Guy

Dee,

Here is what the “experts” (real estate pros) are saying – I think the media is saying the exact same thing:

Michael D “The trend seems to be down so there's no sense in waiting. I can't see any reason for prices to be heading higher in just a few months.”

Keith S “..most markets, if they are not gonig down, they are flat. And will be that way for the next few years.”

Sandra C “At this time last year, 11 sales closed in the month March. This year, there was 1. While inventory is down 15% since this time last year, the number of sales has taken a nose dive.”

Michelle L “Dont listen to the media. Listen to the experts. Dont wait if you want to sell.”

Good luck, Dee. - Thu May 8 2008, 14:58

Mary Anne,

I don't think it takes an expert to determine the market, local or otherwise, is in trouble. I also think buyer's are sophisticated enough to understand that all areas are not subject to the same down-turns. In Sacramento, we have areas that hold their value better than others. I think it's difficult for any group, buyer or seller, to be an expert today with the current condition of the housing market since we are experiencing something never before seen.

I have no fear of 'missing the boat' with all the REO's and foreclosures on the market. I doubt anything in this housing market will happen quickly.

Guy - Wed Apr 30 2008, 08:16

"Buyers read the negative news on housing and the sub-prime mess and believe that we haven't reached the bottom yet!"

Do you think we've hit bottom yet, Mike K?

Just wondering. - Wed Apr 23 2008, 13:51

While I know I am not looking in the same market as the poster (Looking in Sacramento), I wanted to offer a comment from my perspective. My wife and I have been looking for a home for a few years. By looking, I mean we are out a few times a month looking at open houses, reading every article available on the local market and searching MLS almost daily. I feel a little qualified to answer why buyers are dragging their feet at least from my point of view.

In general, we, as buyers, are hit almost daily with bad news on the housing market. This in turn does not provide the most stable confidence in making one of the biggest investments of our lives. We listen to the news and think, perhaps foolishly, that they are telling the truth.

In addition, I have seen so many homes over the past few years and talked with tons of agents at open houses who all say the same thing "this is the best time to buy!" The problem is that they (agents) have said this consistently throughout 2006,2007, etc. So, I feel as if there is a credibility issue with agents in general. I know it's their job to sell, but I have spoken to a few agents who almost refuse to admit the market is in trouble.

Lastly, I think some of us buyers are put off by seller's asking price and unwillingness to consider offers below asking. We offered $405k on a asking price of $410k and the seller counted with full price. We laughed and moved on. Last I saw, the house was still on the market for $389.5k.

Guy - Fri Apr 18 2008, 08:21

In West Sacramento, the figures seem to agree with Super Agent Elizabeth.

If you look on MLS under Yolo County / West Sacramento from the $275k - $200K range it returns 57 records:

24 of the 57 homes are Pending - 42%
22 of the 57 homes are AS (Active Short Sales) - 38.5%

I can only assume that if those 22 homes were not AS, they would also be pending.

Looks like sub-$275k homes are selling quickly in West Sac too. - Thu Apr 24 2008, 15:22

Jeff,

I feel your pain. My agent, who is also a relative, has worked on our behalf with a few agents from the company you alluded to. Most recently we worked with an agent from another large real estate firm (not "L") in Sacramento. He did not disclose his relationship to us with the other agent. When we were getting inspections (home, pest, etc) and they came back with some major issues, the other agent chastised him (my agent) for "letting" his clients use non "realtor friendly" inspectors. This other agent also suggested that he "get control of your clients before they kill the deal." I was a little shocked by how shady this other agent was who has been in the business for "over 20 years."

I really felt lucky to have an agent who I knew would act in our best interest. Sadly, I think there are more bad agents than good ones.

Good luck,
Guy - Thu Apr 24 2008, 11:42

Hey Jeff,

As a buyer in the Sacramento area (not that location would matter), I would definitely be wary using agents from the same office. If push came to shove, they might be tempted to do whatever to get the deal though rather than what is in the best interest of their clients.

If you're looking for an agent in Sacramento, you might want to look up Erin Attardi. She posts on this board and is really knowledgeable. I am using another agent, but if things don't work out, I plan to look her up.

Good luck,
Guy - Thu Apr 24 2008, 10:48

Aaron,

I appreciate your candor.

I should have clarified why I call agents directly. My motivation is solely to learn more about a house I am interested in buying and hearing the answer first hand. I don't call to waste anyone's time or to get information for any other purpose than noted above. From my perspective, this is a business decision. It is potentially the largest investment/purchase I will make, so I want to hear the answers for myself.

From your reply, A & B seem to serve the selling agent alone. I would hope if I hired an agent to sell my home and someone called to ask about it (another agent, non-agent, Martian, etc), their first motivation would be to sell my home - not get a buyers lead.

I take issue with your answer for C. A commissioned sales-person should want to discuss, in detail or whatever length, a home they are selling with anyone who might be interested. Other than details an agent is not able to disclose for legal reasons, does it really matter who is calling?

Thanks for answer E. I needed a good laugh.

Guy - Thu Apr 24 2008, 08:00

Hey Laarni,

I am surprised by your post. I have seen your comments around and thought they were well founded. I don't think my intentions were ever "nefarious." I don't hound agents nor would it consider asking a handful of questions "feeding me info." I have made less than 5 calls altogether.

www.dictionary.com/

Guy



My own "nefarious" reasons..... - Tue Apr 22 2008, 20:16

Sorry, Erin. You were great. Honestly, when I think of an ideal real estate professional, you're the first that comes to mind.

Regards,
Guy - Tue Apr 22 2008, 18:35

Thank you for your replies.

I will admit the first time I called an agent, I was not aware that I should disclose that I have an agent. Since then, I have spoken to a few agents on the phone and with the exception of one, were just a bit short of rude. I now will never call an agent and maybe that is why I have representation.

With regards to the "respect" argument, I have a difficult time buying that rationale. I cannot count the number of business cards I have been given by agents at open homes saying "if your current agent doesn't work out...." If anything, I think that's the easy answer.

I mostly agree with a post below (EW) that an agent might be less motivated if they think it's just waste of time or as it was put "no money in it for them." I don't think all agents are like this, but I have run into my fair share.

The irony is that I called Erin Attardi late last year and she could not be more friendly and helpful.

Guy - Tue Apr 22 2008, 18:01