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WOW! What a Time to BUY!!!

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choe cat, "chloe16"
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choe cat, "chloe16"

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OK..you people..why are YOU waiting? I watched for years as buyers fell all over themselves to bid the prices up in the last market. They waived appraisals and home inspections. Now comes a market where you can REALLY strike a deal...and you're WAITING???

Interest rates are STILL low, sellers will pay settlement fees foro the most part. You can get a home inspection AND an appraisal. What gives??? There is SO much inventory AND there are short sales and foreclosures. It's like being a kid in a candy store. So..give me a call. Let's go strike the deal of the decade.

July 26 2007 - US

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CORONA NICK
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Spam... get a grip.... I know you need the commission.... but time is on the buyer's side... Ill wait.

July 26 2007

mpal
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Unfortunately I'm waiting to sell my house first, then I'm all over this market :)

July 30 2007

LawFitz
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Why wait? B/c we're in the 2nd inning of a major credit crunch that will send prices free falling further in the next couple of years. It's going to take at least that long for the foreclosure wave to subside, meaning no reason to buy now.

Sorry, honey.

July 30 2007

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I wonder if she told her clients it was a great time to buy last year. Nonsensical comments like this makes Realtors look sooooo bad. But than look at their chief propagandaists Lereah than Yun.

July 31 2007

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Hello,

I am not sure why anyone, unless they were dieing for a specific property, would even consider buying in a market such as the one we have today. Yes interest rates might CREEP up over the next year or so but they will never top 8%. On the other side the median home price will fall national, but there should be more said on specific towns and areas you are looking to purchase in. When the talking heads spew concise economic housing data at Americans they are using averages. Big national homebuilders (Toll,Beazer,KBH,Plute) are the companies getting hurt the most. When we talk about foreclosures now we are talking about bargains. Being prepared with pre-approval (You need liquid cash) and a flexible schedule can get you a deal of a life-time. Do not rush to low-ball a seller just because the market seems bad, because you have to be sure that the specific market you are looking at is bad. Home prices will fall but, not everywhere. I think you should wait, gain equity in your savings and let the market readjust its self slowly into 2008. Realtor's good luck some of you are not going to make your quota's going into the fall and winter. That is a fact of life.

Happy Home Hunting

July 31 2007

ReallyEstate
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The truth is it is agreat time to buy. It is hard to understand why someone would say its not a buyers market when prices are down. You don't buy stock when its high. Or, at least thats what smart investors are doing. Check out HousingNewsNetwork.com for more new on the subject.

Realtors may continue to hurt through the price adjustment but that just means that they will do what they can to help make the deal close.

Builders are losing money and need to get rid of the inventory. For most of the country except for Texas they are losing money. They want their inventory levels to go down. Builders are the ones that are most likely to deal on their high inventory areas.

Existing home owners are the ones that may not be willing to take what their home is currently worth at this time. They need to get what they put in out.

If you are looking at buying a new home the time is now. Not when prices start going up.

July 31 2007

LawFitz
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Hey ReallyEstate, what if I were to tell you that prices will fall between 5-50% over the next 2-5 years depending on the market, but that virtually no market will experience appreciation during this time???

The mortgage market that creates purchasing power for these homes is toast. The bubble is bursting (actually deflating b/c home prices adjust very slowly) due to this credit crunch and anyone buying now will be facing losses in the near term.

I know you need the commissions right now, but you need to be careful about what you say to people lest you risk exhausting your reputational capital in the long run.

July 31 2007

skeptical
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Let's see. Price's are only a little bit off the largest peak in memory. Interest rates have gone up. So, now is the best time to buy a still, really insanely expensive house, but pay more interest than I would have if I'd bought it at peak? Values are dropping daily and the fed is holding interest rates steady.

There is no advantage to buying now and a great deal of potential risk. Odds are that values will keep dropping as the number of foreclosures rises. Meanwhile, the fed seems set on holding interest rates for the foreseeable future. It will cost me a great deal more to buy than to rent the same house - and if I have to move I'll be unable to rent it out to cover the inflated mortgage.

Thanks, but no thanks. All the other brilliant "investors" are welcome to jump into this "great buyers market". Please continue buying at lower and lower prices to reset the comps. I'll let you know when you get to 'reasonable'. I'd rather have a lower price and a higher interest rate. I can always refinance if rates start going back down. But, I can't reduce the principal if I overpaid ridiculously like a lot of folks are not realizing they did.

July 31 2007

CORONA NICK
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Take a look in my area... in Southern California.

http://www.mrmlsmatrix.com/DAE.asp?ID=3854813-74573998-12

http://www.mrmlsmatrix.com/DAE.asp?ID=3814979-53777506-74

July 31 2007

Lisa Jones, "Lisa Jonz"
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Lisa Jones, "Lisa Jonz"

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Lots of valid points here. I would strongly suggest if you do buy now, don't buy in a neighborhood where a large number of the homes were purchased in the past 2 -3 years. Odds are, in Central FL anyway, 1 out of 4 will face foreclosure.

August 01 2007

Lisa Jones, "Lisa Jonz"
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I don't think the bottom has fallen completely out yet, but I'm not 100% sold on the idea that "prices will fall between 5-50% over the next 2-5 years depending on the market, but that virtually no market will experience appreciation during this time???" as LawFitz stated. 5% yes, but 50% - that's a little too cataclysmic.

August 01 2007

Dan Carraher, "leadingagent"
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Dan Carraher, "leadingagent"

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It's seems that many people try to apply national media to every single housing market, WAY too much of a generalization. Look at areas like TX, NC,OR,WA...these markets are seeing what's known as "appreciation" and it's an equilibrium market in these areas, certainly not a buyer's market! Sure, there are certain markets that will undergo correction for some time...CA,FL,NV,AZ to name a few. However, there are good & bad opportunities in every market, the question is do you have the vision to differentiate the two? Take your eyes off all the negativity and start poising yourself for success...look at net migration patterns and employment, then figure out where you should be investing your real estate dollar.

August 01 2007

uptickguru
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Here In Dallas,TX there in no "appreciation". I have watch housing prices drop 4-6% in my exclusive neighborhood and the number of defaults is rising too. This time last year the average time on market was 30 days. This year it is 150 days. And this is a VERY desireable area with the best schools. All these variable rate and exotic mortagages are catching up to there 50K a year millionaires.

August 02 2007

Kary L. Krismer, "Krismer"
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If you were going to "invest" in real estate (as opposed to buy a house you'll live in), I'd pick someplace where the market has fallen considerably, but where the economy has a chance of recovery. Or perhaps a place where it would be a retirement destination.

August 02 2007

Lisa Jones, "Lisa Jonz"
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Dan put it well when he said, "Take your eyes off all the negativity and start poising yourself for success..."

August 02 2007

Cash is King Kong
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I think it is a good time to buy and that's why I'm doing just that. Belive it or not California has some great areas to buy. Kary and Dan have great points

August 02 2007

CORONA NICK
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Why buy now... because prices are stagnant... or down.... they are not moving up at all... they are either going down or staying put.... no one knows the future but time is on the buyers side at this moment... why would anyone buy right now???? duh!

August 02 2007

CORONA NICK
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Investor.... why do you think its a good time to buy???

August 02 2007

Kary L. Krismer, "Krismer"
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Nick,

You don't understand how markets work.

Notice in my last post I wasn't advising investing in my own market (the Seattle area). That's not because I think it will go down (I don't try to guess that sort of thing). It's because the Seattle market has been going up for 20 years. IMHO, every year it adds to that period makes it less likely it will go up the next year.

Conversely, a market that has been going down is more likely to go up, the longer it's been going down (and the faster it's gone down).

Thus, if you're going to "invest" (as opposed to buy to live some place), it should be an area that's been going down.

So to answer the question you asked of investor, it's because his market has gone down! He understands market dynamics.

That said, I really don't like trying to time markets. It's risky.

August 02 2007

Cash is King Kong
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Prices are low and in a market like this you have more negotiating power than you did 2 or 3 years ago. It's an exciting time to be in the game.

3 Green Houses 1 Red Hotel

August 02 2007

klarek the realist
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I'll be quoting everyone that's saying "now's the time to buy" in 6 months or a year when things really bottom out. As was said before, it's all about supply and demand. There are very few buyers out there and every hour a new house is foreclosed upon. Those that lose their house won't be buying again for a long time, so they aren't in the pool of potential buyers. The home however is now empty and selling low enough to hurt the values of everything else around it.

August 02 2007

Kary L. Krismer, "Krismer"
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klarek,

Your prediction is no better or different than people claiming we're now at the bottom, or people claiming the bottom is years away.

If anyone has the ability to accurately predict these sorts of things, they should quit spending time here and start picking stocks.

There are signs things will continue down (mortgage issues). There are signs we are at a bottom (news coverage).

Finally, again, real estate is local. Some areas may be at a bottom, some may be years away, etc.

August 02 2007

CORONA NICK
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Ok... I dont think my area has reached the bottom.... so I dont know why anyone in my area would buy right now......

August 02 2007

klarek the realist
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Krismer,

I agree, and my perspective is based more on what I'm seeing in my area (northern VA). There's a lot of new homes that are being practically given away, and the pool of buyers seems to be shrinking. With so many of those ARMs about to mature, I just see this problem compounding unless the feds lower the interest rates significantly.

August 02 2007

klarek the realist
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Krismer,

I agree, and my perspective is based more on what I'm seeing in my area (northern VA). There's a lot of new homes that are being practically given away, and the pool of buyers seems to be shrinking. With so many of those ARMs about to mature, I just see this problem compounding unless the feds lower the interest rates significantly.

August 02 2007

Kary L. Krismer, "Krismer"
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I've noticed that new condos in South Snohomish appear to be cheaply priced--so perhaps they are getting nervous. I don't deal much in new houses.

August 02 2007

!bank_owned!
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Dan raises some good points. However, there's a reason why there's so much focus on the negative aspects of the RE market. For one, it's happening to California (the 10th largest economy in the world). also, the folks posting on this forum talking about (and predicting that) a correction will happen actually live in that area (like me in So Cal) or a state where the bubble has already bursted (i.e. Nevada).

If I were to move to WA, sure I'd buy a home there. BUT if I were someone in a non-bubble impacted state, I would HIGHLY discourage you from trying to move to California to buy a home...if you really need to come here b/c of a job or something...rent first and wait for the correction. The vast majority of the ARM loans/interest only loans that were created in 2004-2006 should all reset by the end of this year. 2008 will be the year that the So Cal housing will take big dive (wouldn't say by 50% but I would say 20-30%).

anyway, I was never from the camp that said the entire country will experience a loss in home value...I firmly believe that any and all corrections will be isolated to those cities where subprime loans were widely used AND homes in the area appreciated by 2X or more in only a 2-3 year period.

August 02 2007

Cash is King Kong
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Great opportunities to buy in California in certain areas still exist.
In 2001 a 1350 sq ft home 3bd 2 bath built in 1950 was going for $240,000.00 (buy low). Many people thought that was too expensive. Today that same home is worth $550,000.00. $310,000.00 profit in 6 years (sell high).Is this timing the market?..I don't know and should I really be concerned about it?? I only know if I had listened to what everyone else was telling me about corrections, bubbles etc, etc. at that time I would have never bought these homes.
I don't flip and don't hold and pray either. Most of the time your best market indicator is going to be your gut feeling. :-)

August 02 2007

Kary L. Krismer, "Krismer"
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Compare CA cities to Seattle on this site:

http://mysite.verizon.net/vodkajim/housingbubble/

Pretty amazing--some CA cities are more volitile than others.

August 02 2007

Marci Reinheimer
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Tell me about it. I'm in the middle of the storm. :)

August 02 2007

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