Foreclosure in Weatherford>Question Details

Linda, Home Buyer in Weatherford, TX

I keep hearing that it is a buyers market. However prices in Weatherford Tx do not drop. I am getting no

Asked by Linda, Weatherford, TX Tue Nov 13, 2007

where with my offers. Seller here seem to be firm on what they want and most of the homes are just not selling. And they want more than the home is worth. I have done my home work and looked at compatable homes and offered accordingly. I am preapproved and ready to go. It seems most of the sellers are investors. Any suggestions on how I might approach a seller. Or is it time to just look out side the city.

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Investors are hard nuts to crack. You might think that seasoned investors would be the toughest, but my experience is that novice investors are. Seasoned investors "know when to hold 'em. . . ." In either case, you will need to make a reasonable offer.

There's a big difference between a buyer's market and a depressed market, and I suspect that you may be making a common mistake. In a buyer's market, you can often shave a few percentage points off of the price of a well priced property. More often though, the difference between a buyer's and seller's market is the length of time a home is on the market. If you go at it long enough, you may eventually find someone who is desperate enough to go well below their asking price--but don't count on it.

As for where you buy, you should base that on where you want to buy, and what locale would best serve your needs over the long term.
2 votes Thank Flag Link Mon Apr 14, 2008
Linda, give us some info on what you're looking for in Weatherford and I'll send you some interesting stats on those on the market. That will help you on your next offer or approach one you already have.
2 votes Thank Flag Link Wed Nov 14, 2007
I think sometimes you have to think like a seller. If they bought the home for $100,000 and financed it for that or more, they may not be able to deal. Their closing costs will be somewhere around 8000-9000$ so they're already taking a huge loss. Many will just sit on the home until someone comes along and gives them their asking price. They really can't afford to sell otherwise. I'd be surprised if there are lots of investors in Weatherford, but I could be wrong. Banks may not be a lot more flexible, but you might try bidding on HUD homes or foreclosures. I'd guess in Weatherford area you might be able to get about 10% discount or so to retail if you work your offers right. We'd probably just need to look at each deal to advised you more specifically where you went wrong with previous offers.
Web Reference: http://www.teamlynn.com
2 votes Thank Flag Link Tue Nov 13, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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Hi Linda.

Jackie is right. Real estate is very local. It can be a totally different world from one subdivision to the next. Weatherford is not a buyer's market nor is it depressed. At the same time, it is a good time to buy there. Interest rates are great and statistics for that market show that it has held at a slight incline for decades. That's the best kind of market. You know you'll have equity but there is no bubble to burst and burn you later. Good luck wtih your search.

Note* Hire one agent to work for you and your best interest. That's they best way to find a deal and get it before someone else does.
1 vote Thank Flag Link Mon Apr 14, 2008
Linda,

I am a real estate agent here in Weatherford and would be glad to provide you with more information regarding properties and their values. There are different areas in Weatherford that are definitely holding stable in property values as well as some areas that are decreasing or increasing in value. It really depends on what area you are looking in! Should you look outside the area? Only if that is what you really want to do. However, there are many homes available that are good values. Please let me know if I can help in any way! Thanks!! ........Jackie Rankin
1 vote Thank Flag Link Sun Apr 13, 2008
IN TEXAS THE HOME PRICES ARE VERY AFFORDABLE COMPARED TO OTHER PARTS OF THE COUNTRY AND MANY PEOPLE ARE RELOCATED THERE.

BUT KEEP TRYING MAYBE HAVE YOU TRIED REO OR BANK OWNED PROPERTIES . OFFERING ON TWO PROPERTIES AT THE SAME TIME ?
1 vote Thank Flag Link Wed Nov 14, 2007
Buyers markets does not mean that prices go down. That's very common to think that but it really doesn't. See bruce's comments below.

if you want a dea, then find someone who doesn't owe anything on a property of has lots of equity in the property.
1 vote Thank Flag Link Tue Nov 13, 2007
Linda, It may be time to move outside of the area. Do you have a Buyers Representative? Discuss this concept with them and see what their opinion is. At times sellers can be unrealistic, at other times there could be situations not readily detectable. For instance we have a small town outside our area that has phenominal job prospects coming to it. The property isn't selling currently, but we expect the market in that area to turn around within the next 3-6 months.

Good luck with your search!
Web Reference: http://www.ChrisTesch.com
1 vote Thank Flag Link Tue Nov 13, 2007
I might have the answer for you. My company buys and sells from banks and may have the home you want cheaper than the realtors would sell for. Email me at georgiesampang@yahoo.com. I will work with you till you find what you need.
0 votes Thank Flag Link Sat Sep 8, 2012
Hi Linda, As a Realtor in the Weatherford, Tx area I understand your frustration. According to Keller Williams research nationwide only 20% of the homes are "IN" the market to sell. The other 80% are just "ON" the market. I have encountered the same things this past year. It is critical that you get an analytical agent with the experience to recognize the deals because they do not last. For example, I listed a house in Weatherford week before last and it sold in 5 days over the internet. Buyers had been looking online since January. These sellers were willing to price ahead of the market which means "best priced and best condition". These sellers spent months getting this home ready to sell by packing up, staging and painting. Then they listed it. They came down off their price less than $500.00 because their agent could show them it was priced to sell. It is a big mistake for sellers to price higher to leave room to come down because by the time they want to come down the house is stale on the market and the "come down price" they want is too high again !! If you do not have a buyer's agent working for you feel free to call me. You won't be sorry.
Web Reference: http://debbiescrimshire.com
0 votes Thank Flag Link Sun Jun 13, 2010
If you're a first time home buyer, purchase the home now. The rates are the lowest and home prices are the lowest in a long time. Home prices double every 10 years. That's why people take money out of the stock market and invest in real estate. If you plan to live in the home for at least 10 years, don't worry, you will not lose money.
0 votes Thank Flag Link Mon Apr 14, 2008
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