has the market hit bottom, are sales going up or down,who is buying? investers or home buyers?

Asked by Richard Mcallister, New Albany, MS Tue Jun 26, 2012

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9
Michael Cheng, Agent, San Jose, CA
Sat Feb 2, 2013
The real estate market bottomed in 2010. It's continued to recover with sales down but prices way up. Everyone who can buy is trying to buy. Lots of investors are competing with harried home buyers.
Web Reference:  http://www.archershomes.com
3 votes
Mndholguin, Home Owner, Twentynine Palms, CA
Fri Feb 1, 2013
First of all, I am not a realtor and am a private citizen anx homeowner of eight years in Twentynine Palms. We own our principal home and purchased a fixer upper a couple of years ago which is now remodeled and an income property.
Prices here in Twentynine Palms have pretty much bottomed out. A three bedroom two bath will run you anywhere from $125-$185,000 depending on square footage. A fixer will run almost half of that. There are a lot of homes on the market and many buyers are willing to deal. The resale market here isn't the best,but if you plan on only being here a few years and want to keep the home to rent out, the rental market is prime.
Appraisals are fairly low at this time and there are a lot of fixers on the market that are being purchased as investment properties and fixed up.
1 vote
Larkinmcalli…, Home Buyer, New Albany, MS
Tue Feb 12, 2013
either properties or their values have gone down by 75% since 2008. There are still lots of properties on the market and many more to come. The VA should stop financing all these new buys at over inflated prices.I am referring to Twentynine Palms., Ca. and other military towns.
0 votes
Larkinmcalli…, Home Buyer, New Albany, MS
Tue Feb 12, 2013
either properties or their values have gone down by 75% since 2008. There are still lots of properties on the market and many more to come. The VA should stop financing all these new buys at over inflated prices.
0 votes
John Arendsen, Agent, Leucadia, CA
Mon Feb 11, 2013
The bottom of any market is very arbitrary and opinionated. Do your homework and don't buy into hype and strong sales pitches. This decision will impact your life for years to come.
0 votes
John Arendsen, Agent, Leucadia, CA
Mon Feb 11, 2013
Richard, once again, as a Real Estate Professional, I must caution you to be wary of those who tell you not to listen to anyone but them. This platform is expressly here to help folks like you answer questions that could impact your finances and quality of life for years to come.

I would advise you to consult with a RE professional in the area where you are interested in investing in. Interview several and don't leave your decision to chance. Do your homework before you commit to anyone. Find out for yourself what the market trends are even before you commit to an agent.

You're doing the right thing by reaching out to this forum as is evidenced by the broad array of opinions you have garnered thus far. Good luck in your search.
0 votes
John Arendsen, Agent, Leucadia, CA
Sun Feb 10, 2013
Caution: There could be a glut of new sellers wanting to list now that they think the market is hot and there's a shortage of inventory. This could impact demand in many markets and level the playing field. Just my humble opinion.
0 votes
John Arendsen, Agent, Leucadia, CA
Tue Dec 18, 2012
Richard, don't be lulled into the RE market on the whims of those who think they can answer for all. "Everyone is buying" is a pretty broad, general and ambiguous assumption. You need to study your desired market area. It may or may not be the right time to buy.

You may have missed the window or it may be perfect timing or that particular window may not have opened up yet. Bottom line get with a RE professional in the area you're interested in investing in. I learned a long time ago that a good RE professional stays pretty close to their own pond whence fishing. Be cautious with those who cast too broad a net.
0 votes
John Arendsen, Agent, Leucadia, CA
Tue Jun 26, 2012
This is a great question. Some say we've hit bottom while others say we could see things move farther South. Still others are seeing things a little upward. It's really all about location. No one has a crystal ball and so far no one I know has been very successful at prognosticating.

That stated. I do feel that fix and flip investors are about two years too late. Too many investors bidding up properties and too many newbies and wanna be's muddying up the water. Now if you want to buy and hold to rent/lease or occupy that's a different story.

Even if values went down another 10% on a $200k home that's only 20k amortized over the length of time you own the home. The trade off here is that by waiting to save that extra 20k you could get hit with a rise in interest rates.

RE investing is all about timing and positioning. Waiting for a bottom should not be a motivating factor because I don't know too many folks that have been able to do that very successfully. Just my opinion for what it's worth.
0 votes
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