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is this market for buyers good ,how about price wise?

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July 15 2010 - Boca Raton
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I wish I were ready and able. I'd buy a place in the Florida Keys. I've been watching the prices for many years there and this is the best time with so many homes reasonably priced and low interest rates. Unfortunately "willing" is my only capability right now but as it's ,expressed, one must be all three (ready, willing and able) to make the move in the right market conditions. Market conditions alone is not enough or you may find yourself in a foreclosure or short sale situation down the line.

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July 17 2010
Profile picture for sunnyview
Maybe so. Then the question becomes how does a buyer determine value in their market especially when the market is tracking down in many places.
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July 16 2010

It all comes down to price no matter what type of market you in, throw in Low rates and you could have the best time to buy. Its all you need to know great price coupled with great rates equates good time to buy.

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July 16 2010
Profile picture for Mr Caveat
And I said at least 5 years so buyers don't get the notion that its a good idea to start flipping properties again. 

hey, flipping is NOT a dirty word, flippers perform a necessary service in real estate. without them, you wouldn't be able to sell higher end properties in certain areas, i have seen flippers take entire neighborhoods from falling apart to "cozy starter home." flipping was confused at some point with "buy home, add granite, charge 70% finders fee and move on. that is not flipping, that is stealing. preying on people who dont know any better while realtors like you, i imagine, push them to buy NOW NOW NOW.

 What would you consider long term: 20, 30, 40 years?  How many people stay in the same house for that many years?


you know what, it may very well come to that. and if it does, that is a good thing. we are moving backwards in time. lenders wont lend more than 3x income anymore, they are appraising the house and treating mortgages like loans again, as opposed to treating it like a stock portfolio. our great great grandparents had it right, it is a shame that we forgot along the way.

if i followed the advice of the people that i hire to protect my interest in transactions to make certain fundamental decisions like when to buy or refinance, i'm on my way to spending 200,000 in fees are commissions in my lifetime and never paying off my home. never. what sense does that make?
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July 16 2010
Profile picture for Mr Caveat
buy a nice dinner! thats what you can buy, before oil prices go through the roof in 2012...
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July 16 2010
Profile picture for sunnyview
What did you miss about your fellow professionals saying "This is a fabulous market for buyers!" or "short answer, yes, yes, yes.  I cannot imagine a better time to buy."?

Although you may have an actual buying strategy to suggest to buyers look for value based on price per square, by contrast they offer blind cheerleading to buy period. Defending them is silly when they base their arguments on nothing.

Even if I don't agree with all you say, you seem like a reasonable person. Maybe you should consider being like the Amish on Zillow among agents. You know "come out from among them and be ye separate." No one will expect you to wear the hat or beard, but arguments based on facts, market information and some reasonable rational beat NAR cheerleading any day.
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July 16 2010
Again, what needs to be emphasized here is that each buyer should weigh their own situation.  I don't see anyone on here saying that you should definitely go out and buy a property no matter what.  Look at your options and financial situation.  The lending industry hasn't cut off lending all together.  I'm going to go out on a limb here and say that most everyone commenting on here is from a different region of the country and as we all know real estate is local in nature.  In my region it is a very good time to buy as properties can be bought for half of what it costs to build.  And the cost per month to own is less than it is to rent in some areas where I am.  But again though, it is a good time to buy if you qualify.
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July 16 2010
Profile picture for dacolan
I believe this market is good for buyers.

short answer, yes, yes, yes.   I cannot imagine a better time to buy.

This is a fabulous  market for buyers!

It's a good time to buy since there's lots of inventory attractively priced and the rates are an all-time low.


I hope consumers coming to this site seeking out knowledge and insight notice the disconnect between the "advice" most RE pros are offering and fundamental market realities.

MBA: Mortgage Purchase Applications lowest since December 1996

New Loan Delinquencies on the Rise Again
(and Cure Rates getting worse)

Home Sellers Slashing Prices, While Banks Mow the Lawn

Depressing Unemployment Numbers Forecast Long, Slow "Recovery"

Housing Basics: Massive Supply, Faltering Demand

U.S. home foreclosures reach record high in second quarter

FTR, I'm a renter. I was not burned by the bubble. I have excellent credit, employment, little debt and money saved for a down payment. I would like to buy a house myself when the market has stabilized, is healthy and sustainable, supported by positive economic fundamentals.
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July 16 2010
It's a good time to buy since there's lots of inventory attractively priced and the rates are an all-time low. Of course, it depends on your situation whether you are ready, willing and able to buy also.

Bad time to sell though.

Buyers currently have the advantage and can call many of the shots that they were unable to when it was a Seller's market.
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July 16 2010
Profile picture for sunnyview
Suddenly, I don't feel so good. Strict lending standards do not make it an automatic "fabulous market for buyers". I deeply hope that buyers do their own homework before they buy and do not rely on what their agent tells them to make a long term financial decision.

It might be time to buy in some areas, but please get the numbers to back up any decision to buy and have an exit strategy going in.
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July 16 2010
This is a fabulous market for buyers! 

Lenders are very strict right now on qualifying buyers, so, in addition to having proveable income to qualify for a mortgage payment, you must have a good credit score to attain the lowest interest rates (which are at historical lows right now!)

Get on the phone right now with a mortgage broker or your own bank or credit union's mortgage department.  It takes only a few minutes to get yourself a free "pre-qualification" to give you an idea of what you will be able to afford in a monthly payment! 
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July 16 2010
Some good advice all around, but I agree very much with James Dunn that it depends on your situation and I would include the market that you are in.  First and foremost you have to weigh your financial situation, i.e.- what you would have to put as a down payment and what your monthly mortgage will be after that: get pre-qualified.

You have to look at your market as well.  Here in my region, there are areas that have houses selling for $50,000 to $60,000.  That is way below the cost to build and it is very unlikely that we may find those types of prices again.  At those prices a mortgage payment can be very competitive with renting. And if you qualify, you may not have to bring any money to closing.  In a recent closing, I had a client actually get $300 as closing so make sure you know if there are any programs available in your area.  Again this is why I added in the part about looking at price per square foot, buyers need to educate themselves not only on pricing but valuation.

Buyers also need to get back into the mindset of owning long term, which is where my initial statement was going.  Folks who purchased in 2006 and 2007 got hit the hardest thinking that the market would keep going up.  They had little idea about valuation and economics for that matter.  When it comes down to it, make sure the property is one that you really want to be in and most of all can afford comfortably. 
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July 16 2010
Profile picture for sunnyview
It not always a great time for people to buy unless you get paid on commission. No one should listen to agents bottom calling unless they advised their clients not buy in 2006 and 2007 at the very least. It was NOT a good time to buy.

I hate to be a party pooper Ms. McCarty but people who bought between 2008 and 2010 are already underwater in your market according to the numbers here. Buyers should do their own homework and stay away form the spin. Homeownership should bring stability and flexibility not financial pressure.
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July 15 2010
Profile picture for dacolan
People who buy between 2008 and 2012 will be to really "smart" ones.

Those who bought in Boca Raton in 2008 have lost an avg of 20% since then. That doesn't qualify as "smart" in my book.

Considering the trend the past six months, the recommendation to buy in 2011 or 2012 may prove to be a much "smarter" investment.
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July 15 2010
Dear Tas5:   short answer, yes, yes, yes.   I cannot imagine a better time to buy.   Prices are really great and rates are at historical lows.   If you are ready to purchase, or not even sure, speak with a direct lender and get started.   People who buy between 2008 and 2012 will be to really "smart" ones.
Good luck and happy house hunting.   If you need a referral to a great agent in your area, just let me know
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July 15 2010
There are benefits to any market depending on which side of the transaction you are on.  One of the benefits of buying now is that you would get a lot more home for your money when you buy than in healthier markets.  The flip side is, you won't get as much out of your house if you are selling,  Same dilemma hold true in a 'sellers market'.  You get a lot out of your house when you sell, but you don't get as much in a house when you buy.

So depending on your situation, it may be a good time for you. But be aware, it's very possible that prices will continue to drop before they start climbing steadily again and you could get even more for you money.  The problem is you never know when the market has truly bottomed out until prices have started going back up, and by then, you've missed the bottom.  It's best to look at your personal situation, what fits your needs, and how you will make out in the deal.  Don't worry about chasing the 'best deal', because you might end up missing out on a 'really good deal'.  Just make sure it's one that works for you, and one that you will be happy with.
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July 15 2010
Profile picture for dacolan
If you had bought this time last year, you would have lost approx. $9K of the value of the median priced house based on Zillow's Home Values for Boca Raton, with most of those losses coming over just the last six months reported (through May).

Losing the entire $8K tax credit in the most recent six month period prior to it's expiration is a bad sign, especially now that both the subsidy has been removed and the summer selling season is all but over.
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July 15 2010

Yes, this market is good for the buyers, in today market cheaper to buy then rent.

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July 15 2010
Profile picture for sunnyview
You bet buyers would benefit from that, but that being said some buyers will buy anyway. I have seen that in my own family despite all my advice, charts and rational thinking. They wanted to buy, the market was still dropping, they still bought. Today, they would not be able to sell for what they paid.

At least if buyers choose a house with mortgage plus expenses close to rent, they won't be forced to sell. It's not perfect protection, but it's better than being stuck there forever waiting for the market to recover.
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July 15 2010
Profile picture for dacolan
Rather than advising prospective buyers that now is a good time to buy if they stay long enough to recoup any potential losses in the midst of such an unstable market, wouldn't buyers benefit more by waiting until there is a healthy, sustainable market supported by improving economic fundamentals to help them better minimize their risk?
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July 15 2010
Profile picture for sunnyview
I appreciate that, but having to stay in a house for a minimum 5 years because you cannot sell without bringing money to the table to pay even just the sales commission or original mortgage amount off is a problem especially if the market moves sideways for that time. If that is the strategy, people need to make sure that their PITI is the same or less than rent so that a job change, health event, death, family circumstance change etc. does not force them to sell in a down market  or turn the house back to the bank.

I'm not talking about flipping for profit, I'm talking about being able to hold the house indefinitely until the market is healthier. Buying and selling is not cheap and owners who expect to buy and move in 5 years in this market may be disappointed. Buying with a mortgage that is close to rent solves that problem.
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July 15 2010
My initial statement read that these are questions that buyers need to ask themselves.  And I said at least 5 years so buyers don't get the notion that its a good idea to start flipping properties again.  That is why I also put the part about price per square foot, giving clients as much info as possible so they can make their own informed decisions in any market.  What would you consider long term: 20, 30, 40 years?  How many people stay in the same house for that many years?

 
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July 15 2010
Profile picture for sunnyview
When did being in a property for 5 years qualify for "owning long term"? In 5 years, this market may look much the same as it does not so buyers should consider whether they are willing to own while the market moves sideways and not up.
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July 15 2010
I believe this market is good for buyers.  A couple of questions you need to ask yourself are how long are you going to be in the property and what is the price per square foot?

If you goal is to be in the property long term then, I would say at least 5 years, then there are some great values out there with all of the foreclosures and short sales.  Since the short sale process has had some standardization in regards to time lines, forms and more people are familiar with the process, they have reduced the time it takes to purchase a short sale which increases your options. 

I also like to familiarize my clients with price per square foot when looking at prices.  Price per square foot is a good measurement of how over or under valued a property is and is more often used by builders when it comes to cost of building but is also effective for buyers when comparing 2 comparable properties that may be different sizes.  For example, you have 2 properties that are selling for $200,000 and one is 1500 square feet and the other is 2000 square feet.  The 2000 square foot one is a better value at $100 a square foot as opposed to the 1500 square foot one that is $133 a square foot.

Price per square foot can also depend on the area and cost of materials so if you can, check with a local builder to see what their cost to build is without including profit margin.  Remember it is cheaper to build up, so condo's will be less per square foot than a single family home.


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July 15 2010
 
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