Tales of a frustrated buy

[nin_sis]

I’m in the same boat. Just recently decided to make a career change and need to buy soon before quitting my job and going back to school. I know, sounds crazy, but there is sound reason for it all. Put in an offer on a great place only to find that someone beat me to it and at $30K more than the asking price. I was heartbroken as it was the only place I’d seen in that range ($420K) that could have been move in ready with little fixing. Apparently there were several offers well below asking. I thought I’d be safe buying now, as in no competition, but it’s truly crazy out there. I hear a lot of talk about investors buying right now. What gives? I just need a place for my family to reside for the next few years.

[recordsclerk]

Bane,
Assuming that you have great taste and have been following your segment of the market carefully, you will find this happening everytime you find a house you want to buy. Although there are lots of homes for sale only a precious few will have an attractive price for product. You may find homes priced very well but will need some work. Then there are those that are prefect but over priced. It’s when you combine both when you’ve truely found a nice house for the price. This happens in the lower, middle, upper end of the market. My only advice would be to have patience and your pricepoint for the product that you want will eventually come together. For now what you want for 450K is too good of a buy, but eventually it will be an everyday occurance. The bad part about that is you will probably want more for 450K at that point. Almost every home that I have looked at and liked for the price has either sold at/or above listing or has gone pending.
I too think the market has further to correct, but I believe the areas that have fallen the most will have less to correct. I don’t think that those areas will stop falling earlier, but just will correct less percentage wise from this point on.

[recordsclerk]

Bane,
Assuming that you have great taste and have been following your segment of the market carefully, you will find this happening everytime you find a house you want to buy. Although there are lots of homes for sale only a precious few will have an attractive price for product. You may find homes priced very well but will need some work. Then there are those that are prefect but over priced. It’s when you combine both when you’ve truely found a nice house for the price. This happens in the lower, middle, upper end of the market. My only advice would be to have patience and your pricepoint for the product that you want will eventually come together. For now what you want for 450K is too good of a buy, but eventually it will be an everyday occurance. The bad part about that is you will probably want more for 450K at that point. Almost every home that I have looked at and liked for the price has either sold at/or above listing or has gone pending.
I too think the market has further to correct, but I believe the areas that have fallen the most will have less to correct. I don’t think that those areas will stop falling earlier, but just will correct less percentage wise from this point on.

[recordsclerk]

Bane,
Assuming that you have great taste and have been following your segment of the market carefully, you will find this happening everytime you find a house you want to buy. Although there are lots of homes for sale only a precious few will have an attractive price for product. You may find homes priced very well but will need some work. Then there are those that are prefect but over priced. It’s when you combine both when you’ve truely found a nice house for the price. This happens in the lower, middle, upper end of the market. My only advice would be to have patience and your pricepoint for the product that you want will eventually come together. For now what you want for 450K is too good of a buy, but eventually it will be an everyday occurance. The bad part about that is you will probably want more for 450K at that point. Almost every home that I have looked at and liked for the price has either sold at/or above listing or has gone pending.
I too think the market has further to correct, but I believe the areas that have fallen the most will have less to correct. I don’t think that those areas will stop falling earlier, but just will correct less percentage wise from this point on.

[recordsclerk]

Bane,
Assuming that you have great taste and have been following your segment of the market carefully, you will find this happening everytime you find a house you want to buy. Although there are lots of homes for sale only a precious few will have an attractive price for product. You may find homes priced very well but will need some work. Then there are those that are prefect but over priced. It’s when you combine both when you’ve truely found a nice house for the price. This happens in the lower, middle, upper end of the market. My only advice would be to have patience and your pricepoint for the product that you want will eventually come together. For now what you want for 450K is too good of a buy, but eventually it will be an everyday occurance. The bad part about that is you will probably want more for 450K at that point. Almost every home that I have looked at and liked for the price has either sold at/or above listing or has gone pending.
I too think the market has further to correct, but I believe the areas that have fallen the most will have less to correct. I don’t think that those areas will stop falling earlier, but just will correct less percentage wise from this point on.

[recordsclerk]

Bane,
Assuming that you have great taste and have been following your segment of the market carefully, you will find this happening everytime you find a house you want to buy. Although there are lots of homes for sale only a precious few will have an attractive price for product. You may find homes priced very well but will need some work. Then there are those that are prefect but over priced. It’s when you combine both when you’ve truely found a nice house for the price. This happens in the lower, middle, upper end of the market. My only advice would be to have patience and your pricepoint for the product that you want will eventually come together. For now what you want for 450K is too good of a buy, but eventually it will be an everyday occurance. The bad part about that is you will probably want more for 450K at that point. Almost every home that I have looked at and liked for the price has either sold at/or above listing or has gone pending.
I too think the market has further to correct, but I believe the areas that have fallen the most will have less to correct. I don’t think that those areas will stop falling earlier, but just will correct less percentage wise from this point on.

[JWM in SD]

JWM in SD

I am sorry nin_sis but your justification for buying right makes absolutely no sense at all. If you only need a place to reside for a few years, then why wuold you want to buy right now knowing full well that prices are going to correct further and most probably a lot further????

You “buy now” people are really cracking me up. The credit lending mess is not half way through resolution yet. Anyone buying right now is going to LOSE MONEY.

GET A CLUE!!!!

[JWM in SD]

JWM in SD

I am sorry nin_sis but your justification for buying right makes absolutely no sense at all. If you only need a place to reside for a few years, then why wuold you want to buy right now knowing full well that prices are going to correct further and most probably a lot further????

You “buy now” people are really cracking me up. The credit lending mess is not half way through resolution yet. Anyone buying right now is going to LOSE MONEY.

GET A CLUE!!!!

[JWM in SD]

JWM in SD

I am sorry nin_sis but your justification for buying right makes absolutely no sense at all. If you only need a place to reside for a few years, then why wuold you want to buy right now knowing full well that prices are going to correct further and most probably a lot further????

You “buy now” people are really cracking me up. The credit lending mess is not half way through resolution yet. Anyone buying right now is going to LOSE MONEY.

GET A CLUE!!!!

[JWM in SD]

JWM in SD

I am sorry nin_sis but your justification for buying right makes absolutely no sense at all. If you only need a place to reside for a few years, then why wuold you want to buy right now knowing full well that prices are going to correct further and most probably a lot further????

You “buy now” people are really cracking me up. The credit lending mess is not half way through resolution yet. Anyone buying right now is going to LOSE MONEY.

GET A CLUE!!!!

[JWM in SD]

JWM in SD

I am sorry nin_sis but your justification for buying right makes absolutely no sense at all. If you only need a place to reside for a few years, then why wuold you want to buy right now knowing full well that prices are going to correct further and most probably a lot further????

You “buy now” people are really cracking me up. The credit lending mess is not half way through resolution yet. Anyone buying right now is going to LOSE MONEY.

GET A CLUE!!!!

[sd-maybe]

Hang in there Bane. Someone posted here a while back that “the market can stay irrational far longer than you can stay rational”. The next couple years will be a test of your patience if you are a bubble sitter waiting for prices to come to you, but your patience will be rewarded. And as you see properties still grossly overinflated get multiple offers and close quickly, it will be agonizing, but don’t give in to the urge to say “F it I’m buying now”…got to be strong.

[sd-maybe]

Hang in there Bane. Someone posted here a while back that “the market can stay irrational far longer than you can stay rational”. The next couple years will be a test of your patience if you are a bubble sitter waiting for prices to come to you, but your patience will be rewarded. And as you see properties still grossly overinflated get multiple offers and close quickly, it will be agonizing, but don’t give in to the urge to say “F it I’m buying now”…got to be strong.

[sd-maybe]

Hang in there Bane. Someone posted here a while back that “the market can stay irrational far longer than you can stay rational”. The next couple years will be a test of your patience if you are a bubble sitter waiting for prices to come to you, but your patience will be rewarded. And as you see properties still grossly overinflated get multiple offers and close quickly, it will be agonizing, but don’t give in to the urge to say “F it I’m buying now”…got to be strong.

[sd-maybe]

Hang in there Bane. Someone posted here a while back that “the market can stay irrational far longer than you can stay rational”. The next couple years will be a test of your patience if you are a bubble sitter waiting for prices to come to you, but your patience will be rewarded. And as you see properties still grossly overinflated get multiple offers and close quickly, it will be agonizing, but don’t give in to the urge to say “F it I’m buying now”…got to be strong.

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