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Jen & Tony Schillace, "Schillace Team"
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Jen & Tony Schillace, "Schillace Team"

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How are you starting your home search? Are you working with an agent, scanning the internet for homes, going to open houses, looking thru real estate advertising magazines? What are your reservations about buying now or in the near future? When do you think you may actively start looking for a home. Is there anything that Realtors and/or homeowners can do to attract you to their property that we are not already doing?

September 21 2007 - US

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Agent Smith, "WillSell4U"
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Agent Smith, "WillSell4U"

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Buyers are so hard to find now a days

September 21 2007

Jen & Tony Schillace, "Schillace Team"
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Jen & Tony Schillace, "Schillace Team"

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Just wondering what people are thinking. There are lots of theories out there.

September 21 2007

Agent Smith, "WillSell4U"
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Agent Smith, "WillSell4U"

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The media seems to have done an excellent job brainwashing buyers nationally. Real Estate is local but due to national exposure via internet/tv, it seems to be affecting us all.

September 21 2007

Jen & Tony Schillace, "Schillace Team"
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Jen & Tony Schillace, "Schillace Team"

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There is lots of negative exposure about the market. Something positive would be nice. How about...There are many willing and realistic sellers waiting for buyers to make offers.

September 21 2007

Randy_H
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Your problem is really quite simple. We're fresh outta fools.

The last, greatest fool put his 0% down on his interest-only, reverse amortizing, teaser rate 3 year ARM earlier this year. The only folks left are just us "brainwashed" idiots who are silly and deluded enough to actually dare to think about the finance.

With all due respect, I didn't bust my arse for years in a top graduate finance program to have an some real estate cheerleader call me "brainwashed".

You do realize that fools here were buying homes upwards of 15 times their income, right? Now prices are set at 15 times income? Sorry. Not gonna happen. Not unless we get in a fresh shipment of fools.

I've been making offers, like lots of others who sold recently and are renting & waiting. Problem is sellers keep insisting on $450K gains for the 2 years they've lived there and getting "deeply offended" at "lowballs". Oh sorry! I only bid at 12 times my income!* What ever was I thinking.

(* Exaggerative: I wouldn't consider anything over 5x, which means I guess I'll be a waitin' a while longer to buy back in)

September 21 2007

Jen & Tony Schillace, "Schillace Team"
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Jen & Tony Schillace, "Schillace Team"

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There are many willing and realistic sellers waiting for buyers to make offers.

September 21 2007

LongIslandBubble
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"We're fresh outta fools."

....or sheeple

September 21 2007

Agent Smith, "WillSell4U"
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Agent Smith, "WillSell4U"

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The media tends to over-exaggerate a lot of things. Some people tend to take them too seriously and then they just tend to blow things out of proportion. For instance, I remember when milk prices arose .50 cents per gallon and they thought that the nation was in turmoil. Same thing with the Real Estate market, the house prices are down maybe 2-3% nation-wide and people thinks that this is the next recession.

People need to understand what is reality and what is just some news to place something on the cover section of a newspaper. If you look nationally, the house prices are still relatively stable. In some other parts of the country, the home prices are still appreciating in value. Why don't we hear that in the news huh?

September 21 2007

LongIslandBubble
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"If you look nationally, the house prices are still relatively stable. In some other parts of the country, the home prices are still appreciating in value. Why don't we hear that in the news huh? "

As afr as where people want to buy, the flyover states don't count.....as far as nationaly; it's the flyover states that keep it from looking as bad as it really is.

September 21 2007

Randy_H
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Here's some good news! The media is finally advocating a bit of financial responsibility. Maybe, just maybe, it's not such a hot idea to buy something you can't afford to pay for.

There's reason to celebrate. Good job media. Keep staying right on top of the story.

By the way, where were you guys complaining when the media was ignoring this whole problem with snake oil salesmen peddling suicide loans? We've known about this problem for over 3 years in the blogosphere. No media bad news about that until after the horses had left the barn.

September 21 2007

Angelique01
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To answer your question, Schillace Team, I'm doing all of the things that you mention...and keeping a close eye on the daily changes for the areas that I'm interested in. To me, it's a balancing act between the prices being asked and the interest rates.

If someone is young enough to have missed the last crash, like I take it Agent Smith may be, they may not understand why we're being careful now. We've already heard that it can never happen once.

September 21 2007

Agent Smith, "WillSell4U"
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Agent Smith, "WillSell4U"

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Because the media doesn't spread good news. Their job is to spread bad news. Bad news attracts more viewer, meaning, more money in their pockets.

September 21 2007

Jen & Tony Schillace, "Schillace Team"
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Jen & Tony Schillace, "Schillace Team"

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Thank you for your input, Angelique01!

September 21 2007

Agent Smith, "WillSell4U"
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When the media starts spreading some good news about the real estate market, thats when we will all go back to what we were doing with a safe state of mind. It is just all the nay-sayers or people without homes who are just envious of home owners because now they can't afford it causing all these problems.

September 21 2007

Angelique01
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Schillace Team, I especially like the emails that I get with photos and updated information daily. If there was something that I was sure I'm interested in, I would call the agent that sent it over because I really appreciate their help.

Of course, I'd have to meet them.... :-)

September 21 2007

Randy_H
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>>people without homes who are just envious of home owners because now they can't afford it causing all these problems.<<

Yup. You nailed it. I guess I'll stop paying my dues to the secret society of media naysayers.

GMAFB.

Had absolutely nothing to do with rampant speculators, liar loans, or out of control lending practices. Nothin I tells yas. Nuthin!

September 21 2007

Agent Smith, "WillSell4U"
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Agent Smith, "WillSell4U"

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Randy, so you live in an apartment huh?

September 21 2007

Angelique01
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Well, at least he's helping me to screen the local agents. :-)

September 21 2007

Aratinga
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Hi J. and T. --

I've been wanting to buy a home for the past three years but have been completely priced out of the market (I'm a public school teacher in Southern California -- 'nuff said!). But now that I've got a buying partner with whom to pool resources, I've been looking at suitable properties for the past five months.

I started my home search on sites like Zillow, Trulia, Movoto, Redfin, ZipRealty, Realtor.com, and other sites that allow searches of our local MLSs. At first, the few homes I found that met both our needs were still prohibitively expensive, but after witnessing the absurd and unsustainable run-up in prices here over the past four years I knew that eventually the market would turn.

We've driven around in areas we like and looked for signs and open houses, but the main source of info has been the web. I've also gotten on the email lists of several local realtors and receive their automatic updates of new listings.

I do have a buyer's agent, but he hasn't had to do too much work for me... I find the homes I'm interested in and all he has to do is show them to us. So far we've actually looked at two. I've gone to a few more open houses on my own. He has been very helpful in getting info I'm not able to get on my own, like the current mortgage balances and the private "agent's remarks" on the listings.

I found my own mortgage lender and got us pre-approved; I've got a good home inspector lined up for when he's needed, and now we're just sitting tight in our rental condo waiting for the price snowball to really get going. It's already started, and by the time it reaches avalanche status I figure we'll start making some realistic offers to sellers and see what happens. My agent seems perfectly willing to write up any offer I ask him to since he knows I've done the homework and can justify the price.

(Continued...)

September 21 2007

Aratinga
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As for what listing agents and sellers can do to entice us buyers off our derrieres, that's easy: PRICE YOUR HOMES TO ACCURATELY REFLECT TODAY'S MARKET, not last year's. Comps from more than three months ago are utterly meaningless. Realize that we buyers have access to what your seller paid for that home when he bought it, and that we aren't interested in handing him two hundred grand worth of profit for just occupying the house for a couple years.

September 21 2007

Jen & Tony Schillace, "Schillace Team"
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Jen & Tony Schillace, "Schillace Team"

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Thank you for all that. I really appreciate the feedback.

September 21 2007

Jen & Tony Schillace, "Schillace Team"
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Jen & Tony Schillace, "Schillace Team"

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Aratinga, since your in CA and I'm in FL, in your area are agents doing many open houses? When do you see the most open houses, Sat or Sun? What time do you go.

September 21 2007

Jen & Tony Schillace, "Schillace Team"
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Jen & Tony Schillace, "Schillace Team"

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What?

September 21 2007

Aratinga
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Yes, it's amazing to drive around just about any residential neighborhood on weekends anymore... there are literally several open house signs on every corner, pointing every which way. It seems that both Sat and Sun are popular days... the house usually go from about noon to 4 or 5 PM.

Here's an example of what I'm talking about... this is one house had on my watchlist for months (info from ZipRealty website):
Price Reduced: 07/21/07 -- $719,000 to $674,900
Price Reduced: 09/20/07 -- $674,900 to $574,900
$144K off the asking price of two months ago -- a 20% drop. Maybe it'll sell now, maybe it won't. I bet it'll go at least 30%.

September 21 2007

Jen & Tony Schillace, "Schillace Team"
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Jen & Tony Schillace, "Schillace Team"

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Have you made them an offer yet?

September 21 2007

Randy_H
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>>Randy, so you live in an apartment huh?<<

Strike One.

September 21 2007

yellowjessamine
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yellowjessamine

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As I am browsing, I am constantly running across online realtors who seem to actually not like the property that they are selling! The proof of this is in their pictures:
1) dark pictures w/o detail
2) no pictures
3)pictures of things that do not matter to purchasers
and in their paltry or overly flowery descriptions:
1) "just what you are looking for!"
2) "call for information"
or worse, a lot of accent on things that don't matter and an avoidance of things that do.

Let's start with the pictures. If you don't have enough lighting or don't know how to shoot a picture to get that lighting, don't shoot it. I'll skip your entire writeup if it looks like you are trying to hide something. Moreover, while that house may look a little run down to you, or the barn may not be in the best condition, guess what? An older farmhouse that needs a little work, or a barn that isn't spotless, might be exactly what I want. I don't need endless pictures of trees and the same rolling landscape - and when that's all or most of what you post, it looks like you are hiding something. Don't post multiple views of the same room - unless there is a particular feature that's outstanding. Most kitchen cabinets - are not.

Look, ya'll, I know what I am looking for - and I also know that there is a strict unlikelihood that I will find the exact dream property. I can make exceptions; if the price is low enough, maybe the number and size of outbuildings doesn't matter. There are a few things that I won't budge on; but most others can be negotiated. The things I want and need to know are not what you put out there, though! Don't waste space with flowery words; give me facts and amenities - and if you have the courage, post problems, too. I'll respect you more if you can tell the truth - and I'll more than likely buy what you are selling if it fits my needs.

I will be buying in the next year, and many of the people whom I blog with on other sites are looking to do the same.

September 21 2007

lgraf
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Randy ...

"Problem is sellers keep insisting on $450K gains"

I see in your profile "Last sold in 2005", being in the bay area you must have made a sizable profit yourself, selling at the peak of the bubble. I'm sure, however, being as fiscally sound as you claim to be you turned down any buyer who was coming in on a sub-prime loan.....

September 21 2007

yellowjessamine
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There are a lot of buyers out here (I talk to them all the time!) - buyers with real intention, buyers with real credit and real money. Apparently most realtors enjoyed the madness of the housing bubble, with predatory lenders catering to those folk who 'always wanted to own a home' who couldn't even balance a checkbook. Realtors who are whining about the burst bubble enjoyed a false sense of security and profit, IMHO - now that reality has struck back home, they can either continue to whine or do what they intended to do when they got their licenses - match prospective buyers with homes.
Where we live, the cheap developer-driven subdivision-crammed homes are selling/not selling at foreclosure, bargain-basement prices - but the developers who understood long term investment rules are still profiting, doing very well. Those who are looking to buy now already know what they want, for the most part - they just need realtors to find it for them and show it to them.
I'm online looking because I plan on moving 3000 miles away from where I presently live - and not as a snowbird heading south, either. There are a lot of young folk out there who waited for the bubble to burst as well, so that they could get what they wanted at a price they could afford. No one wants to pay some poor gullible fool extra money for being stupid and buying at the height of the bubble. Just because the current buyers are more practical and more savvy than the bubble-goofs, doesn't mean that they are not buyers.

September 21 2007

Angelique01
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Looking online is much more convenient for me than going out to each home even in my own area. You're right, Yellowjessamine, about those pictures. Good pictures really make a difference to me, too.

September 21 2007

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