With interest rates not seen since 1971, about 5%, will you buy a home in this market?

How many all cash buyers are looking versus those who will finance, and will the low rates encourage you to buy sooner?
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December 25 2008 - Incline Village
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Profile picture for jal74
Lexi

Why buy now when I can get 15% off 12 months from now.  I realize its all about the commish for you, but really, do you sleep well when giving the NAR spiel?  Does it sit well knowing that more than likely over 15% of the homes you sold in 2006 and 2007 have been foreclosed on because the owners, oops sorry, renters who thought they were owners thought it was the time to buy or else they would be priced out forever?

Kind Regards
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December 25 2008
Profile picture for Space_Truss

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.

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December 26 2008
Profile picture for CubsfaninWA
Interesting article about a possible improvement in 2009.  Let's hope it is true!

http://www.bizjournals.com/albuquerque/stories/2008/12/08/daily21.html
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December 25 2008
Profile picture for Dutty
For me, it's the opposite. Low interest rates in a market like today means market manipulation which is NOT the time to buy. I will wait for the interest rates to start rising before I begin to look to buy a home.
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December 25 2008
Profile picture for BuyEqualsRent
No, the sign to start looking is INCREASING interest rates, not falling rates.  When rates go over 7%, then prices will be down to where they will be attractive.
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December 25 2008

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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December 25 2008
Profile picture for dfors2
No.  I will try to refi my home however.  Problem is it appraised for 290 in 2006 and now appraises foe 180k.  All comps are REOs.  I owe 175k so they say no to the refi.  I think the bailed out banks are going to create a further logjam of homes with their tightfisted antics.
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December 25 2008
Profile picture for nycbpc
Low interest rate is not an indicator of a bottom. Even with the Fed fund rate near 0%, the government is still taking actions to push mortgage rates lower. Why buy before the government is done manipulating the market.
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December 25 2008
 
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