Are people waiting until 2010 to buy?

I been stopping by many real estate offices and they are like ghost towns where only one or two agents around and even those agents are just chatting. Many agents that I know are on vacation, while others are preparing for next year.

I am still busy showing houses to my buyers and previewing homes. I caution them about the "shadow home inventory" they been hearing about whether it is true or not.

For me, I am looking to buy in 2010 so I can close my 2009 books at the end of the year where it would also be close for me to get back some money from my uncle sam. If you are holding off to buy, are there a particular reason? 
 
  • December 28 2009 - El Monte
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Answers (3)

Profile picture for blank screen EXILED
El Monte Tiered trend data (properties divided in 3 equal groups by value; the trend is the "median" of each of the 3 groups; thus 1/6 below, 50% below, and 5/6 below...; however the group of houses remains constant over time:



Full size image (to read numbers) at:
http://images3.zillow.com/is/image/i0/i2/i149/IS15m1ol2w81jtv.jpg


If you have any other explanation for leveling off of the drop in values than the temporary tax incentive, I would like to hear it.  You don't really think the inflation rate over the past decade has been 7% annual do you?  With 5% mortgage interest rate and only 1 to 2% interest rates on deposits?

The trends indicate the bubble is not fully deflated yet.  Yes the government will try to keep it from deflating much more, but can they?

Is it worth spending $20k to $30k extra just to get $8k in your pocket?
  • December 29 2009
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Profile picture for klarek the realist
I am holding off.  Why would I want to buy when houses are too expensive and prices are being artificially driven up by the tax credit.  Let that expire, hopefully FHA tightens its lending standards, and we'll just have to see whether this shadow inventory exists or not.  If it does, the housing prices will tank.  If not, they'll still go down because of the credit expiring and tighter lending standards.
  • December 29 2009
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Profile picture for sunnyview
I think that people are waiting to buy. Many first time buyers bought before the old credit deadline so they are now out of the market. Although listing prices are not dropping upfront, closed prices seem to still be softening. I am concerned about the market finding it's sustainable level so I am not in a hurry to buy. I continue to look through listings, but nothing is making me want to jump right now. Rent vs PITI in my area is still pretty different in the better areas and the job market is very soft. In other places it may be different.
  • December 29 2009
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