It Official: Its A Buyers Market!

[LadyT]

http://money.cnn.com/2006/07/25/news/economy/homesales/index.htm?cnn=yes

"NEW YORK (CNNMoney.com) -- It's official - even the nation's leading group of real estate agents now says it's a buyers' market in housing, as a soaring supply of homes for sale means nearly flat prices and longer waits for sellers."

[robdastud]

thats good news tiana, chap was probably right,, do you remember him, he was on fullpolitics and had $$money

[LadyT]

LOL, I think I remember him!

The homes are definitely coming down now. About a year ago you couldn't find anything in my area for under $300K (Single families), now there are some seemingly nice ones.

[$$RichRepublican$$]

only a loser lowlife trailor person would consider buying something under $300K

[LadyT]

Alas, that is me. Its so funny you say that because I didn't even realize there were trailor parks around my area until I started looking. I saw one listed and it was pretty affordable, and I read the description of "the home" and then when I looked closer, I realized it was a trailor home.

[klaatu]

Well ... you could have asked me Lady T ... Ive had my house on the market for nearly a year .... and yes it has flat lined ... it is now listed at the same price a nearly identical house sold for in Oct. of last year, and Im in Boca Raton Fl...

[tianabautre]

I'm excited. I think I'll finally be able to afford something. The market has not been kind to first time buyers.

[Damocles]

Hold off a tiny bit longer. You want those sellers to get truly desperate...

[LadyT]

I'm thinking I should put offers on the table sometime in September. Summer is whne people really expect to sell and move and by that time I think they should be desparate enough. Also there are homes around here that have been on the market for a very long time.

Klat, are you getting offers? How low would you be willing to go since its been on the market for a year?

[klaatu]

Nope.. I just re-listed .... Im on my 3rd realtor ... it will get sold ..Im in a very desirable neighborhood .. the best schools in Florida (both public and private), a shopping, entertainment and food mecca. Lets put it this way ... I still have plenty of room to move on the price if I have to, Ive owned the house for 7 years. If I sell at 27g less than I have it listed at this moment.. I will still walk away with 2.5 times of what I originally paid.

[tianabautre]

I'm hoping I can find someone that wants to sell quickly. I don't know if I'll get what I really want to pay though

[klaatu]

depends on the market that your in ... whats it like?

[tianabautre]

the prices are definitely coming down. A few months ago you couldn't even look at a single family for (old and in so-so condition) for under $300K, now I'm seeing them around 290K. As soon as see a single family in my range that I like, I'm on it. The weird thing is that townhomes & condo's in this area for similarly sized homes are around the same price. You'd be a fool to get a townhome or condo over a single family if the price isn't all that different. There's definitely a lot of disparity in the prices imho. But if their is a bubble coming, I may be better off waiting until next winter or spring.

[tianabautre]

Another thing too is that I've seen homes on the market FOREEEVVVVERRRRR

[klaatu]

Another thing too is that I've seen homes on the market FOREEEVVVVERRRRR


yup ... thats the genral condition around the Country. Same here with the Condo and Town Home deal .... I dont get it and there are new Town Home developments going up! ..... that's a real head scratcher .. although I think the developers were committed before the bubble burst .... so they are in somewhat of a pickle until things start stabilizing. The thing Im lookin for is the Loan Institutions to get creative. Come up with some new products .. like 40 or 50 year notes .... I think those are pretty common up in Canada.

[tianabautre]

I agree, unless a lot of these people start amortizing their loans over 40 to 50 years, there is no way that these ARM people are going to be able to pay their debts back.

[Blackwater Lunchbreak]

You need to find out if the government is going to interfere and artificially prop up the market. Then decide.

[Topspin]

what do you mean if, they are already proping it up with billions.
Inflation will follow in a big way.

[Blackwater Lunchbreak]

what do you mean if, they are already proping it up with billions.
Inflation will follow in a big way.

Well there we have it.

[Topspin]

that is the knowledge grasshopper. Will you still stack paperclips at office depot or buy some of the inflating asstes????

[Cancel7]

that is the knowledge grasshopper. Will you still stack paperclips at office depot or buy some of the inflating asstes????

I'd like to buy an inflated asste. How much are those going for these days?

[Topspin]

lol as usual it's over your head dhula
stick to shoes and manhater insults

[Socrtease]

You guys live in some insane places for housing. My parents have a 100 year old Arts and Crafts two story with 18 inch adobe outter walls with a two story duplex in back on 3/4 of an acre in the middle of our city that would sell for about 330k here right now.

[Beefy]

You guys live in some insane places for housing. My parents have a 100 year old Arts and Crafts two story with 18 inch adobe outter walls with a two story duplex in back on 3/4 of an acre in the middle of our city that would sell for about 330k here right now.

My brother owns a 1300 SQFT 50 year old shitbox in a lousy part of town which has all kinds of problems, and its going for $575K.

[Topspin]

my sis says my brand new constuction for 250,000 in Covington would be well over 1 mill in berkley