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I was listening to a financial talk show about how to protect your money against inflation going forward. They stated real estate is now the best place to put your money because all the numbers point to the bottom having passed and now is the time to buy. That along with the $8k incentive is probably the reason why the market in this area has been doing so well and is now hot in some areas and price ranges. It's going to be hard to get really good deals now, unless you can grab a bank owned deal which is a pain. Sellers know the market is strong here and getting stronger, so they will not want to take a low offer now knowing a better one will come later.
My husband and I are also trying to purchas a home. We have made two offers, our realtor "CLAIMS" that the housing market, although a bit slow is still full force? Well the two offers we made were both approx. 7 % below list (which the list was grossly over priced, according to our research) but never the less we needed a house and we offered 7% below. Our realtor (who is suppose to be working for us as a "BUYERS AGENT" she grumbled and claimed that we would be insulting them...can you believe that?
Anyway we placed the offer, both offers came back with less than 1% reduction, we WALKED!!! Well guess what, both parties came back a few days later BEGGING us to buy their home and willing in one case to go 10% below list.
We decided against both homes as we were discouraged with the realtors. What is a BUYERS AGENT? Are they not suppose to look out for you and help you get the best deal...Or are they trying to keep the market to what it was 3 years ago!!!! HELLO, we are not back in 2005, 2006 (Houses have dropped not increased!!!!)
Quote:
Originally Posted by firsttimeowner
I have been looking for a house in fla and ca. and nc.
I want to make some offers and the realtors in Ca. and Fl. are more than willing to aggressively ask for the sale or write an offer if I show any interest so...................
why are the realtors in Raleigh so unmotivated or laid back or seem like they dont even care if they make a sale?
They act like unless I offer full asking price that they wont even make the offer and I am wasting their time.
whats up with that.
they claim Raleigh unlike the rest of the country has not been hit by the housing crisis and prices are firm and offers must be very close to asking price.
Is that the right way to make a sale?
Dont all offers need to be presented to the owner?
Anyway we placed the offer, both offers came back with less than 1% reduction, we WALKED!!! Well guess what, both parties came back a few days later BEGGING us to buy their home and willing in one case to go 10% below list. We decided against both homes as we were discouraged with the realtors.
I'm sorry to be skeptical, but this story is very far fetched. Who really lost out on this deal? Why would you choose to make a point to the Realtor by denying her 3% commission even though she's more than likely in a 6 month long 'Exclusive Right to Represent Buyer' contract with you? Why would you turn down a home you put an offer on after the sellers offered 10% under list? This just doesn't add up. Why would you make any financial decision based on your emotions? I'm not meaning to pry, but I just can't connect the dots here.
This is where a lot of buyers are making a mistake. Prices have not dropped everywhere. You can find areas here where prices have dropped some, remained flat or even increased. Some buyers continue to think that prices have dropped everywhere in the country at the same level. They are learning this is not the case. All a buyer needs to do is check the comps to figure out a fair price. They tell the story.
ahnraleigh, to answer you, we would have to say we are emotionally drained and have little trust in the realtors. I believe that many homes in this area (cary, apex) are overpriced (bottomline) Sellers are listing their home at prices that would be a 3% increase yrly, when in fact the market is dropping (possibly bottomed and may be on its way up) but nevertheless, their property is less than what it was worth 2 yrs ago...very difficult for many that bought in 2005 or 2006. As a buyer, who just got slammed in NE, I can relate. My issue here is, if we come in a 7% below list, and in reality the house is not even worth what the are asking (proof by how long it has been sitting on the market and also the fact that the homes in the neighborhood have been sitting????) When the parties came back to us, we were scared that even the price we were offering was too high, and unfortunately did not have the confidence any longer in our realtor. Does that make sense. I would not waste my time to fabricate such a story...as I am hunting for rentals as we converse.
I was listening to a financial talk show about how to protect your money against inflation going forward. They stated real estate is now the best place to put your money because all the numbers point to the bottom having passed and now is the time to buy. That along with the $8k incentive is probably the reason why the market in this area has been doing so well and is now hot in some areas and price ranges. It's going to be hard to get really good deals now, unless you can grab a bank owned deal which is a pain. Sellers know the market is strong here and getting stronger, so they will not want to take a low offer now knowing a better one will come later.
Yeah, sure, that's why mortgage applications are at a 7 month low. Interest rates are creeping up which will only put more pressure on prices. We can have a situation where we have inflation w/ respect to commodity prices but deflation w/ respect to assets. Just because one financial talk show host said the bottom has past doesn't mean it has--we won't know that for a while.
ahnraleigh, to answer you, we would have to say we are emotionally drained and have little trust in the realtors. I believe that many homes in this area (cary, apex) are overpriced (bottomline) Sellers are listing their home at prices that would be a 3% increase yrly, when in fact the market is dropping (possibly bottomed and may be on its way up) but nevertheless, their property is less than what it was worth 2 yrs ago...very difficult for many that bought in 2005 or 2006. As a buyer, who just got slammed in NE, I can relate. My issue here is, if we come in a 7% below list, and in reality the house is not even worth what the are asking (proof by how long it has been sitting on the market and also the fact that the homes in the neighborhood have been sitting????) When the parties came back to us, we were scared that even the price we were offering was too high, and unfortunately did not have the confidence any longer in our realtor. Does that make sense. I would not waste my time to fabricate such a story...as I am hunting for rentals as we converse.
You keep saying the houses you look at are over priced. What are you basing this on? Houses being on the market a long time are not unusual in today's market. That doesn't mean they are worth less. Have you checked the comps that tell you what they have sold for recently? That is what they are worth and you can try for a little less depending on location and price range. An emotional guess as to what a house is worth is worthless.
This is where a lot of buyers are making a mistake. Prices have not dropped everywhere. You can find areas here where prices have dropped some, remained flat or even increased. Some buyers continue to think that prices have dropped everywhere in the country at the same level. They are learning this is not the case. All a buyer needs to do is check the comps to figure out a fair price. They tell the story.
In the areas we are looking Cary, Apex...possibly the only neighborhoods that have not dropped is the Preston Village area, and even there is iffy, as 3 yrs ago, buyers were bidding against one another, now the homes are sitting, yet doing better than other areas....Cary is being hit, I know that is difficult for many to accept...sorry?
Things are a lot different now than last September - you can see the large drop off in activity in the chart I posted previously. Or, since everyone's fond of anecdotes, in my neighborhood in the 200-275 range there's a bit over a year and a half of inventory sitting on the market (1 sale, 3 pendings in the past year with 14 properties for sale as of last check).
Well, since we are talking anecdotes.. it looks like in the past 90 days there's been seven houses sold in my old neighborhood in Apex, with three currently on the market. Things seem to be moving at a nice pace there. Interestingly enough, the same model house as mine closed last week for $4500 more than I sold mine for (per the Wake County website)! Now, there may have been some buyer incentives offered, but I don't see some huge drop off in prices or activity there since last September.
I can't check the COMPS, because no houses have been selling????YIKES
Quote:
Originally Posted by 10.7mOTB
You keep saying the houses you look at are over priced. What are you basing this on? Houses being on the market a long time are not unusual in today's market. That doesn't mean they are worth less. Have you checked the comps that tell you what they have sold for recently? That is what they are worth and you can try for a little less depending on location and price range. An emotional guess as to what a house is worth is worthless.
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Oh Debbie I feel your pain!!!
