead they can't even unload properties at a loss.

[StealthRabbit]

Originally Posted by Pugetsoundman

.. I have noticed a few houses that are stick framed and just sitting for months, rotting in the rain. ... Eventually they will be bulldozed. Until then, I will keep renting.

I was checking on some new homes about 1 mile away, and found one priced at $560k and not quite finished. Similar one next door had not attached down spouts to underground, and the runoff eroded the foundation of the first. I notified the builder, and this week he took about 1/2 of it down with a trackhoe.

There was another about 10 miles away that sat vacant for 10 yrs, and framing was all gray and weathered, but they came in and finished it last year (Just in time for the crash). bad timing...

[Ultrarunner]

Originally Posted by Freebird2007

I know you work in the markets so I will pose this question to you.


is offering a 20% discount on a $500k house unreasonable? Especially when the builder has abundant inventory? (9 houses left)

My experience in Real Estate is that just about everything is negotiable...

I've made some very good buys over the years being the lowest offer...

Sellers opted for my low offer because I would waive contingencies and offer quick, as-is closings... In other words... my offer would be cash in their pocket in 10 to 14 days...

[StealthRabbit]

Originally Posted by Ultrarunner

..In other words... my offer would be cash in their pocket in 10 to 14 days...

This is very important. Don't delay the sale. Don't nit-pic (do due diligence up front), make a solid offer with a credible way to provide them with some GREEN cash.

I have found my best deals to be purchased between Jan and April... folks like to have some $$ to pay taxes, and like to unload with the new year in hopes of a 'fresh start'. + not have to pay their first half property taxes from their pocket. Send your offer AFTER they have received their property tax statement and are scratching their head to figure out how to pay Christine, before she turns her legal staff lose on them. She's ruthless, hungry, and very hard to keep satisfied (prepare for MORE taxes).

[mthomson]

What do you mean, Jan. She promised no more taxes didn't she?