So I Ask Again How Serious Are U About Buying A Home

So I Ask Again How Serious Are U About Buying A Home

ahhh.. the shift!!! most real estate agents dread this.  They want to keep the momentum going, and BAM!! a shift happens.  The professionals expect, know and shift with times, the newbie’s on the block, falter, curse and goodbye career.

Statistics: as of june 8 2013
Available homes:  4472
Contingent home sales (keep in mind these are short sales, bankruptcy and etc): 9802
Pending home sales: 1580
last 30 days 3484 sold homes.

Prices are moving higher:  Yes they are!!!

Are homes overpriced:  I don’t think I even need to answer this.  However it is a good question.  compared to Other states we are a steal.  Do we have a good rate of return for long term holds.  Absolutely - due to high transiency rate.  Are people willing to 20-40k over price for a turn key home - YES they are.  guess what!!!  they don’t even blink at it.  

Are sellers getting greedy and greedier.  Yes they are  - we are even hearing that it’s possible that fannie mae will not pay for anything including the sellers title policy (say what!!!).  Sellers want you to pay for their negotiator, real estate transfer tax, HOA contributions and etc.)

Are there still deals to be found:  Hell Yes!!!! - Having a  good agent is a must.  Stick with one agent that you trust.  After all with inventory as low as it is - your only writing on the same properties.

Should you go with the listing agent.  The biggest question we have is this one.   My answer is the following.  Why does it matter who you go with - it’s what You the buyer wants to pay for a home.  Most listing agents in fact will not write an offer on their own properties due to the legal aspects of it.  Your best bet as a buyer.. is to hunt and find that realtor and GET EDUCATED!!!.  Loyalty is two way street.  If your realtor knows that you are going to stick by them, they are going to work harder for you.  After all realtors don’t get paid unless a deal closes.  Make sure your agent is an expert in their field.  REMEMBER - the listing agent represents the seller.

Appraisals:  Some appraisals are pulling through, however most of them are lower.  Sellers are asking for buyers to pay above appraisals.  Keep in mind, if your agent doesn't know what they are doing, you can lose your emd on this one.  Best bet to cap your payment above appraisal.

Cash vs Loans:  cash is still KING... however, we are seeing loans getting accepted, especially FHA - so good news for buyers with low cash.  However, keep in mind that if the property is in bad condition FHA will not work.  Most banks do not want to pay for repairs.

Are there any properties under 100k - very little :( and be prepared to be in a bidding war.

Are there more bank owned properties coming on the market:  I have been hearing for the last two years that we would be seeing more inventory.  So note:  don't expect it to happen until it happens.  More NOD's are posted... yet !!!!!  Nada!!!  slow trickle. 

My next blog will be on the new laws.. because pretty much they are new and no one knows how they are going to affect our market here.

When we see loans accepted over cash... a shift is happening.  When I see my agents getting offers accepted over everyone else... I know a shift is happening... out with these old bad agents.. the experts always WINS!!!!

Brenkus Buyer Headshot
Phone: 702-752-0044
Dated: June 8th 2013
Views: 1,050
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