Q&A: I need an answer about the real state market?

Q&A: I need an answer about the real state market?

Question by Yaneth: I need an answer about the real state market?
does any one know about the real state market?
I need to know if houses are going down or up,
and who thinks is a good time to buy? or should we wait to see if they go down?
we actually want a house in fresno we have an agent helping us but, we liked a house an we told her to offer a little bit less and I don’t think she like that idea want do you think should we offer more or less? I have always heard to offer less

Best answer:

Answer by RT
Depends on where… some markets are stable, others will continue to drop.

In general it is a buyers market and a good time to get a deal where just a few years ago many could not afford to buy.

Be sure to look at recent sales in the area and compare the listing price to the actual sale price. In many area’s the sale price is15-20% below the what the listing price had been.

Good Luck!

Know better? Leave your own answer in the comments!

banting

4 thoughts on “Q&A: I need an answer about the real state market?”

  • Basically what we’ve read and have been told by every single person we’ve talked to, now is the time to buy.
    Depending on how much lower you wanted to offer on the house… not sure why your agent wouldn’t like it?
    Maybe she’s just worried that you offered too low. Or maybe she’s just greedy and is looking at it like.. if your offer is accepted, she’ll get less commission. *shrugs* Who knows. Just ask her her opinions. Doesn’t mean you have to do what she says, but at least you’ll know where her thoughts are.

  • Hello,

    depending in the state and city that you live in. In Las Vegas, NV the homes have droped about 12-43% depending on the zipe code. I don’t think that the house will drop any more then what they already have.

    know is the time to buy, if you can get a loan

  • Hi,
    right now I prefer to buy offshore properties.
    They are sometimes WAY cheaper and way better to make money with. And the property taxes are almost nothing.

    Compare to the house market here in the USA? well in Florida I payed as much for the property tax as for the mortgage of my house.
    That is killing the reasons of owning houses in the US, sorry, but honest.

    I am joining these groups, maybe they help you too.

    http://realestate.meetup.com/1306/

    take care, and good luck.
    M.

  • It all depends on various factors. No one has the “magic,” answer. First of all, are you an investor? If you are, rates for this type of loan are always higher regardless of the market.
    Or do you plan to buy your first home and live in it for at least 5 years and then possibly move up? How is your credit. ? How much income to you make? How many people depend on you financially? If you have at least 700+ fico scores , some money saved at the very least of 3% of the total pruchase price and little to no debt than you are in the drivers seat. Their are state, city and county downpayment assistance programs out there for first time homebuyers right now, but by the same token alot of these programs have run out of funds depending on what state, city or county you are looking in. There is also good non-proits out there providing up to 6% downpayment assistance as well depending on your income and other factors in order to quality.
    Another consideration is that if 6 months ago, you qualified for a purchase of 450K now you may only qualify for 325K because lenders are being extremely cautious and lending guidelines are getting tougher and stricter in this declining market and they will continue to do so as time goes on.
    One scenario, is that the FED will stop cutting rates now, but this is only a speculation from there statements. Secondly, is that alot of buyers are sitting on the fence just like you and as in past real estate buyers markets waited too long until lthey were priced out of the market. Additionally, realize that there are alot of “buyers,” out there with the same “mindset,” of the “we will wait,” attitude and will decide to buy when this market finally bottoms out as to no one has the “magic,” answer to when that will be. It is all speculative “Nostradamus,” predictions. When the market bottoms out all the buyers that were waiting along with you included will run to place “offers,” on properties and guess what happens then? Multiple offers which in turn causes the market to turn because of demand on the inventory out there and “competition,” between buyers multiple offers turns the market into a “sellers,” market again. So who really stands to gain by waiting? Also when the bottom does hit, historically the price of the home is cheaper, but rates have always been higher when the bottom does hit. Which in turn causes you to pay the bank more “profit,” on the purchase than if you would have purchased now at todays prices. If the home is now $ 325K, and it will be $ 290K then and you will pay 1.5% to 1.75% or more on that sales price where is the savings for you the buyer?
    What I am sure of is that buyers that buy now and will live in the home for at least 5 years are in the drivers seat so to speak because they will pay a lower interest rate now along with a good price for the home that was probably worth $ 470K two years ago and is now worth 325K. IFHA has an awesome loans for first time homebuyers and because of the “temporary,” increase in its loan limits right now in California until December its a great time to puichase and move during the summer if you have children. Unfortunately, we do not know if the FHA loan limits will continue or be cut off then because nobody knows. rf you are a flipper, then I would advise not to buy because as a flipper you purchase for investment purposes to turn around and sell it in a few months.
    Finally, the most important purchase is not the home you will be buying, but the “loan,” itself. Getting the right lender is key and your Realtor can help you find the best options for your particular case.
    Good luck.

    Jeanette therealtor