We were working with a realtor a few years ago but decided after reading more website like this one that it was worth it to wait out the housing game.
Here is the most recent email from a realtor that is very happy to help!!
“I know you and your wife are hesitant to purchase a home because of depreciating costs, but if I could negotiate a good deal and good terms for you, are the two of you ready to make your move? Keep in mind that prices are coming down in the areas because the general sellers who didn’t “buy smart” need to keep up with the foreclosures and REOs available if they want their property sold fast. However, sellers who aren’t in a hurry to sell are selling at their fair market value. What’s good about Fullerton, Brea, Placentia, Yorba Linda and places like these is that the areas aren’t depreciating. They’re just not inflating anymore. Homes are retaining their value. Our cities have everything going for them. Great neighborhoods, great schools, great shopping, great nightlife, etc.”
“Keep in mind that prices are coming down in the areas because the general sellers who didn’t “buy smart” need to keep up with the foreclosures and REOs available if they want their property sold fast.”
“However, sellers who aren’t in a hurry to sell are selling at their fair market value”
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Well that makes sense! Apparently she does not understand how house values are derived…
That is their job. A car salesman will try to sell you a car, a meter maid will give you a ticket, a cop will arrest you for breaking the law and a realtor will try to sell you a house. WTF do you expect the realtor to tell you? Don’t buy, run, the market is crashing? It’s their job to sell or they don’t get paid.
The realtor might be right on one score – prices aren’t coming down in lots of areas… Before everyone attacks – I just want to point out that the houses that are selling are the really good ones, the rest of the market can’t sell!
There are NO buyers! Many of the houses which would be on the market are withdrawn or not there. I know of 2 people who HAVE to sell their homes, but they have opted to ‘wait it out’ and have withdrawn their homes. There is a huge, huge phantom inventory out there – people who economically want / need to sell but won’t give it away… Yet…
Wait till the market stays negative for the next couple of years. It will be a bloodbath.
Tell her that you’d be glad to buy right now if she’d like to write a hedge against any home appreciation/depreciation. You buy now, and if the house is higher in two years, you write her a check. If it’s lower, then she writes you a check.
If she believes that prices are going to be steady and maybe even higher, she should put her money where her mouth is.
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