Zillow Advice: Home Buying - Are people really buying?

The savvy buyers are buying ...

Wed, 17 Dec 2008 20:17:00 GMT

The savvy buyers are buying right now. No one is going to tell you when it's the best time because no person really knows for sure. In addition, there is no one-day, date or time to see the bottom. It happens over a period of a few months, typically 3 months when a market reaches bottom.
The only way the so-called experts can tell you that we've hit bottom is with hind-sight. After all, none of them predicted the mess we're in right now.
It's time to buy while we're at the bottom and the choices are best. That means a better selction for yourself.
If you're buying for yourself and your personal use, now is the time here in SW Florida.
Good credit and cash rules the day right now so get on the stick and do your homework. Don't get caught saying I could have bought that home only a few months back for $??
Don't get caught letting me say I told you so either.
If you're looking for Florida homes and/or properties, now is the time.
By the way, there is Mortgage Money to be had right now too. The new FHA program is a good way to go in many markets.
It is human nature to want the best deal and to procrastinate. Most people have problems being a leader as well. There are always less leaders than followers. Remember, the followers were the ones that got burned in the housing market by getting in too late while the market was peaking. That didn't take a genious to see that. They were followers.
Most people feel more comforatble in a crowd and being a follower. The well-off people have the ability to make decisions and that decision is here, right now. Good luck and call a local Realtor in the area you are most interested in right now. Then watch the market for a few weeks. Then make your decision and go get it.
Bill Hoyle
SW FL Market

People are still buying in ...

Thu, 06 Nov 2008 23:30:00 GMT

People are still buying in Mineral Wells. Our prices are up 47% from same time last year. We do not have foreclosures and short sales here, but we also don't have the same type of market that the larger cities have. We have independent banks that keep their loans in house and we didn't have the subprime problem here. Homes are selling in approximately 92 days at or within 3% of their listing price. Real Estate is local, so where one place may be bad, another of course, may be fine.

Also that same industrial ...

Tue, 04 Nov 2008 22:25:00 GMT

Also that same industrial park I always mention where prices in 2006 (raw land) started at $9.50/per sqft and recent comps at $12.50/per sqft.

Here is a warehouse in same subdivision.

mls 213964 TMK 21 3-1-6-146-2 FS $650,000 Shipman Industrial Park 31,780 sqft
SOLD 10/7/2008 for $630,000 (PMM) DOM 21

Warehouse approx. 7000 sqft.

Warehouse in this subdivision was leasing at $1.00 per sqft NET, but because of economy you drop it down to $0.75/per sqft.

$63,000/per year

-$4,582.80 Property Tax

-$6,300 Property Management (optional only 1 tenant)

-$3,150 5% vacancy factor

=$48,967.20 NOI

7.8% Cap

mrfnuts,This does not fit ...

Tue, 04 Nov 2008 22:18:00 GMT

mrfnuts,

This does not fit your criteria, but is interesting and no real proof because lease terms were private.

mls 209679 TMK 3-7-7-9-16 FS $2,700,000 77-6425 Kuakini Hwy., Kailua-Kona, HI 40,000 sqft
SOLD 10/3/2008 for $2,000,000 (CNV) DOM 41

Property was listed at a 6% cap, but CCIM who represented the Buyer says that at sale price of $2M the cap was a 9% cap.

This is a solid return for commercial, I would suspect that most of Phoenix isn't quite there yet (AZ?), but it probably will get there for commercial.

1990 purchase price $1,012,500

Tank: go down. Decrease. ...

Tue, 04 Nov 2008 19:16:00 GMT

Tank: go down. Decrease. Significantly. Any short-term "revival" will merely make way for a Japan-like long-term downfall.

The wife & I may be buying ...

Tue, 04 Nov 2008 17:34:00 GMT

The wife & I may be buying soon. Why are we buying:

never was a bubble here
house prices never tanked, slow market but some ares prices are sitll going up
avg. days on market is 60
economy here doesn't suck
we found a house we love
plan to live there 10+ years
if we don't sell our current house we can use it as a rental (good location for a rental)

So that's the short list of why we may be buying. This is Cheyenne, WY.

Explain "tank". That ...

Tue, 04 Nov 2008 17:25:00 GMT

Explain "tank". That is a broad term.

Current housing prices in ...

Tue, 04 Nov 2008 16:40:00 GMT

Current housing prices in nearly every market are unsustainable. The fundamentals (household GDP) are going down, and housing prices in some areas like mine doubled compared to the fundamentals. On top of that add a massive recession and the result will be: Housing prices continue to tank.

Mr. Realist. What is ...

Tue, 04 Nov 2008 16:31:00 GMT

Mr. Realist. What is your prediction for the housing market?

Here in SoCal it's very simple ...

Tue, 04 Nov 2008 16:28:00 GMT

Here in SoCal it's very simple to predict the market. Yes some homes are selling, forelcosures priced low, but regular listings are not moving in my areas. In parallel more foreclosures are hitting the market. I don't see values shooting up over night here for a LONG time. A smart buyer would wait for some stability. Only idiots that believe their realtwhore is their financial advisewhore are buying in my areas now.