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Realtors Buying opportunity in housing slowdown
A lot of people are asking when should we go and look to buy a house is it a right time or we have to wait till the market hit the bottom .The answer for this question is not easy there are a lot of houses in market, with these huge inventories defiantly the opportunities are there, however we have to remember that since 1990 till 2005 the price of properties are increased about 300%, so the prices are still very high and unfortunately a lot of sellers in the foreclosures and short sales bought their property very high and their total loans are more than the value of their house.
I saw personally last week a house in Santa Clara that was worth max $650 000 and the owner debt (1st and 2nd ) was about $780 000 ,so what will happen in cases like this and what would be the result of properties like this in this market.
My personal recommendation is in this market a Buyer must be very patient and spend good time to look to the area he or she is interested ,and this is if you are looking to live in a particular area ,and you are interested either for school area ,location ,access to freeways ,shopping centers or other factors.
This way you set an standard for your real estate purchase and, accordingly you look and put the pros and cons of each property you like in the market ,and make decision with the one which will fit more in your criteria.
If you are investor and you are not looking for a particular speciation ,then you must have your money handy to find a motivated buyer who needs to close fast and that way you may get a deal it is situational this type of properties usually need work, or other problems such as divorce, death, loss of job ,owner relocation .
Investors for this type of properties are looking to pay 50 Cents for a dollar. They have good amount of money and bank credit that they can close a deal in 10 to 15 days
In general the builders in this “bubble market” are trying to reduce the inventories and some of them are offering up to $200 000 discount for qualified buyer, that is another issue in the current market people are not easily qualified because house prices are still very far from having logic relationship rent / income and that is why a lot of these houses have negative income, and as the result people were not able to pay the interest and therefore we have the wave of foreclosures.
Some expert are forecasting it will take up to 5 years for the prices get adjusted to the reality and affordably of would be buyers, and now we know purchasing decision in this market is extremely critical and it is situational to every individual to their financial portfolio and income and long term plan, because for a lot of people this is the biggest investment decision in their life, and if they fail they pay very high price for it, if you decided to buy only look for motivated buyer and do not be shy to offer what you think the property is worth , a lot of people are renting now because it is cheaper than paying mortgage
Hossein Mansouri is an MBA, and writes article about real estate, you can reach him at www.adrealty.us Realtors
The content of the article is responsibility of the Author.
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