Michelle Carr-Crowe's Discussions

I think the important point was "now" was a good time for those particular clients to buy in that area - when the cost of owning is less than the cost of renting, that's often a key financial hurdle. What I see now my market in San Jose with Cupertino Schools, is a convergence of factors that many clients have said they were waiting for - lower prices, low interest rates, higher inventories and again, numbers showing that for *some* buyers buying may cost less than renting.Unlike stocks or other investments, there are other compelling reasons for home ownership-however, it is not appropriate for everyone's situation. An ethical agent will ask the hard questions - and be willing to tell someone the truth and risk losing a commission. About 20% of the time, I am recommending buyers wait to buy right now, although I am telling them (and providing them our 10-year trend data to show it) that they should be prepared to act when the right home opportunity comes up for them (getting pre-approved, correcting credit, etc.). It's OK with me if that's tomorrow, next year or 10 years from now. I truly do want it to be good for THEM. About 50% of the time, I'm advising sellers to wait rather than sell right now. However, in my opinion, and specifically in my market, I believe this is "the year" all of our buyers who were on the fence were waiting for. (BTW, my  mother and I were telling people since 2004 if they wanted to wait for the next "buyer's market" in our area, it would be ~2008-2009.)

The true market value of any home is what a specific ready, willing and able qualifed buyer will pay for that home today--as long as it it accepted by the seller. In re: banks holding back foreclosures, what I see happening is more instutitions trying to work with loan modifications and forbearing on foreclosing. I know of 2 sellers who haven't paid any payments for more than 4 months - and never even given an NOD because they are still trying to work things out with the bank.

Zillow, while comprehensive, still doesn't have every single home in every county of every state listed yet. Are your neighbors' homes on Zillow? If not, you may need to submit a request to Zillow help/support, but it may be a while before it is added.