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Answers (15)
- sunnyview
- Contributions:25139
Buyers who have had the patience to wait to buy have saved a substantial amount in your market in the last 2 years here. I think buyers want to make sure that they will not be underwater the day the they close so they are hesitant to commit. The median has gone from about 400K two years ago to about 270K now. That is reason to wait and make sure that the house that you buy will not lose further value. There are no guarantees, but a house is a big commitment. If you walk down the escrow isle with the wrong one, you may be making a mistake that is hard to undo. I think buyers finally realize some of the risks.
- SoCal_Engr
- Contributions:5667
What is your benchmark for "buying"? I seriously doubt that there will be the volume and frenzy of the mid-90's and early 2000's. If you're looking for that kind of activity, pull up a chair and sit a spell.
Personally, I buy a house in order to have a place to live. In the feeding frenzy, you saw a lot of buyers - egged on by REAs and enabled by ridiculous loan products and qualifying - who bought houses to "make money". They jumped into properties with highly leveraged positions and no intention of staying more than a few years. Coupled with the rate at which money was pulled out of properties to fuel yet more purchases,
With the current environment in the RE market, you not only are seeing more questioning of values, but I also think that those who are in a position to buy no longer fit the high-leveraged buy-to-sell/flip profile that was so easy to find in the frenzy.
So...
Those who are looking and qualified to buy, will buy when they find what they want at the price they want. Since they're more likely to view the house as "a place to live" vice "a live-in ATM", they're also more likely to refuse to buy unless their criteria are met.
Those who are looking and not qualified to buy, but hoping that the old products will somehow come back...I hope they wait a long time. We don't need another repeat of tthe artificial market that type of buying creates..
Personally, I buy a house in order to have a place to live. In the feeding frenzy, you saw a lot of buyers - egged on by REAs and enabled by ridiculous loan products and qualifying - who bought houses to "make money". They jumped into properties with highly leveraged positions and no intention of staying more than a few years. Coupled with the rate at which money was pulled out of properties to fuel yet more purchases,
With the current environment in the RE market, you not only are seeing more questioning of values, but I also think that those who are in a position to buy no longer fit the high-leveraged buy-to-sell/flip profile that was so easy to find in the frenzy.
So...
Those who are looking and qualified to buy, will buy when they find what they want at the price they want. Since they're more likely to view the house as "a place to live" vice "a live-in ATM", they're also more likely to refuse to buy unless their criteria are met.
Those who are looking and not qualified to buy, but hoping that the old products will somehow come back...I hope they wait a long time. We don't need another repeat of tthe artificial market that type of buying creates..
- Jeff Konstant, "jkonstant"
- Contributions:1970
Tiffany:
Excellent point about the retiree's. With the financial beat down, retirement is going to be delayed for many. For the record, commercial is getting hit hard here in Florida but seems to be ignored by the media for now.
Excellent point about the retiree's. With the financial beat down, retirement is going to be delayed for many. For the record, commercial is getting hit hard here in Florida but seems to be ignored by the media for now.
- Randolph Leslie Smith, "RandolphLSmith"
- Contributions:156
When trust in America is restored, and not before.
- Cindy LaPeer ABR, e-PRO,SFR, Cdrs, "Houston Metro Pro"
- Contributions:2239
When the credit is over, I think the real estate industry is going to be in for an abrupt awakening. Sure, there will still be buyers and sellers, but the buyers for the most part will be even pickier than they are now. And a lot of people will be bitter b/c they just missed getting some cash back from the gov't. Even though Houston has not been hit as hard as other areas, I'm still preparing for when this happens. If you aren't busy now, you better go ahead and start looking for that second job!
- Tiffany Bond, "TiffanyBond"
- Contributions:3010
Haven't substantially less people been retiring to the area too? I don't have a source off the top of my head, but have read several articles to that effect...that would accelerate things in addition to all of JK's points. It seems like FL's economy requires a steady flow of retirees to be functional.
- Jeff Konstant, "jkonstant"
- Contributions:1970
September 2008, just 16 months ago, the world was coming to an end. I think it's fair to say that in Vanessa's neck of the woods, there really is no sign of recovery. Florida is in shambles. There are more unemployed people than ever before and the job market is not going to get significantly better for a long time. Municipalities are broke, the property delinquency rates are skyrocketing, tourism is waaay down and the political atmosphere on the local, state and national level is only adding to the uncertainty.
I'd say that anybody who is sitting back waiting is doing the right thing for at least the next couple of years. Why take the risk of being tied down when you may have to abandom ship.
I hope I'm wrong, but I fear the recent home buyer tax bribes only delayed and perhaps worsened the inevitable. The irresponsibility of concocting a scheme to put so many financially questionable people in debt under the guise of owning shelter (a noose not easily removed) is shameful.
- wetdawgs
- Contributions:26854
If the person has been looking for two years, that is one very smart person (or couple) as house prices have dropped tremendously over the last couple of years.
When is ready? Right house, right price, right financial conditions.
When is ready? Right house, right price, right financial conditions.
- Ryan Flannery, "Irishwings"
- Contributions:34
Don't make this great question more complicated than it has to be.
People alter decisions based on conditions changing that affect long term value.
RF
People alter decisions based on conditions changing that affect long term value.
RF
- Ryan Flannery, "Irishwings"
- Contributions:34
When the prices stop dropping. As simple as this sounds it
the single reason that will alter the consumer's buying behavior.
I have been waiting for one home that has changed realtors and gone off the market.
RF
the single reason that will alter the consumer's buying behavior.
I have been waiting for one home that has changed realtors and gone off the market.
RF
- Cindy LaPeer ABR, e-PRO,SFR, Cdrs, "Houston Metro Pro"
- Contributions:2239
I've worked with people that long. You have to decide how serious they are and be prepared to walk away if need be. I'm stubborn (or stupid) and have only walked away one time b/c it was a 21 yr old investor who kept making bad decisions. All the others... I stuck it out. Sometimes it works and sometimes it doesn't.
- Vanessa Sidi Wells, "vcsidi"
- Contributions:9
I have been showing certain people homes for two years, still not ready???
- HomeSand.net, "White Picture"
- Contributions:4398
I look for more then 100 houses before decide to buy one.
- Cindy LaPeer ABR, e-PRO,SFR, Cdrs, "Houston Metro Pro"
- Contributions:2239
When all the conditions are right. For some buyers that's today. For others it is ten years from now.
- Pasadenan
- Contributions:21466
When you find what I'm looking for in the price I want to pay.
Besides; In the "selling" section, the question should be; when will I put my house on the market?
I'm not planning on moving right now, don't want to go through the hassle of selling nor moving, and really, there is no rush. Perhaps I'll sale sometime after buying something else.
Besides; In the "selling" section, the question should be; when will I put my house on the market?
I'm not planning on moving right now, don't want to go through the hassle of selling nor moving, and really, there is no rush. Perhaps I'll sale sometime after buying something else.
When are people going to stop "looking" and start buying?
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- 0.0/5.0
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