[Waiting to feel the magic]

Hi bearishgurl,

I’m not a realtor, and while I agree with general idea of your post, I think you have to be careful. In the North County areas where I’m looking, in the $700k range, you’re extremely unlikely to get 2002 pricing. Generally if you’re hitting someone in 2004 you’re doing pretty well, especially if you can push it to early 2004. Another metric is if you can get 30% off peak for the neighborhood you’re doing really, really well.

I’m seeing more and more properties listing for prices approaching the peak for the neighborhood. Those properties I’m passing on. Generally they won’t move, but if there’s some really special about it (view, killer pool and yard, granite in the kitchen, etc) it can close for a price that’s maybe 10% off peak. That’s too high for me, but apparently not for everyone.

So I’d say know the neighborhood, know what the peak prices were for comparable properties, know what things are going for now, know all the details of a property so that you can know whether a price was really an anomaly or if there was something really special about the property that justified the price. Then determine what you’re willing to pay. If this is your home it’s not just an investment decision, and the number of really good properties are limited (which is why they go for a premium).

[Waiting to feel the magic]

Hi bearishgurl,

I’m not a realtor, and while I agree with general idea of your post, I think you have to be careful. In the North County areas where I’m looking, in the $700k range, you’re extremely unlikely to get 2002 pricing. Generally if you’re hitting someone in 2004 you’re doing pretty well, especially if you can push it to early 2004. Another metric is if you can get 30% off peak for the neighborhood you’re doing really, really well.

I’m seeing more and more properties listing for prices approaching the peak for the neighborhood. Those properties I’m passing on. Generally they won’t move, but if there’s some really special about it (view, killer pool and yard, granite in the kitchen, etc) it can close for a price that’s maybe 10% off peak. That’s too high for me, but apparently not for everyone.

So I’d say know the neighborhood, know what the peak prices were for comparable properties, know what things are going for now, know all the details of a property so that you can know whether a price was really an anomaly or if there was something really special about the property that justified the price. Then determine what you’re willing to pay. If this is your home it’s not just an investment decision, and the number of really good properties are limited (which is why they go for a premium).

[Waiting to feel the magic]

Hi bearishgurl,

I’m not a realtor, and while I agree with general idea of your post, I think you have to be careful. In the North County areas where I’m looking, in the $700k range, you’re extremely unlikely to get 2002 pricing. Generally if you’re hitting someone in 2004 you’re doing pretty well, especially if you can push it to early 2004. Another metric is if you can get 30% off peak for the neighborhood you’re doing really, really well.

I’m seeing more and more properties listing for prices approaching the peak for the neighborhood. Those properties I’m passing on. Generally they won’t move, but if there’s some really special about it (view, killer pool and yard, granite in the kitchen, etc) it can close for a price that’s maybe 10% off peak. That’s too high for me, but apparently not for everyone.

So I’d say know the neighborhood, know what the peak prices were for comparable properties, know what things are going for now, know all the details of a property so that you can know whether a price was really an anomaly or if there was something really special about the property that justified the price. Then determine what you’re willing to pay. If this is your home it’s not just an investment decision, and the number of really good properties are limited (which is why they go for a premium).

[Waiting to feel the magic]

Hi bearishgurl,

I’m not a realtor, and while I agree with general idea of your post, I think you have to be careful. In the North County areas where I’m looking, in the $700k range, you’re extremely unlikely to get 2002 pricing. Generally if you’re hitting someone in 2004 you’re doing pretty well, especially if you can push it to early 2004. Another metric is if you can get 30% off peak for the neighborhood you’re doing really, really well.

I’m seeing more and more properties listing for prices approaching the peak for the neighborhood. Those properties I’m passing on. Generally they won’t move, but if there’s some really special about it (view, killer pool and yard, granite in the kitchen, etc) it can close for a price that’s maybe 10% off peak. That’s too high for me, but apparently not for everyone.

So I’d say know the neighborhood, know what the peak prices were for comparable properties, know what things are going for now, know all the details of a property so that you can know whether a price was really an anomaly or if there was something really special about the property that justified the price. Then determine what you’re willing to pay. If this is your home it’s not just an investment decision, and the number of really good properties are limited (which is why they go for a premium).

[Waiting to feel the magic]

Hi bearishgurl,

I’m not a realtor, and while I agree with general idea of your post, I think you have to be careful. In the North County areas where I’m looking, in the $700k range, you’re extremely unlikely to get 2002 pricing. Generally if you’re hitting someone in 2004 you’re doing pretty well, especially if you can push it to early 2004. Another metric is if you can get 30% off peak for the neighborhood you’re doing really, really well.

I’m seeing more and more properties listing for prices approaching the peak for the neighborhood. Those properties I’m passing on. Generally they won’t move, but if there’s some really special about it (view, killer pool and yard, granite in the kitchen, etc) it can close for a price that’s maybe 10% off peak. That’s too high for me, but apparently not for everyone.

So I’d say know the neighborhood, know what the peak prices were for comparable properties, know what things are going for now, know all the details of a property so that you can know whether a price was really an anomaly or if there was something really special about the property that justified the price. Then determine what you’re willing to pay. If this is your home it’s not just an investment decision, and the number of really good properties are limited (which is why they go for a premium).

[Waiting to feel the magic]

“Why is the empty short sale house we offered so much money on in early December till vacant?”

Amen to that, times three.

In the areas that I watch I am starting to see some more REO activity. Houses that have had auction dates posponed over and over are starting to get foreclosed (back to bene, not sold to thirds). In my extremely miniscule sample it appears that the banks will list the vacant properties first and let the occupied ones slide for awhile, perhaps collecting some rent from the former owners.

I don’t think there will be a tsunami. The banks will be careful not to let that happen. I do think (hope) that there could be enough REO inventory coming on the market to keep prices in check, possibly trending down slightly. Based on what I see on Foreclosure Radar, it’s going to take a couple of years to work through all the distressed inventory.

[Waiting to feel the magic]

“Why is the empty short sale house we offered so much money on in early December till vacant?”

Amen to that, times three.

In the areas that I watch I am starting to see some more REO activity. Houses that have had auction dates posponed over and over are starting to get foreclosed (back to bene, not sold to thirds). In my extremely miniscule sample it appears that the banks will list the vacant properties first and let the occupied ones slide for awhile, perhaps collecting some rent from the former owners.

I don’t think there will be a tsunami. The banks will be careful not to let that happen. I do think (hope) that there could be enough REO inventory coming on the market to keep prices in check, possibly trending down slightly. Based on what I see on Foreclosure Radar, it’s going to take a couple of years to work through all the distressed inventory.

[Waiting to feel the magic]

“Why is the empty short sale house we offered so much money on in early December till vacant?”

Amen to that, times three.

In the areas that I watch I am starting to see some more REO activity. Houses that have had auction dates posponed over and over are starting to get foreclosed (back to bene, not sold to thirds). In my extremely miniscule sample it appears that the banks will list the vacant properties first and let the occupied ones slide for awhile, perhaps collecting some rent from the former owners.

I don’t think there will be a tsunami. The banks will be careful not to let that happen. I do think (hope) that there could be enough REO inventory coming on the market to keep prices in check, possibly trending down slightly. Based on what I see on Foreclosure Radar, it’s going to take a couple of years to work through all the distressed inventory.

[Waiting to feel the magic]

“Why is the empty short sale house we offered so much money on in early December till vacant?”

Amen to that, times three.

In the areas that I watch I am starting to see some more REO activity. Houses that have had auction dates posponed over and over are starting to get foreclosed (back to bene, not sold to thirds). In my extremely miniscule sample it appears that the banks will list the vacant properties first and let the occupied ones slide for awhile, perhaps collecting some rent from the former owners.

I don’t think there will be a tsunami. The banks will be careful not to let that happen. I do think (hope) that there could be enough REO inventory coming on the market to keep prices in check, possibly trending down slightly. Based on what I see on Foreclosure Radar, it’s going to take a couple of years to work through all the distressed inventory.

[Waiting to feel the magic]

“Why is the empty short sale house we offered so much money on in early December till vacant?”

Amen to that, times three.

In the areas that I watch I am starting to see some more REO activity. Houses that have had auction dates posponed over and over are starting to get foreclosed (back to bene, not sold to thirds). In my extremely miniscule sample it appears that the banks will list the vacant properties first and let the occupied ones slide for awhile, perhaps collecting some rent from the former owners.

I don’t think there will be a tsunami. The banks will be careful not to let that happen. I do think (hope) that there could be enough REO inventory coming on the market to keep prices in check, possibly trending down slightly. Based on what I see on Foreclosure Radar, it’s going to take a couple of years to work through all the distressed inventory.

[Waiting to feel the magic]

SD Realtor,

Thanks for the information. I guess that I’d rather hold the earnest money until the clock really starts. Especially with short sales it just takes so long to get a response.

[Waiting to feel the magic]

SD Realtor,

Thanks for the information. I guess that I’d rather hold the earnest money until the clock really starts. Especially with short sales it just takes so long to get a response.

[Waiting to feel the magic]

SD Realtor,

Thanks for the information. I guess that I’d rather hold the earnest money until the clock really starts. Especially with short sales it just takes so long to get a response.

[Waiting to feel the magic]

SD Realtor,

Thanks for the information. I guess that I’d rather hold the earnest money until the clock really starts. Especially with short sales it just takes so long to get a response.

[Waiting to feel the magic]

SD Realtor,

Thanks for the information. I guess that I’d rather hold the earnest money until the clock really starts. Especially with short sales it just takes so long to get a response.

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