Thanks for everyone’s feedback. It was sitting inventory that they have not been able to sell, the home has over $150K in upgrades and we gave them a low ball offer that we did not expect them to accept. However they did and we got a hell of a deal. I have looked up all of the sales in the development. The original asking prices and sale prices for these homes were several hundred thousand dollars higher, so we know that we got a steal.
We very much like the home and the neighborhood. We sold our previous home at the peak in 2005 by ourselves with no realtor. We have waited for 2 years to buy again and plan to stay in the home for the next 7-10 years, so for us it is a home and long term asset, not a short term investment. We are putting down a big downpayment. I know that I am not catching it at the very bottom, but I know that we got a great deal and found the home that we were seeking. So we are content.
I wish everyone else the best in their RE journey. I am however going to continue to follow this, and all of the other blogs, that I have learned so much from to keep track of the market. I am hoping to scoop up some bargain investment rental properties at the bottom.
