2009 has a great chance to be a turnaround year in the housing market. I think the consumers paralyzed by fear will regret not making a decision in terms of buying but only time will tell. And more importantly, everything is based on your local market !
As someone who studies risk, would need to know more info about your local market. But outside of that, your quality of life issues should play a deciding role. And do not forget about mortgage rates being at record lows !
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Actually, I listed one particular property in January and we had a signed agreement within three wks. The client wanted me to list the property in early December. We used that month to prepare the home and it was listed with an initial offer price that was correct for the market.
As for the future of the market prices, no one knows. I do know that it is about as close as it will be for buyers to make an investment in a home. Interest rates are about as close to bottom as they will be. There are individuals wating the Fed to drop the rates even further, but there will be no guarantee on how far down they will go. I don't think much further below 5% for the consumers.
It also depends on what you want to do with the home. Are you going to fix it up and sell it? Or are you going to live in it for a good period of time. Flipping the home should only take six to eight weeks. The market shouldn't change that much so quickly. Ten years from now, if you choose to live in it, the economic situation should long be over with and you should make a decent profit anyway.
If you are moving from a smaller to a larger home, now is the time. If you are moving from a larger to a smaller home, now is not the time. The choice is entirely up to what your needs are. Don't try to second guess a market which can't be predicted.
With the current market conditions, dont' you think property prices will continue to drop, considering jan and feb are traditionally the slowest moving months in real estate?
Thanks for your help
Although, to look at your side, what's the worst that could happen? They would decline the offer. You could then put in another offer.
You also need to look at the total time on the market, which your agent should know. I understand the 38 days for this current listing, but has it been offered for a longer period of time. Just 38 days would be too short of a time to be risky with your offer. Also, banks tend to sit on lower offer for longer periods of time and there is basically nothing you can do. You will also need to see what the addendums will look like. Have your agent ask for them to see what additional stipulations there will be.
Hope that helps.