Home Buying in Lakeside>Question Details

Rfehr59, Home Buyer in Columbus, KS

How long do you expect the prices to remain lower in this area?

Asked by Rfehr59, Columbus, KS Sat May 12, 2012

Interested in the Lakeside and Somers Market area. Also can a cash offer bring the prices even lower on some of these homes?

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3
Donna Johnson’s answer
Cash offer can often help in negotiations particularly in cases of distressed properties whereby a short close date is preferred. If the seller is not motivated to sell quickly then buyer financing is the same as cash at close. Cash helps to work more quickly through the purchase process.
0 votes Thank Flag Link Tue Jun 26, 2012
I believe this is the lowest price in last 40 years. I wouldn't be surprise if market go up soon.
0 votes Thank Flag Link Sat May 12, 2012
Hi Rfehr59 - my name is Steve Dooling and i am a real estate broker, who happens to live in between somers and lakeside, as a matter of fact! Prices in this local market, as in all markets, are dependent upon inventory levels and the competing properties. This is to say that the condo market is different from the sfr market, commercial and land market. I assume you are a home buyer and speak to that. This area has realised a modest correction, particularily on the higher end, but has been, for the most part, quite resilient as compared to other flathead and lake county properties. The reason is that there is very low turnover of homes in the area and is quite stable, and a small area as you know. Foreclosure rates have been dropping steadily. Prices have remained static for approx 6 months. Buyer activity was low in the first quarter (as is the norm) but the Canadian buyer is here with cash and looking. One never sees the bottom of the market until it has passed, but my experience tells me there is more buyer optimism now than in the prior 2 years.

As far as a cash offer vs. Financed offer goes, cash talks. Remember that buyers, when financing, are almost always pre-qualified in this market when making an offer. It depends on the sellers attitude as to how they view a cash offer vs.financed offer, but they all get cash at closing...but i will always reinforce to the seller that a cash offer removes all doubt!

Any questions, feel free to call me at (406) 253 - 9117
Steve Dooling
Broker
Trails West Real Estate
0 votes Thank Flag Link Sat May 12, 2012
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