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If your buyers profile is like that, they don't mind loosing money. So there is no timing problem for them.My cousin recently purchased a waterfront property in VA, which is 2 miles from his parent's house. He says house might loose 100K in a year but it is worth taking this risk because it is hard to find a house satisfying these two parameters.
Jal 74- Your point is well taken. I am a Realtor, but I work in such a different market. Most of my buyers are all cash, many looking for a better investment than the stock market, and a place where their families can drive up and enjoy on the weekends and school vacations, even if we haven't hit bottom yet. There have been some individual buys that I consider great buys in any market.I really like negotiating and get the best deal for my buyers, and work hard for my commission, but do work in a greedy business. I sleep at night because a lot of my buyers are friends or people my husband has grown up with (he's lived here since age 7), so many people are pretty savvy and aren't in as bad a situation as a lot of people, especially in Reno or Sacramento. It is a horrible situation, and I have watched friends go through divorce and bankruptcy.We bought our home in the height of the market in 2004, but it was an examle of a great buy in any market. We paid $610k for a teardown just up from the Lake, put close to $200k in it completely gutting and rebuilding- my husband is a builder so it was a alot of sweat equity. I think when we completed the home in 2006 it was worth probably $1.4M and now maybe $1.2, but regardless we saw a great buy and jumped on it. I like to think I can find another one of those for my buyers in this market which is a lot less risky than buying 4 years ago.
We are also looking to refinance, so also trying to get a read for when rates have bottomed out, as a consumer.
Thank you for your candid respones.
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