Profile picture for M_Chap

Something Crazy...Could be??

Alright, so last night I got my semi-annually phone call from a realtor that had spoken to a long time ago. (let me preface that I'm in the St. Louis area) He was calling to see how our situation was for buying a home. He said now is a good time to buy because rates are so low and housing is ready for the picking. I said that we were waiting for the prices to come down a little bit more before we make a move. He claims that the St. Louis area is at it's low point already and now is the time. As some of you may remember I was trying to get in to this AS IS house that needed a ton of work. Well, I mention that to him. He didn't budge, he was still wanting me to make a move to have him look for us. I tell him we were working with someone else and we'll just wait and see if the market goes down any further.

 

So apparently the bottom is here??? Maybe in St. Louis???????  (ha, I can't believe this guy)

 

p.s. Still waiting for the seller of the AS IS house to drop his price a little further.

  • February 13 2008 - US
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Answers (6)

Prove to me the bottom is here. I'd like hard numbers. :-)  That should shut him up, especially when you give him that graph showing when the resets are into 2009.

  • February 13 2008
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Profile picture for M_Chap

Ha, I agree. I'm still talking with the AS IS guy and just sent him some numbers of what houses are really selling for. Not his inflated price, or at least when the house is renovated price. They don't have much to say about the facts.

  • February 13 2008
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You know whats funny if your REA is wrong and gets you into a house now and prices continue to drop in price he lost you as a customer for ever!

  • February 13 2008
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True, that's kind of why we are still sitting back and waiting. Houses that have marked up prices are sitting longer. I think people are finally making an impact and not paying the high price for houses that need continued updating and aren't truly move in ready.

  • February 13 2008
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Profile picture for klarek the realist

"He claims that the St. Louis area is at it's low point already and now is the time."

 

He's probably been saying that for months.  He is just trying to lure you so he can run away with his 3% and make a down payment on an M5. 

 

"He didn't budge, he was still wanting me to make a move to have him look for us."

 

Of course, he's a sleazy realtor.

 

Even if there is a small uptick in prices, I won't be convinced that the market hasn't bottomed out.  They're throwing everything they can to keep this charade alive a little while longer.  Lower the fed rates, save the foreclosures, gimmick here, gimmick there.  It's the fundamentals that need to be the focus of this bubble blowout, not "record low interest rates", an obnoxiously misleading NAR talking point.

 

I'm no expert on the St. Louis market, but just on the instinct of not trusting a cheerleading agent, I assume he is full of it.  If it's about the same price to rent vs own, it might be worth it.  But look at the Case-Shiller index and see where your area stands up.  If the prices, adjusted for inflation, skyrocketed from 1999 to 2007 like almost every single major market in the country, I would stay away from owning for a while.

  • February 13 2008
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Agreed. We will continue to wait it out.

  • February 13 2008
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