Tom Schieber

Joe,

The newspapers need a story. Us agents all have different experiences - wether we're working with buyers/sellers/banks/etc.

To generalize about this market is to misunderstand it - there are various segments of this market - the REO market is acting very different than the distress sale or the traditional seller. And there are very different activity levels based on price points. The investors want one thing, the first-time buyer seems to be looking for something else.

And you're right, you need to find a house that's right for you. And the price on that house might be coming down still, or it may be one that's getting multiple offers. You won't know until you determine your criteria, start looking and tracking those specific properties. It takes some time and some effort, someting a journalist on a 5pm deadline doesn't have.

If you want 3500sqft in great shape, 3 years or newer, with a bonus room and a pool - get ready to bid. If you want to stay under $350,000 and are able to do some cosmetic work, you can take your pick. If you've got 20% down you can probably be less aggressive and still get the house you want. If you're 5% down FHA it's going to be a little different story.

But you're right, your situation is unique. Find an agent who will work with you to determine what the market is like in your price range, what values are like for the specific kind of house you're looking for. Determine how long you're going to be there, and what the financing is going to be like. (A 1% increase in your interest rate will probably have a more significant impact on your monthly payment than another 5% drop in the price. Which is more likely to happen between now and the end of the year?)

Lots of folks think the bottom is forming out here, but for you, it may be wise to wait a bit. - Sun Jun 8 2008, 12:10