Taking the plunge

[bearishgurl]

[quote=hmc]bearishgurl, It’s REO/short sales that brought down the market in early 2009, right?[/quote]

Yes, there was a lot of distressed property on the market at that time, which caused nearby “traditional-sale” listings to either have to be reduced to compete or removed from the market. Since then, major US lenders have been participating in several government-sanctioned “programs” which have the effect of keeping a delinquent homeowner in their home and the property off the (foreclosure) auction block. So there haven’t been as many distressed properties of late marketed all at one time like there were in early 2009.

As a matter of fact, AN pointed out on the “How shall we buy our first house” thread that the current active residential inventory seems a little thin in the $>500K price range, acc to Redfin’s stats.

The distressed “shadow” inventory is merely trickling into the market nowadays. It seems as though these “too-big-to-fail” banks are “in cahoots” with one another (with the help of their collective trusty local RE brokers), so as, on a tract, not more than one distressed property of the same model is marketed at a time (to obtain maximum exposure and price).

More and more “traditional sales” are now priced in the ball park of what they should be and the sellers who don’t need to sell and/or don’t wish to sell at today’s prices are holding their properties off the market.

The successful “traditional-sale” closings in early 2009 were with sellers who HAD to sell at that time, IMO.

[sdrealtor]

[quote=hmc]I think you have been around for long and you should have been through 2009. In a lot of areas (of course not all areas), Spring of 2009 were bottoms… I am talking about a lot of homes and you just talk about one home…[/quote]

The problems are many to what you just said. This client has been looking for 4 years. The house he wanted wasnt on the market in Spring 2009. Its great that many houses sold for low prices in Spring 2009 but what if the one you wanted wasnt on the market then? I’ve got another client that just closed on a condo in PQ in the same timeframe. Both of these homes sold for prices lower than they would have sold for in Spring 2009. The problem with your broad generalties is that you only buy one home not the market. Finding the right one at the right price is easier said than done unless you dont care what you buy or are looking for something relatively common like a condo.

[sdrealtor]

[quote=hmc]I think you have been around for long and you should have been through 2009. In a lot of areas (of course not all areas), Spring of 2009 were bottoms… I am talking about a lot of homes and you just talk about one home…[/quote]

The problems are many to what you just said. This client has been looking for 4 years. The house he wanted wasnt on the market in Spring 2009. Its great that many houses sold for low prices in Spring 2009 but what if the one you wanted wasnt on the market then? I’ve got another client that just closed on a condo in PQ in the same timeframe. Both of these homes sold for prices lower than they would have sold for in Spring 2009. The problem with your broad generalties is that you only buy one home not the market. Finding the right one at the right price is easier said than done unless you dont care what you buy or are looking for something relatively common like a condo.

[sdrealtor]

[quote=hmc]I think you have been around for long and you should have been through 2009. In a lot of areas (of course not all areas), Spring of 2009 were bottoms… I am talking about a lot of homes and you just talk about one home…[/quote]

The problems are many to what you just said. This client has been looking for 4 years. The house he wanted wasnt on the market in Spring 2009. Its great that many houses sold for low prices in Spring 2009 but what if the one you wanted wasnt on the market then? I’ve got another client that just closed on a condo in PQ in the same timeframe. Both of these homes sold for prices lower than they would have sold for in Spring 2009. The problem with your broad generalties is that you only buy one home not the market. Finding the right one at the right price is easier said than done unless you dont care what you buy or are looking for something relatively common like a condo.

[sdrealtor]

[quote=hmc]I think you have been around for long and you should have been through 2009. In a lot of areas (of course not all areas), Spring of 2009 were bottoms… I am talking about a lot of homes and you just talk about one home…[/quote]

The problems are many to what you just said. This client has been looking for 4 years. The house he wanted wasnt on the market in Spring 2009. Its great that many houses sold for low prices in Spring 2009 but what if the one you wanted wasnt on the market then? I’ve got another client that just closed on a condo in PQ in the same timeframe. Both of these homes sold for prices lower than they would have sold for in Spring 2009. The problem with your broad generalties is that you only buy one home not the market. Finding the right one at the right price is easier said than done unless you dont care what you buy or are looking for something relatively common like a condo.

[sdrealtor]

[quote=hmc]I think you have been around for long and you should have been through 2009. In a lot of areas (of course not all areas), Spring of 2009 were bottoms… I am talking about a lot of homes and you just talk about one home…[/quote]

The problems are many to what you just said. This client has been looking for 4 years. The house he wanted wasnt on the market in Spring 2009. Its great that many houses sold for low prices in Spring 2009 but what if the one you wanted wasnt on the market then? I’ve got another client that just closed on a condo in PQ in the same timeframe. Both of these homes sold for prices lower than they would have sold for in Spring 2009. The problem with your broad generalties is that you only buy one home not the market. Finding the right one at the right price is easier said than done unless you dont care what you buy or are looking for something relatively common like a condo.

[hmc]

[quote=sdrealtor][quote=hmc]I think you have been around for long and you should have been through 2009. In a lot of areas (of course not all areas), Spring of 2009 were bottoms… I am talking about a lot of homes and you just talk about one home…[/quote]

The problems are many to what you just said. This client has been looking for 4 years. The house he wanted wasnt on the market in Spring 2009. Its great that many houses sold for low prices in Spring 2009 but what if the one you wanted wasnt on the market then? I’ve got another client that just closed on a condo in PQ in the same timeframe. Both of these homes sold for prices lower than they would have sold for in Spring 2009. The problem with your broad generalties is that you only buy one home not the market. Finding the right one at the right price is easier said than done unless you dont care what you buy or are looking for something relatively common like a condo.[/quote]

I use early 2009 as an example to make a point regarding market condition vs seasonal things, on which you disagreed with me.

[hmc]

[quote=sdrealtor][quote=hmc]I think you have been around for long and you should have been through 2009. In a lot of areas (of course not all areas), Spring of 2009 were bottoms… I am talking about a lot of homes and you just talk about one home…[/quote]

The problems are many to what you just said. This client has been looking for 4 years. The house he wanted wasnt on the market in Spring 2009. Its great that many houses sold for low prices in Spring 2009 but what if the one you wanted wasnt on the market then? I’ve got another client that just closed on a condo in PQ in the same timeframe. Both of these homes sold for prices lower than they would have sold for in Spring 2009. The problem with your broad generalties is that you only buy one home not the market. Finding the right one at the right price is easier said than done unless you dont care what you buy or are looking for something relatively common like a condo.[/quote]

I use early 2009 as an example to make a point regarding market condition vs seasonal things, on which you disagreed with me.

[hmc]

[quote=sdrealtor][quote=hmc]I think you have been around for long and you should have been through 2009. In a lot of areas (of course not all areas), Spring of 2009 were bottoms… I am talking about a lot of homes and you just talk about one home…[/quote]

The problems are many to what you just said. This client has been looking for 4 years. The house he wanted wasnt on the market in Spring 2009. Its great that many houses sold for low prices in Spring 2009 but what if the one you wanted wasnt on the market then? I’ve got another client that just closed on a condo in PQ in the same timeframe. Both of these homes sold for prices lower than they would have sold for in Spring 2009. The problem with your broad generalties is that you only buy one home not the market. Finding the right one at the right price is easier said than done unless you dont care what you buy or are looking for something relatively common like a condo.[/quote]

I use early 2009 as an example to make a point regarding market condition vs seasonal things, on which you disagreed with me.

[hmc]

[quote=sdrealtor][quote=hmc]I think you have been around for long and you should have been through 2009. In a lot of areas (of course not all areas), Spring of 2009 were bottoms… I am talking about a lot of homes and you just talk about one home…[/quote]

The problems are many to what you just said. This client has been looking for 4 years. The house he wanted wasnt on the market in Spring 2009. Its great that many houses sold for low prices in Spring 2009 but what if the one you wanted wasnt on the market then? I’ve got another client that just closed on a condo in PQ in the same timeframe. Both of these homes sold for prices lower than they would have sold for in Spring 2009. The problem with your broad generalties is that you only buy one home not the market. Finding the right one at the right price is easier said than done unless you dont care what you buy or are looking for something relatively common like a condo.[/quote]

I use early 2009 as an example to make a point regarding market condition vs seasonal things, on which you disagreed with me.

[hmc]

[quote=sdrealtor][quote=hmc]I think you have been around for long and you should have been through 2009. In a lot of areas (of course not all areas), Spring of 2009 were bottoms… I am talking about a lot of homes and you just talk about one home…[/quote]

The problems are many to what you just said. This client has been looking for 4 years. The house he wanted wasnt on the market in Spring 2009. Its great that many houses sold for low prices in Spring 2009 but what if the one you wanted wasnt on the market then? I’ve got another client that just closed on a condo in PQ in the same timeframe. Both of these homes sold for prices lower than they would have sold for in Spring 2009. The problem with your broad generalties is that you only buy one home not the market. Finding the right one at the right price is easier said than done unless you dont care what you buy or are looking for something relatively common like a condo.[/quote]

I use early 2009 as an example to make a point regarding market condition vs seasonal things, on which you disagreed with me.

[bearishgurl]

[quote=hmc]I never suggested to make decisions primarly based on internet research. What I said is that one doesn’t need 6-12 months just to learn the market with today’s information on internet.

On the other hand, many people spend take many years and still don’t get it…[/quote]

I knew what you meant, hmc. And I agree with Scarlett that you can’t see a lot of things in those internet photos. As a buyer, you SHOULD be intimately familiar with the area you want to purchase in (or, if relocating, have a broker/agent whom you trust implicitly that is).

Because so many potential Pigg buyers had expressed concerns about buying a property only to have it fall in value shortly after closing, I suggested the “plat map exercise” before they placed an offer.

see: http://piggington.com/shadow_inventory_finally_being_released?page=3

What I have taken from potential Pigg buyers’ posts is that those who seem to be waiting a long time to purchase are those who want to purchase properties for which they don’t have enough saved for a 20% downpayment OR they DO have the downpayment funds on hand but want to purchase at a price significantly under the current market or will continue renting. In addition, these potential buyers do not wish to place offers on properties for which their downpayment funds on hand WOULD equal 20%. They are renters who are happy with their rental and terms and so wish to stay put and continue saving money for a downpayment. If something should change with their rental terms in the future to make them less happy with it, then that in itself may motivate them to buy. There’s nothing wrong with any of this.

Any fence-sitting Piggs, correct me if I have this wrong ;=]

[bearishgurl]

[quote=hmc]I never suggested to make decisions primarly based on internet research. What I said is that one doesn’t need 6-12 months just to learn the market with today’s information on internet.

On the other hand, many people spend take many years and still don’t get it…[/quote]

I knew what you meant, hmc. And I agree with Scarlett that you can’t see a lot of things in those internet photos. As a buyer, you SHOULD be intimately familiar with the area you want to purchase in (or, if relocating, have a broker/agent whom you trust implicitly that is).

Because so many potential Pigg buyers had expressed concerns about buying a property only to have it fall in value shortly after closing, I suggested the “plat map exercise” before they placed an offer.

see: http://piggington.com/shadow_inventory_finally_being_released?page=3

What I have taken from potential Pigg buyers’ posts is that those who seem to be waiting a long time to purchase are those who want to purchase properties for which they don’t have enough saved for a 20% downpayment OR they DO have the downpayment funds on hand but want to purchase at a price significantly under the current market or will continue renting. In addition, these potential buyers do not wish to place offers on properties for which their downpayment funds on hand WOULD equal 20%. They are renters who are happy with their rental and terms and so wish to stay put and continue saving money for a downpayment. If something should change with their rental terms in the future to make them less happy with it, then that in itself may motivate them to buy. There’s nothing wrong with any of this.

Any fence-sitting Piggs, correct me if I have this wrong ;=]

[bearishgurl]

[quote=hmc]I never suggested to make decisions primarly based on internet research. What I said is that one doesn’t need 6-12 months just to learn the market with today’s information on internet.

On the other hand, many people spend take many years and still don’t get it…[/quote]

I knew what you meant, hmc. And I agree with Scarlett that you can’t see a lot of things in those internet photos. As a buyer, you SHOULD be intimately familiar with the area you want to purchase in (or, if relocating, have a broker/agent whom you trust implicitly that is).

Because so many potential Pigg buyers had expressed concerns about buying a property only to have it fall in value shortly after closing, I suggested the “plat map exercise” before they placed an offer.

see: http://piggington.com/shadow_inventory_finally_being_released?page=3

What I have taken from potential Pigg buyers’ posts is that those who seem to be waiting a long time to purchase are those who want to purchase properties for which they don’t have enough saved for a 20% downpayment OR they DO have the downpayment funds on hand but want to purchase at a price significantly under the current market or will continue renting. In addition, these potential buyers do not wish to place offers on properties for which their downpayment funds on hand WOULD equal 20%. They are renters who are happy with their rental and terms and so wish to stay put and continue saving money for a downpayment. If something should change with their rental terms in the future to make them less happy with it, then that in itself may motivate them to buy. There’s nothing wrong with any of this.

Any fence-sitting Piggs, correct me if I have this wrong ;=]

[bearishgurl]

[quote=hmc]I never suggested to make decisions primarly based on internet research. What I said is that one doesn’t need 6-12 months just to learn the market with today’s information on internet.

On the other hand, many people spend take many years and still don’t get it…[/quote]

I knew what you meant, hmc. And I agree with Scarlett that you can’t see a lot of things in those internet photos. As a buyer, you SHOULD be intimately familiar with the area you want to purchase in (or, if relocating, have a broker/agent whom you trust implicitly that is).

Because so many potential Pigg buyers had expressed concerns about buying a property only to have it fall in value shortly after closing, I suggested the “plat map exercise” before they placed an offer.

see: http://piggington.com/shadow_inventory_finally_being_released?page=3

What I have taken from potential Pigg buyers’ posts is that those who seem to be waiting a long time to purchase are those who want to purchase properties for which they don’t have enough saved for a 20% downpayment OR they DO have the downpayment funds on hand but want to purchase at a price significantly under the current market or will continue renting. In addition, these potential buyers do not wish to place offers on properties for which their downpayment funds on hand WOULD equal 20%. They are renters who are happy with their rental and terms and so wish to stay put and continue saving money for a downpayment. If something should change with their rental terms in the future to make them less happy with it, then that in itself may motivate them to buy. There’s nothing wrong with any of this.

Any fence-sitting Piggs, correct me if I have this wrong ;=]

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