Home Buying in Cresco>Question Details

Gary Cole, Home Buyer in Cresco, PA

why is it so hard to find a good home at a good price even though its a buyers market? w

Asked by Gary Cole, Cresco, PA Fri May 25, 2012

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There are a lot of questions. What is your price limit? It might be that you need to spend a little more to get what you want. We need to talk.
0 votes Thank Flag Link Mon May 28, 2012
Who told you it was a BUYER's MARKET?

Did you think it was going to last forever?

Are you still waiting for the BOTTOM of the Market?
0 votes Thank Flag Link Sat May 26, 2012
0 votes Thank Flag Link Sat May 26, 2012
I guess to start, I wonder why you call it a buyers market and what you think that means. In much of my area I would not call it a buyers market. At the worst of the market - when it WAS a buyers market - it was largely distress properties and they were in terrible shape - but they were a great deal. On the other hand, even then, some people didn't think so... They thought a home that - in 2005/6 was worth $400K, selling in 2008/9 for under $200K in terrible shape was not a good deal... They expected those homes to be available for $50K.

So, it all depends on what you mean, and what your expectations are. Do you have an agent? A good local agent can steer you right.
0 votes Thank Flag Link Fri May 25, 2012
You don't think the prices are good? And with the interest rates as low as they are?
0 votes Thank Flag Link Fri May 25, 2012
I can give you some insight into my local area which may have some bearing on your area. We have many foreclosures hitting the market daily that are priced well below market value. Being a buyers market means a buyer can get a good deal.....but, you are not the only buyer and many others are out there looking for the same great deals. In our market, when a great deal is presented, it is usually under contract within days.

It could be that great deals are occurring but being missed. Ensure your agent is keeping tabs on foreclosures as they hit the market and you have your financing in order and the willingness to hit a Kinkos at 10pm, if needed, to scan documents or whatever needs to be done to capture these deals quickly. I was recently working with an investor that would take 2 days to follow-up and we lost at least 2 deals to buyers that were quicker.

Good luck!
0 votes Thank Flag Link Fri May 25, 2012
The terms "good home" and "good price" mean so many different things depending on the person using those words. In any market, the majority of buyers are getting a mortgage. That means, the lender will have an appraisal done. No mortgage will be granted for more than the home is worth. Knowing that, Realtors are going to price properties fairly and buyers can be confident that, with the strict new appraisal laws, that no one is going to pay more than a house is worth. Even foreclosures and short sales will be priced at market value, taking into account the condition of the home, the location, etc. To me, that means the buyer is getting a good deal. It sounds like you are looking for a home to be priced below market value. Sometimes, you can find them where it says "seller motivated".
0 votes Thank Flag Link Fri May 25, 2012
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