Toughest market I've ever worked in! And I started in real estate in 1977. But what an opportunity for buyers, 1st timers and old timers. There are "bank owned" homes all over the place and "short sales" too. I Recently sold a home in the $600's and one in the low $200's and both were good deals! As long as the interest rate stays in the 5% range, homes will keep selling. Prices are still not rising, that's because of the tough economy we're in. When you buy your home today, you need to be able to afford it, not with adjustable rate loans, or pay option arms, but with the old standard, "fixed rate loans". Most new loans today are FHA insured loans. Currently the limit on FHA insured loans in our area is $417,000(standard FHA), jumbo FHA goes up to $580,000. Which means you have a wide selection of homes to choose from. check it out at www.prurealty.com/clete .
7/30/09
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As we approach the end of August 2009, I still see the home prices dropping. No appreciation that I can detect. Although the Auburn Greens condos seem to be moving up in price from last month. Still a lot of multiple offers on the REO's, and short sales, but not much activity on the "regular homes for sale". If your not priced right, your not selling in today's market. clete
ReplyDeleteI wrote another offer, and again, there are multiple offers, and my clients are going to get beat out again. Buyers will have to make their best shot, maybe just a little higher than they wanted to go, and then they will have a chance to get the home they want. I have a feeling that prices might just be at or near the bottom. clete
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