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April 13, 2011 at 4:56 PM #687634April 13, 2011 at 5:02 PM #686475
hmc
Participant[quote=bearishgurl][quote=hmc]Market condition (interest rate, job market and overall housing recovery/dip) far outweights seasonal things. Waiting is always a gamble… and odds are usually against you.[/quote]
Agree with this except for the fact that if a buyer has insufficient downpayment funds or is trying to pay off a debt to improve their ratios, then waiting is what they SHOULD DO while they get their “personal house” in order first – before attempting to purchase a “tangible house.”
One caveat is if the buyer’s credit and ratios and good to excellent, they are pre-approved for a mortgage and they have 15% down available (instead of 20%), they can make offers now on properties for which they would have a 20% downpayment for … that is, properties listed in a lesser-expensive price range. If they don’t wish to do that, then they need to save more $$ before making offers.[/quote]
If they don’t have $$ for downpayment, they are not ready for a house and they will not able to catch any opportunities anyways even if they recognize the opportunity… Too bad …
April 13, 2011 at 5:02 PM #686531Participant[quote=bearishgurl][quote=hmc]Market condition (interest rate, job market and overall housing recovery/dip) far outweights seasonal things. Waiting is always a gamble… and odds are usually against you.[/quote]
Agree with this except for the fact that if a buyer has insufficient downpayment funds or is trying to pay off a debt to improve their ratios, then waiting is what they SHOULD DO while they get their “personal house” in order first – before attempting to purchase a “tangible house.”
One caveat is if the buyer’s credit and ratios and good to excellent, they are pre-approved for a mortgage and they have 15% down available (instead of 20%), they can make offers now on properties for which they would have a 20% downpayment for … that is, properties listed in a lesser-expensive price range. If they don’t wish to do that, then they need to save more $$ before making offers.[/quote]
If they don’t have $$ for downpayment, they are not ready for a house and they will not able to catch any opportunities anyways even if they recognize the opportunity… Too bad …
April 13, 2011 at 5:02 PM #687149Participant[quote=bearishgurl][quote=hmc]Market condition (interest rate, job market and overall housing recovery/dip) far outweights seasonal things. Waiting is always a gamble… and odds are usually against you.[/quote]
Agree with this except for the fact that if a buyer has insufficient downpayment funds or is trying to pay off a debt to improve their ratios, then waiting is what they SHOULD DO while they get their “personal house” in order first – before attempting to purchase a “tangible house.”
One caveat is if the buyer’s credit and ratios and good to excellent, they are pre-approved for a mortgage and they have 15% down available (instead of 20%), they can make offers now on properties for which they would have a 20% downpayment for … that is, properties listed in a lesser-expensive price range. If they don’t wish to do that, then they need to save more $$ before making offers.[/quote]
If they don’t have $$ for downpayment, they are not ready for a house and they will not able to catch any opportunities anyways even if they recognize the opportunity… Too bad …
April 13, 2011 at 5:02 PM #687292Participant[quote=bearishgurl][quote=hmc]Market condition (interest rate, job market and overall housing recovery/dip) far outweights seasonal things. Waiting is always a gamble… and odds are usually against you.[/quote]
Agree with this except for the fact that if a buyer has insufficient downpayment funds or is trying to pay off a debt to improve their ratios, then waiting is what they SHOULD DO while they get their “personal house” in order first – before attempting to purchase a “tangible house.”
One caveat is if the buyer’s credit and ratios and good to excellent, they are pre-approved for a mortgage and they have 15% down available (instead of 20%), they can make offers now on properties for which they would have a 20% downpayment for … that is, properties listed in a lesser-expensive price range. If they don’t wish to do that, then they need to save more $$ before making offers.[/quote]
If they don’t have $$ for downpayment, they are not ready for a house and they will not able to catch any opportunities anyways even if they recognize the opportunity… Too bad …
April 13, 2011 at 5:02 PM #687644Participant[quote=bearishgurl][quote=hmc]Market condition (interest rate, job market and overall housing recovery/dip) far outweights seasonal things. Waiting is always a gamble… and odds are usually against you.[/quote]
Agree with this except for the fact that if a buyer has insufficient downpayment funds or is trying to pay off a debt to improve their ratios, then waiting is what they SHOULD DO while they get their “personal house” in order first – before attempting to purchase a “tangible house.”
One caveat is if the buyer’s credit and ratios and good to excellent, they are pre-approved for a mortgage and they have 15% down available (instead of 20%), they can make offers now on properties for which they would have a 20% downpayment for … that is, properties listed in a lesser-expensive price range. If they don’t wish to do that, then they need to save more $$ before making offers.[/quote]
If they don’t have $$ for downpayment, they are not ready for a house and they will not able to catch any opportunities anyways even if they recognize the opportunity… Too bad …
April 13, 2011 at 5:10 PM #686470ParticipantI 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…
April 13, 2011 at 5:10 PM #686526ParticipantI 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…
April 13, 2011 at 5:10 PM #687144ParticipantI 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…
April 13, 2011 at 5:10 PM #687287ParticipantI 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…
April 13, 2011 at 5:10 PM #687639ParticipantI 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…
April 13, 2011 at 5:27 PM #686480bearishgurl
Participant[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.
April 13, 2011 at 5:27 PM #686536Participant[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.
April 13, 2011 at 5:27 PM #687154Participant[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.
April 13, 2011 at 5:27 PM #687297Participant[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.
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