Zillow Advice: Home Buying - Should I wait to make offer and how will the Syrian strikes affect the housing market? http://www.zillow.com/advice-thread/Should-I-wait-to-make-offer-and-how-will-the-Syrian-strikes-affect-the-housing-market/509890/ Zillow Advice | Zillow Real Estate In my opinion Syrian strikes ... http://www.zillow.com/advice-thread/Should-I-wait-to-make-offer-and-how-will-the-Syrian-strikes-affect-the-housing-market/509890/ <p class="MsoNormal">In my opinion Syrian strikes will have no direct effect to the housing market. It may have an effect on the stock market, which will have an effect on the economy, which may have an effect on the fed, which may have an effect on the interest rates, which may have an effect on you. &nbsp;But by the time it trickles down it or a million other things could do the same thing. You'd have better luck trading stocks on news then timing the real estate market based on the Syrian strikes. The only people that the strikes will have an effect on is the Syrian who's home the missile lands on.</p><p class="MsoNormal">I do a lot of work with bank owned homes.&nbsp; First of all I've found Zestimates to be almost always wrong. They seem to take into account properties that wouldn't count as comps.&nbsp;</p><p class="MsoNormal">Next Fannie May will make 10% drops every once and a while. They market their properties at full market value and then will hold forever making 10% drops. When they hit a cretin price point they will actually hire contractors to fix up the house and then raise the price back up and start all over.</p><p class="MsoNormal">Think of it as though you aren't trying to out run a bear, you're trying to out run your friend. They bank will sell the house and keep dropping the price until it sell's. It won't ever hold inventory. HOWEVER, another buyer may be able or willing to pay more then you.&nbsp;</p> Wed, 04 Sep 2013 12:32:00 GMT http://www.zillow.com/advice-thread/Should-I-wait-to-make-offer-and-how-will-the-Syrian-strikes-affect-the-housing-market/509890/ 2013-09-04T12:32:00Z I would suggest searching ... http://www.zillow.com/advice-thread/Should-I-wait-to-make-offer-and-how-will-the-Syrian-strikes-affect-the-housing-market/509890/ <p>I would suggest searching in the price range that is within your budget.&nbsp; A&nbsp;Zillow estimate is not&nbsp;the appraised value.&nbsp; Most professional agents won't use it as&nbsp;true indicator of value.&nbsp;&nbsp;Regarding Syria,&nbsp;we don't know how that will affect the market.&nbsp;&nbsp;If you want to buy a home <u>and</u>&nbsp;you're financially stable, then&nbsp;you should follow your dreams.&nbsp; &nbsp;</p> Wed, 04 Sep 2013 03:09:00 GMT http://www.zillow.com/advice-thread/Should-I-wait-to-make-offer-and-how-will-the-Syrian-strikes-affect-the-housing-market/509890/ 2013-09-04T03:09:00Z Hi to the Buyer from Porterville-&nbsp; ... http://www.zillow.com/advice-thread/Should-I-wait-to-make-offer-and-how-will-the-Syrian-strikes-affect-the-housing-market/509890/ Hi to the Buyer from Porterville-<br/><br/>&nbsp; I have no idea where you are... but here are my thoughts on the real estate questions:<br/>1. A bank/FannieMae foreclosure property usually will not drop from 380k asking to a 325k offer...too big a drop. Have your agent track other homes with similar ownership- you may see price drops, over a period of time, I will guess there will not be 55k drop in price all at once.. what you have against you with such a large diff in offer vs asking price- the seller has a stack of appraisals, BPO's, listing agent data, etc, supporting the current asking prices..so when you come in with a low offer, whether reasonable or not, the paper in the file will all indicate a higher value. On this one, you may need to continue looking and play the waiting game.<br/>2.&nbsp; Your max offer was 325k... why are you looking at 380k homes?<br/>3. Zestimates... you gotta love them. But you can NEVER count on them to be accurate.... they are either high or low..after all, Madam Zestimate gives a value having never seen the property.. she bases her opinion on what others have sold for, and, has never seen those properties either. The Madame Zestimate will either love you with a high Zestimate,or loathe you with a low Zestimate... very rarely is she indifferent with a very accurate Zestimate.<br/>4. Syria? I agree, think big. Think about this- you think interest rates will tend to go up, down or stay level over the next 5 years? I think they will go up. I have no idea to what level..if I knew, I would be a Zillionaire on Wall Street. I would give Madame Zestimate diamonds by the bushel.<br/>5. Here is your homework... what is a better deal for you:<br/>&nbsp;a. 325k at 4.5%&nbsp;&nbsp;&nbsp; (hint, 1647 P&amp;I = 30yr total 592k)<br/>.b. 275k at 7.5%&nbsp;&nbsp;&nbsp; (hint, 1922 P&amp;I&nbsp; = 30yr total 692k)<br/>&nbsp;Best to you.<br/><br/>p.s. If you like this answer, please reward with a thumbs up. If I have taken the fancy of the asker of the question, a 'best answer' would be an honor.&nbsp; thanks, The RE guy in MD. Wed, 04 Sep 2013 03:00:00 GMT http://www.zillow.com/advice-thread/Should-I-wait-to-make-offer-and-how-will-the-Syrian-strikes-affect-the-housing-market/509890/ 2013-09-04T03:00:00Z You shouldn't be like the ... http://www.zillow.com/advice-thread/Should-I-wait-to-make-offer-and-how-will-the-Syrian-strikes-affect-the-housing-market/509890/ You shouldn't be like the old fable about Chicken Little crying, "The sky is falling."&nbsp; If you are ready to purchase a home, then follow your instincts. Wed, 04 Sep 2013 02:57:00 GMT http://www.zillow.com/advice-thread/Should-I-wait-to-make-offer-and-how-will-the-Syrian-strikes-affect-the-housing-market/509890/ 2013-09-04T02:57:00Z Ha! http://www.zillow.com/advice-thread/Should-I-wait-to-make-offer-and-how-will-the-Syrian-strikes-affect-the-housing-market/509890/ Ha! Wed, 04 Sep 2013 02:29:00 GMT http://www.zillow.com/advice-thread/Should-I-wait-to-make-offer-and-how-will-the-Syrian-strikes-affect-the-housing-market/509890/ 2013-09-04T02:29:00Z If there are kinetic strikes ... http://www.zillow.com/advice-thread/Should-I-wait-to-make-offer-and-how-will-the-Syrian-strikes-affect-the-housing-market/509890/ If there are kinetic strikes on Syria, I predict that some segments of the Syrian RE&nbsp;market will collapse. Wed, 04 Sep 2013 02:17:00 GMT http://www.zillow.com/advice-thread/Should-I-wait-to-make-offer-and-how-will-the-Syrian-strikes-affect-the-housing-market/509890/ 2013-09-04T02:17:00Z It will hurt the market. ... http://www.zillow.com/advice-thread/Should-I-wait-to-make-offer-and-how-will-the-Syrian-strikes-affect-the-housing-market/509890/ It will hurt the market. Or help. Or have no effect!<br/><br/>Really, who the hail knows! Wed, 04 Sep 2013 02:12:00 GMT http://www.zillow.com/advice-thread/Should-I-wait-to-make-offer-and-how-will-the-Syrian-strikes-affect-the-housing-market/509890/ 2013-09-04T02:12:00Z