At the end of the day - a good deal is just that - a good deal - in ANY market. You don't have to be a real estate agent to know that and you don' t have to be talking about real estate alone. That's just common sense.
Now in terms of being able to recognize a good deal - that's a different story. At the end of the day - you have to do your own research while listening to the professionals. With real estate, if the unit you're selling can net you in a worst case scenario, enough money that allows you to mentally accept that fact AND the unit(s) you're buying are at a good price AND the interest rates are "good" with quality terms and conditions - then what's left to discuss?
You're buying a personal home as well - so take that into consideration. Life isn't strictly business - so numbers, terms and conditions are only a part of the equation - with a personal residence, there is an emotional factor involved.
Like my dad always said - "KEEP IT SIMPLE SILLY." Words to live by.

Sat May 24 2008, 07:35

Marc,
Obviously, there are differing opinions on the topic of timing. No wonder buyers and sellers are confused. I agree with Tammy in that no one can accurately predict what rates will be in 6 months. The reductions at the Fed level don't hit the consumer (usually) for a few months.

While I don't think rate should be ignored totally, I believe there is another number that should be considered. According to several reputable sources, prices in Manhattan have increased for both co-ops and condos quarter over quarter consistently. So, even if rates drop another percent, the savings may be a wash or loss if the price of the home you purchase increased during your wait. But, you may get more on your sell side.

I also agree with Tammy in regard to repairs. Oftentimes, I encounter sellers who focus on the wrong areas for improvement. You'll want to concentrate on those things that will reap a financial reward for your work. Not all improvements bring dollars directly, but they add to a positive perception within the buyer. However, you'll want a positive balance in the work you do. Tammy encouraged a "Local" agent and I would as well. Choose someone who knows your market.

Good luck, Marc.

Wed Mar 26 2008, 11:50

I'm not "stalking" you, I am free to read any thread I care to, and respond.

Thu Mar 20 2008, 18:56

For those who are not and hoping to find accurate information. If this isn't obvious, well, there is likely no hope for you. Thoe realtors that add value will not be hurt by the increasing information provided to the buyer, those who are useless will go the way of the dodo, and deservedly. J R. I have no problem with you following my posts and trying to dispute my arguments, but i'm waiting for you to post any fact, when you do, we can have a debate about market trends. In the interim, stalk me as you will, but you're the pro, I'm just a random poster which logic and reason my side, and i you think anyone who spends money doesn't know that, well, good for you.

Thu Mar 20 2008, 18:50

Realtors are almost always biased and not to be trusted,
~~~~~~~~~~~~~~~
So you troll forums such as this, where you're going to find realtors....why?

Thu Mar 20 2008, 18:32

Dear Zack and JR,
I spend time on trulia to answer questions from consumers and other agents. As an agent ,this is invaluable to me to learn about the different markets around the county as well as what is happening in my own backyard. I am not out here trolling for business, I am busy enough. I enjoy learning from other experienced agents and consumers on here.
What I don't appreciate is the cat fight you two have going on.Take it outside!
~~~~~~~~~~~~~~~~
I am not here trolling for customers either. I have my contact information in my profile. I respond when I am personally attacked. Must be a character flaw or something.

Thu Mar 20 2008, 18:30

Jessica,

I agree, I'm not here to pick individual fights. I'm just trying to give other people the information I have found. The fact of the matter is, the world is better against the NY housing market to the tune of 20%. I don't pretend to be an expert, and realize that there are exceptions in every market, but trends are trends and counting on bucking the trend is p*ssing in the wind. Unless I'm personally interested in the house, I have no reason to wish the seller to get anything less than max value and in this case, I'm not interested but I'm just looking to be engaged where I'm provided facts and data that supports an argument instead of being called name. Jessica, i"ve replied to you posts in the past about how I'm not a believer in New Rochelle but I have no factual reason to believe this so I've stopped trying to convince others and I believe you do give factual information which allow others to make a decision based on this, so i have no quarrel with you. That said, just because an argument crosses threads, if i'm not provided with any real information, i'm going to reply and not just let it go because everyone gains from my battles.

Zack

Thu Mar 20 2008, 17:53

Since Realtors are not to be trusted per the Home Buyer in I assume Westchester with a financial engineering degree has stated I don't know if I should give my 2 cents worth or not since I am a REALTOR® but I will humble myself and proclaim that NOW is always the best time to buy or sell. I have never seen in my real estate experience that there was ever an advantage for a buyer or seller to "wait."

Thu Mar 20 2008, 17:48

Dear Zack and JR,
I spend time on trulia to answer questions from consumers and other agents. As an agent ,this is invaluable to me to learn about the different markets around the county as well as what is happening in my own backyard. I am not out here trolling for business, I am busy enough. I enjoy learning from other experienced agents and consumers on here.
What I don't appreciate is the cat fight you two have going on.Take it outside!

Thu Mar 20 2008, 17:43

It sounds like you would prefer to wait until the fall and are concerned you might miss out on lost interest rates if you do.

The truth is that no one knows what will happen in the coming months so it is difficult to advise you on rates.

If you are more comfortable making the repairs and waiting until the fall for perhaps other reasons, you should wait. Someone else below said this too, but the market you sell in will be the market you buy in.

Selling and buying decisions are not always made based on the rates of the moment. Your personal motivations count too.

I recommend you contact a local realtor to discuss the unit before you make any repairs. We don't have many co-ops in Dutchess County so I am guessing you are not near me. But I often will meet with clients at the property to make recommendations about which repairs are worth making and which are not. A local agent may not only save you money and prevent you from "over doing it", but also help you earn a few dollars on the resale by recommending other modifications you may not have thought of.

Best of luck!

Thu Mar 20 2008, 17:34

I'm not throwing stones I'm a home buyer with a masters degree in financial engineering, so I can intepret data and, with some degree of confidence, draw conclusions. Housing conclusions are easy to come by, the market sucks, sellers will generally get killed and buyers will make out. There wil be numerous exceptions to this based on location, renovations, etc, but as a general rule, this is true. If i'm wrong, please let me know as I'm shopping so if I'm the one being delusional in prices, I'd like to know ASAP.

Being a home buyer is probably the best credentials you can have right now. Realtors are almost always biased and not to be trusted, sellers are trying to grab on to the tail end of a bubble that has long past, I'm a realistic shopper and someone with vested interest in the market. Because you're holding all the info doesnt't change or affect my credentials, actually they shoud enhance them since I've done enough to get educated.

I did not call the home seller a moron, but if he lists today and takes his medicine when other options are available, he acted like a moron. If he can wait, or hold out for a recovery, then he'll do better for himself. These are not random opinions, the CME NY housing futures show a 20% decline in housing in the next 4 years. Am I wrong for pointing this out? The entire world's financial markets are betting against us, but that's fine, its a good time to buy. The fact is that buyers have all the power and unless there is something ot make your house unique, you should hold it. Including Marc, in this post. If you can't afford to hold, then you sell and take your medicine, but what is the point of asking then.

Thu Mar 20 2008, 17:21

I have not implied my services are "invaluable". If you insist I have, show me the post. I have not weighed in on whether or not low interest rates mean this is a good time to buy. I also have no problem providing users with my personal information, and many of the users and voices have my information. I have also not told a poster they are a moron. I wouldn't throw stones, since your credientials seem to be that you are a"home buyer".

Thu Mar 20 2008, 16:47

Also, J R, I'd like to you give me some reason that you believe that "interest rates are low" argument is a good one.

Thu Mar 20 2008, 16:08

I have no problem providing the user my personal email and information on why waiting to the fall, or better yet, like 2010 to sell is a good idea. I'm not attacking people nor implying my services are invaluable as you have in previous posts. Marc, if you'd like more info, let me know and I'll let you know how to contact me.

Thu Mar 20 2008, 16:06

Zack, you just castigated me for posting anonymously and criticized my posting style. I notice you are also posting anonymously and calling a questioner a moron. You have a lot of nerve.

Thu Mar 20 2008, 15:51

the fed has cut rates at every meeting this year, if and when the markets settle this will be passed to the consumer. Buying now because of "low" interest rates is moronic. Don't be a moron.

Thu Mar 20 2008, 15:46

Hi Marc,
Regarding mortgages, your best bet is to talk with a mortgage broker, they are the professionals with whom you should be dealing. I wonder how much work you need to do on your co-op, what will you be fixing up? You always want your unit to be the best among its competition. Preview similar units to your own to get an idea of pricing and what you need to do to make your co-op the one people want.
The Fall market is a bit different than Spring, there are often fewer units out there thus less competition. Often buyers looking in the Fall are better buyers because they are not just browsing, but actually looking to buy.
Good luck.

Thu Mar 20 2008, 11:31

I believe this is the best time to sell. Although you are selling in a lower market, you will be purchasing in the same market. Rates are good...you know the old saying, "a bird in hand;" who knows what the market will be like in the fall?

Thu Mar 20 2008, 11:00