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Archive for the ‘HomeBuyers’ Category

House hunting? It’s not a buyer’s market everywhere

Posted by SellThatHouse.net on August 4, 2009

Los Angeles Times

House hunting?  It’s not a buyer’s market everywhere

Some potential home buyers, especially first-time buyers, may be misinformed about today’s market, believing that all sellers are desperate and will accept any offer.  However, in many desirable, middle-class neighborhoods, bidding wars are prominent and buyers often have to make offers slightly above the asking price.

MAKING SENSE OF THE STORY

  • Although California’s median home price – the price point where half of the homes sold for higher and half for lower —  was 39 percent lower in March than a year ago, many of the sales taking place are in areas, such as the Central Valley and the Inland Empire (Riverside and San Bernardino counties), which have higher foreclosure rates.  These regions offer home buyers better opportunities to purchase homes at extremely low prices.
  • The housing market is often characterized as having three pricing segments: under $500,000, $500,000 to $1 million, and more than $1 million.  Homes in the under-$500,000 segment have accounted for the majority of the state’s price declines thus far.
  • As real estate is local, a home in one neighborhood with the same square footage and amenities may not sell for the same price as a comparable home in a neighborhood one mile away.  By working with a REALTOR® familiar with a specific area, home buyers should be able to submit reasonable offers that are more likely to receive seller approval.

To read the full story, go to

http://www.latimes.com/classified/realestate/news/la-fi-cover3-2009may03,0,7623052.story

Posted in HomeBuyers | Leave a Comment »

Low-priced foreclosures incite bidding wars

Posted by SellThatHouse.net on August 4, 2009

July 30, 2009

MSNBC.com

Low-priced foreclosures incite bidding wars

First-time buyers in some areas, especially those with large numbers of foreclosures, are finding that bank-owned properties are sparking bidding wars that drive up sale prices and entice investors – who often pay cash and buy several properties at once.

MAKING SENSE OF THE STORY

·       Buyers are advised to work with REALTORS® to help increase the chances that their offers are accepted on homes, particularly those that are attractive to investors.  With guidance from a REALTOR®, buyers can present offers that are more likely to be accepted by a bank.   REALTORS® also often have knowledge of properties that are new on the market, and may have not yet caught the eyes of investors.

·      Recently enacted federal legislation designed to help people remain in their homes has slowed the flow of foreclosures into the market, lowering the inventory and increasing the demand for remaining homes.  In June, C.A.R.’s Unsold Inventory Index (UII) stood at 4.1 months, compared with 7.6 months for the same time period a year ago.  The UII indicates the number of months needed to deplete the supply of homes on the market at the current sales rate. Homes priced $500,000 or below had an unsold inventory of approximately three months in June.  In June 2008, the unsold inventory in this price range was nearly 10 months.

To read the full story, go to

http://www.msnbc.msn.com/id/32011159/ns/business-real_estate/

Posted in HomeBuyers | Leave a Comment »