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Asked by Jo Campbell, Ellwood City, PA Tue Oct 2, 2007

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Answers

2
Mike Kelly A…, Agent, Santa Rosa, CA
Tue Oct 2, 2007
Currently in our market we have over 3200 listings in our County and almost 1600 vacant or tenant occupied! Now the vacant ones are NOT all new builder close-outs but investor's, Bank owned properties, foreclosure properties or folks who have purchase and now have a vacant house to sell. Our prices have come down to level not seen in 4 years. The interest rates, credit union product, 5.85%, and the big players 6.25%, breath-taking rates! This is a perfect storm for a home buyer! If you want a real good price and terms go and look at homes 60+ days on the market, VACANT, and offer 10% below the asking price! Get some closing costs to boot! But in order to get the BEST price,terms,concession you need to be ROCK SOLID as a buyer! Total Credit approval subject to appraisal on the subject property. If you've got time try a "Short-Sale" but write the contract with ALL timelines beginning upon "Lender Approval" with close of escrow to be 14 days after that benchmark!! That being said, if you get a super deal on a "short-sale" try and get ALL your ducks lined up so you can slam the escrow shut upon "Lender Approval".
Remember, if you think the market is dropping 5-15% in the next year--then subtract that number from your asking price. Then sit back, enjoy your home, build memories, have kids, and don't worry about staining the carpet (don't tell your wife that!!).
0 votes
Dave Rivera &…, Agent, San Francisco, CA
Tue Oct 2, 2007
Hi Jo,
I know many people are asking themselves this right now. We bought our own home in the multiple offer frenzy of 2001, but that is when we could buy/were motivated to buy/were done with renting. Homes are not like a washer/dryer set that might go on sale...historically, values increase. If you are buying a home to live in, not to flip, you won't be throwing your $ away on rent, you'll save on taxes, and, eventually, you will make a profit. In the meantime, the feeling of ownership is unlike any other. I went from my parents home to renting for 20 years, to buying my first home, and I'll never go back. My home is my sanctuary!
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