Most define the bottom as 3 consecutive months of fewer listings than sales. SO what does the market look like in the last 30 days?
391 listings came on the market and only 161 sold. Definitely not the bottom, right?
If we exclude short sale listings (because only 4 out of 100 close) we find that there were 162 listings and 161 sales in the last month! Today's short sale is likely to be tomorrow's bank-owned. But even so the market is now in balance, thus deals are harder to find and negotiate.
The key is to (1) get credit-aproved by a lender you know, like, and trust; and (2) carefully write reasonable offers at a price you are willing to accept.
Things you can adjust to give yourself an advantage are the escrow epriod, the contingency period, bringing in a deposit increase anfter you remove contingencies, and not asking for more than 3% in closing costs.
Another way to define the bottom of a market is price. Bank-owned homes are selling today for about 55% of what they sold for two years ago. Plus, interest rates are more affordable and sellers are paying more in closing costs.
You're rightly cautious, but get the right facts and be unafraid to act. You'll be glad you did!
Thanks for the opportunity to compete for your business. IF you have any other questions you can reach me directly at 951-571-9229 or firstname.lastname@example.org
Consider following Warren Buffet's simple wisdom of remaining fearful when others are greedy and greedy when others are fearful. It seems to have worked well for him.
Got questions?? Call me at 951-308-1917.
You can still find great deals. We list and sell a lot of homes here in Temecula/Murrieta and we have a number of upcoming listings not yet on the market. We're personally currently buying homes for rental properties and have done so during the past 2.5 years. We continue to buy homes in this market. These investments offer great cash flow and probably excellent future appreciation.
Michael Garcia, GRI
when the market is on its way down
or on its way up???
Nobody knows what the bottom is until
it is too late those and those are the people who find themselves
saying we could've, would've, should've.
One thing for sure there are multiple offers on homes;
that means it is not a stagnate market. My recent buyers
put in several offers before entering escrow; they couldn't compete
with all cash buyers.
Keep in mind rates are still low which with inflation on the rise
won't last forever. When rates increase your buying power goes down.
We're in the midst of a challenging home-sale market in many areas. The homes that have what most buyers want tend to hold their value better in a down market than do homes that have defects. In the current environment, buyers are more cautious about what they buy because they know that the property they buy might drop in value before it starts appreciating. But many are buying for the long term knowing their home's value will increase and start building equity. Foreclosures are between 3-4% in the area where I work which is a relatively low number, and will you be interested in some of the homes that are in foreclosure because of the condition they are in and where they are located. If you find a home you love, why wait with interest rates at an all time low. Buying a home priced relatively low now with a lower interest rate might actually cost you more later if you wait to purchase but have a higher interest rate to pay.
To: "Carolyn Voet"
Subject: Trulia Response Signature
Date: Saturday, April 19, 2008 7:32 AM
BlankCarolyn Voet, ePRO
Committed to Excellence
Windermere Real Estate