OT: Real Estate?

[Popps]

Any realtors around here? In the housing market again. Thought it might be interesting to get some discussion going on the market, do's and don'ts, etc.

Given, the California real estate market is a completely different animal... but I'm wondering how people's buying/selling experiences have been as of late.

First question to throw out to any pros around here...

1 How soft is the market, really? (Given, it's region-dependent.) How far off of asking prices do you think people are generally coming these days?

2. Saw a house for sale on a "short sale." Done some research. Sounds like a modified foreclosure. Anyone have a good way to describe what that really is... and what it means to a potential buyer?

Anyone else have questions?

[baja]

The market is heading down, some say way down. There is a ton of sub prime loans out there that will be foreclosing with every bump of the interest rates. The California guys I talk to are waiting on the sidelines with lots of liquidity ready to move in when the time is right so unless you need a house right away if you wait you will get more house for your buck.

[freak6]

The market is heading down, some say way down. There is a ton of sub prime loans out there that will be foreclosing with every bump of the interest rates. The California guys I talk to are waiting on the sidelines with lots of liquidity ready to move in when the time is right so unless you need a house right away if you wait you will get more house for your buck.

It'll be a hot market for those foreclosures. Depends if Popps is doing this for a primary or investment. All those people in subprime out here are safer due to the appreciation in California, in a slumping market like Colorado foreclosures are everywhere, depreciating the market even more, but flipping is easier there than here imo.

[anthonypacino]

It'll be a hot market for those foreclosures. Depends if Popps is doing this for a primary or investment. All those people in subprime out here are safer due to the appreciation in California, in a slumping market like Colorado foreclosures are everywhere, depreciating the market even more, but flipping is easier there than here imo.

Very true, lots of "Flippers" are gonna be screwed when they can't sell to make a profit, rates go up and they will have to dump it just to get out of the payments.

[Popps]

Looking for a potential live-in, though I've pondered an investment situation, as well.

Foreclosures and short-sales(?) are starting to pop up here more and more, but they just don't sit on the market long because of the area.

One of the main reasons I happen to be looking right now is that I'm thinking there might be the convergence of a stall in the market... and rates still being pretty reasonable. (When viewed in an historical context.)

Curious to hear how other markets are doing?

[broncocalijohn]

Short sales are when the owner owes more than the house is worth (or asking price). Bank is taking a loss. Some newer areas will have a ton of this. Foreclosures in California are 2nd highest in nation. If you are buying to live in and you are selling a house then go for it. If this is your first house, talk to an accountant if you need the write offs compare to what the price will drop in the next few years. I am looking to snag a few of those homes in probably 1 to 2 years. I will take advantage of those morons that took out those sub prime loans and now are scratching their heads and wondering what happened. Prices will still drop if you are renting now. If so, wait it out and watch how much money you will save while putting more in your savings account to afford the house of your dreams. Good luck.

[Beantown Bronco]

Suburban Eastern Mass market is pretty bad for sellers right now, unless you really price your house to sell. I've seen several places recently sell for less than their tax assessment. Anything priced much more than that better be in a real prime location or it's gonna sit around for a long time (several in my town have been listed for a year or more....some stupid people still think their house is a winning lottery ticket and want to cash in, when the market just won't allow it).

I'd love to be a first-time buyer right now. Rates are still low, inventory is huge and prices are supposed to continue going down for at least the next 6 months (probably more, depending on who you believe).

[Rock Chalk]

Right now, its a buyer's market down in Houston. People are dropping their asking price about once a week. My buddy isin the market and he's been eyeing two properties for the past month and both are originally out of his range but are now very close to his range.

[Orange_Beard]

We just sold our house in Denver for 3,000 under asking price. (I thought it was over priced). Sold in 23 days. We lived in a "great" older neighborhood.
We are waiting in Southern California. Atleast a year, maybe longer. Not like we could afford alot here, however to me it looks like the market is heading down. Lots of "new" places sitting on the market.
This place we are renting was purchased 3 years ago for 480, now it is worth 420, and at 420 these places are sitting.
From what I have seen, places in established older neighborhoods are still solid. To me it looks like the places that are really dropping are the new builds....

[freak6]

Right now, its a buyer's market down in Houston. People are dropping their asking price about once a week. My buddy isin the market and he's been eyeing two properties for the past month and both are originally out of his range but are now very close to his range.

It's a great time to be first time buyer in Texas for sure. I could never live there, but my best friend was down there looking at 5 bedroom brand new developments for right around 200k.

For Popps, if you are planning on moving in, I would move pretty quick on any foreclosure a real estate agent turned you on to in Los Angeles that met your demands as far as schools, safety, and affordability etc...

If it's an investment property you need to have a business plan that outlines your time frame on holding it, what you want to use it for, rental vs flip etc...

There's so many options out there under those two options as well.

Whatever you do, finance it as a Primary Residence to save .5% to 1%.

[freak6]

This place we are renting was purchased 3 years ago for 480, now it is worth 420, and at 420 these places are sitting.

Wow, that is insane! Is that in oceanside area?

[Orange_Beard]

Wow, that is insane! Is that in oceanside area?

No, San Marcos. San Elijo Hills.
Really nice place, much like the Stapleton neighborhood in Denver. Looks like building has really "stalled". They now have dude standing on the main entrance road waving signs.

[Popps]

Anyone looked into short sales? There are a surprising number of decent looking ones in our area. I wonder what the up/downsides are as a potential buyer?