Home Buying in 48083>Question Details

Tyler, Home Buyer in New York

Forecast of real estate market

Asked by Tyler, New York Sat Jun 9, 2012

Can anyone forecast (or point out resources that forecast) when the low inventory will increase? I am a home buyer considering taking a break from home shopping because I'm tired of the bidding wars and lack of decent homes for sale

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5
Tyler,
When a home is listed, you have to put in a strong offer immediately, if you have an aggressive buyers agent, many times you can get your offer accepted without having to deal with multiple offers. Best Regards,
0 votes Thank Flag Link Mon Jun 11, 2012
Tyler,

There's really no way to predict what the market it going to do. Think back a few years... Most people didn't see the housing crash coming.

It's a sellers market right now and while things can change quickly, I think it's going to be this way for a while.

Keep looking. New homes come on the market all the time.

I use a couple of creative strategies that have worked to get my buyers into homes, but there's no "sure thing" that will guarantee you an accepted offer.

Good luck!
0 votes Thank Flag Link Sat Jun 9, 2012
If you are a buyer that is currently qualified to purchase I would not take a break under any circumstances. 20 years ago I sold investments. In those days we constantly ran into people that said "I could have bought Chrysler stock for $1.00 per share". And, occasionally, I would actually meet someone that HAD bought the stock that low.

20 years from now people are going to say I could have bought a home when interest rates were 3.5%! Just take a minute and imagine how you're going to explain why you didn't buy a property at the best time to purchase in the last 80 years!

Buyers have gotten used to historically low mortgage interest rates, mistaking them for normal rates and thinking that this situation will continue. In our SE Michigan market interest rates, property values and property taxes all have only one direction to go...up!

I know it's frustrating - it's driving us crazy too. Trust me though...10 years from now you'll be thankful you persevered!
0 votes Thank Flag Link Sat Jun 9, 2012
You are not alone! All my buyers are frustrated with this low inventory of properties. ....it is truly a sellers market and, as agents, we hope the market changes and sellers will put their houses on the market. The problem is too many home owners are upside down or waiting for the market to change. Well that is not going to happen for a few years. .... As a buyer the good news is that mortgage rates are at an all time low. ..... if you are working with an agent, good for you, at least you are getting the listing as they come on the market and you are one step ahead if some other buyers......I sometimes tell my buyers to take a break and get a rest. There is nothing like losing houses after you think you offered the right price. Be patient, you time will come come.
Web Reference: http://yourhometeamx21.com
0 votes Thank Flag Link Sat Jun 9, 2012
Anyone trying to forecast the real estate market is akin to forecasting the stock market. It is just a guess.

Also keep in mind that "figures lie, and liars figure".

Having said that, it IS a fact that there has never been a better time in all of history to buy a home.

Unbelievable interest rates, coupled with prices 40% or more off the 2005-6 peak should be enough of an incentive for continued vigilence.

Keep looking, but be mindful that most worthwhile properties are going quickly.

Further questions, give me a call.

Regards,

Mark Mergener Cell 248 935-0335
0 votes Thank Flag Link Sat Jun 9, 2012
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