The home buyer bribe is extended. It expires 4-30-10 for signing. 6-30-10 for completeing the sale.

Winter is the dead season for sales. The bribe will not help much. NAR said they would be satisifed with this and not ask for a third bribe. Who wants to take bets on that?

Myself, I am out of the market for awhile unless something really spectacular comes along. WHen the bribe dies my buying actions come to life. So much for the stimulative effect of this bill.

Hi Maggie,

Our company receives bank owned listings from 3 different sources and they are all saying the same thing...the inventory is coming. Consider the following:

Last November the top 10 lenders put a moratorium on foreclosures.
Those moratoriums came off between April 1 and June 1 of 2009.
Lenders are being paid by the government to initiate loan modifications.
The local municipalities in CA told them they needed to restart their foreclosure paperwork to make sure it was current.
The CA State Government put a 90 day freeze on foreclosures on June 1st that completed September 1st.
Filings of Notice's of Default are up 88% in 2009, yet actual foreclosures are up 14%

What that all equates to is approximately 11 months of pent up inventory that has started to trickle out already. The bulk of it is expected to start being released between December to February and forward from there. So, if you can wait, it may be worth your while.

We hope this helps.

Best regards,

Mark and Kari Shea
San Diego Real Estate Experts
Investment, Foreclosure & Short Sale Specialists,
Development Opportunities & Traditional Real Estate

Ponder this:

How often do we purchase something nominal, such as a piece of clothing, then see something similar on sale for less a week later? Do we like that particular piece of clothing any less?

Kim

Disclaimer - I am a licensed real estate broker in the State of Ohio

Maggie,

You and your agent should be working hand in hand on your search, always keeping some kind of pulse on the market. How fast your proceed is a bit dependent upon your goals. Are you wanting a great home, or is your decision more financially driven? All the advise below is good to consider. If you are not already on a property alert system, that is a good thing to start with your agent. It will save you time and keep your eye out for a home that meets all of your criteria the minute it hits the market. It allows you to set the pace. If something spectacular comes along, you can then made a decision to pursue it.

Warm Regards,

Marcie Sands, REALTOR
Simply The Best Real Estate Company, Inc.
760-644-1562

http://www.dailyfinance.com/2009/10/21/housing-prices-foreca…
This says a lot

The following says even more.
http://www.businessinsider.com/the-housing-chart-thats-worth…
http://business.theatlantic.com/2009/09/the_shadow_foreclosu…
http://www.housingwire.com/2009/10/19/27m-distressed-propert…
http://www.businessinsider.com/henry-blodget-housing-market-2009-4

basically, when you look at all of the above links you will find one thing. We have so many troubles in mortgages that we are going to have to have a lot more foreclosures. When we get them logic suggests that prices must drop. Notice the time frames involved. There is no hurry to buy. I would say february would be the earliest I would consider buying. If you could wait 2 years it would be even better. The only thing that *might* change things at all would be if congress reinstates the $8k buyer credit. The last one sucked a lot of buyers into buying in the last 3 months. Now they are not competing any more. FHA financing is soon to be much tougher if even available. Their delinquency rate is ruining their financial reserves. A lot of people used the last $8k credit as a downpayment. With that gone the rest of the buyers have a much clearer path without that crazy competeion left.

Hi Maggie

My advise is simple and straight forward. In San Diego home prices have fallen over the past few years. Do not worry so much about a bidding war or why others are buying etc...

Look at all of the homes you are interested in and when you find one you love, make an offer. Determine what your max value is for the particular home and if it you can get it for less then you win. If the seller wants more than the home is worth to you, then move on.

My point is this, If an opportunity presents itself to buy a home you love at a price which is fair and makes financial sense then don't let what others may or may not do, keep you from trying to make it yours. The house you love today may not be available in December and it may be a while till you love another. Why not go after the ones you love. Kinda like looking for great partner :-) .


Call me if you need any advice.
Greg Godwin
1-800-GET-GREG
1-800-438-4734

Hi Maggie

My advice is short and simple........buy when you find the home you love - whether it's now, in 2 months or 6 months.

Don't worry about trying to "time" things, or trying to figure out what will happen next with thie market, as no one knows.

As it is, the time is quickly running out to meet the Nov. 30 closing deadline for the tax credit, so it might be a moot point.

Good luck in your home buying search.
Best wishes.
Debbie Rose
Prudential NJ Properties