It's Not a "Buyers Market" Until the Blogs Say So.
Ben Jones, The BubbleMeter, the Marin Bubble Blog and all of the other Blogs who correctly predicted over a year ago the bursting of the housing bubble that we are seeing now will also be who decides when it is a "buyers market." The NAR has no business calling this a "buyers market" given their pathetic predictive abilities.
"NEW YORK (CNNMoney.com) -- It's official - even the nation's leading group of real estate agents now says it's a buyer's market in housing, as a soaring supply of homes for sale means nearly flat prices and longer waits for sellers.
The news came in the National Association of Realtors' report for June, which showed that home sales fell to the slowest pace since January while price gains were the smallest in over a decade."
posted by Little_Silvered at 9:27 PM
13 Comments:
How can it be a buyer's market when interest rates are rising and prices have not come down? Where is the benefit to buyers? Many first time buyers are still priced out of the market because of overinflated prices. Rising interest rates are only making things worse. It will not be a true buyer's market until prices come down.
Prices are reducing but 20k off a 800k house is a joke. Houses are sitting and not selling. People who want to buy in the near future, need to find a house you like and go make an offer (who cares if they are asking 1M - offer 500k). Show the sellers and greedy realtors what you are willing to pay. Lowball the hell out of the asking prices - the buyers have to take control back.
You're right. Buyers need to lowball. Sellers and realtors do not seem to be getting the message that asking prices need to be reduced. I don't understand the thinking of the few people who are still buying at these prices.Prices are not going up and they may even come down. So what's the rush?
Sellers are just hoping against hope that prices don't drop and that the bubble continues to persist. It ain't gonna happen. Prices have risen to unsustainable levels given where interest rates have gone. Prices will eventually collapse in bubble areas, but it looks like it's going to take a brick to the head for sellers to realize this.
I just sent a realtor an email stating that I intend to buy in the next year-24 months, and am scoping out realtors whom I would be comfortable working with. I said that I'm looking for value, and highlighted two of his properties, noting what I'd pay for them, vis-a-vis what they're currently selling for. (Reductions in the 40% range.)
In the note, I was conciliatory, but frank, and offered ample evidence of where I thought the market was going. I told him that I look forward to working with a realtor who realizes that the seller isn't best served by trying to ride out the storm by keeping prices artificially high.
I suspect the reply will be slightly angry, peppered with "I have no problem moving homes at the current prices," and "there has never been a better time to buy." A smart realtor would keep my info and contact me when he has a 'motivated seller.'
I'll report back when--or if--I get a response.
Jamey
Does anyone know anything about the
KHOv project in port monmouth.
The Dunes, lots of units for sale.
They look overpriced
It will be a buyers market when the the sellers say so...not until then will buyers have any say. If sellers won't lower the asking price you can low-ball all you want If someone low balls a bid @ 40@ below offering price most sellers will just respond they have alread seen a bid @ 30@ below so now what .Do you up your low bid or walk and risk losing a good purchase ?
I don't think you'll be abel to buy any home on the coast for pennies on the dollar anymore.There are way to many buyers waiting for the bubble to burst.for you to be abel to buy a home for your price your talking 1960's prices....I just don't see that happining
NJCoast: Where do you--excuse me, where does one--find listings of houses in foreclosure?
Jamey
Duh. Thanks a lot, and bless you, Coasty.
Coast:
Thanks again. You're the bee's knees.
Have bookmarked this page, and will refer to it (even though I'm looking in Ocean County--presumably the same FOIA and public records acts are in effect down there.)
One other thing: Does anybody here know whether Ocean Co. has a similar foreclosures link? Much obliged!
Louie A, wait until owners find out what their properties are really worth (what a buyer is willing to pay). That'll be like a cold splash of water in the face in the early morning.
Anyone here actually own a home?
Post a Comment
<< Home