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July 15, 2008
TOP 10 REASONS TO BUY NOW!
1. Selection, selection, selection
Regardless of price range, there are plenty of houses from which to choose. There's a great selection of attched homes, condos and townhouses. You can find large lots, small lots, and lot othat will accommodate your boat or RV. You have many options. When resale inventories are low, buyers are forced to make compromises. Not today.
2. No bidding wars.
In 2005, we knew one family who made offers on 10 homes. They lost the first nine to the feeding frenzy that existed in the market - other buyers bid the properties up substantially from the original listing prices. There were even escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There's no competitive bidding in the buyer's market today.
3. You can make an offer.
A few years ago when you made an offer, the only question was how high above the list price you should reach in hopes of being the best offer on the table. Today the sell preice vs. list price ratio is about 96 percent. Sellers won't be insulted if you "make them an offer they can't refuse."
4. Patience is tolerated.
In the hot selle's market, everything was rushed. You had to find a house before other buyers did, then hurry up and make the offer. Today, buyers can take their time. They can look at several homes and think about their decision for a while.
5. Due diligence is welcomed.
In this market, a buyer is encouraged to obtain a home inspection, termite inspection and appraisal. In 2005, many buyers waived these continencies in order to gain an advantage.
6. Plenty of specs.
Buyers sometimes had to play games if they wanted a newly built home. There were lotteries and waiting lists. Some buyers even slept in their cars in order to get the head of the line. Not in today's market!
7. Repair requests are accepted.
After buyers complete a home inspection, they're allowed to submit a repair request to the sellers. But in the past, sellers often insisted the home be sold as-is. Many times, there were back-up buyers waiting for the primary buyers to upset the sellers, whose home was increasing in value almost daily.
8. Few, if any investors.
It's estimated that one third of all sales in 2005 were to investors. These buyers caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords.
9. Location, location, location.
Today's buyers can find homes closer to work. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines and relatives.
10. Real financing is available.
The "wink, wink" zero-down, no-doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing , first-time homeowner bond programs, and special loans for teacher or police officers are back in business.
The bottome line: It's a great ime to buy real estate!
July 9, 2008
WAITING FOR THE MARKET TO HIT BOTTOM?
Don't wait too long! Here is what the expert say.
"Several markets across the country are starting to heat up --if you know what to look for." Realty Times, May 9, 2008
"Thanks to in-migration and reasonably strong job market, demand for housing remains. There are still buyers out there," Oregoniam, 4/30/08
"Home Buyers, Start Your Engines! The latest data from the housing market shows that sellers, after months and years in denial, are finally giving in to reality and slashing prices." The Wall Street Journal, 5/15/08
"There is plenty of activity out there to get your home sold, but it takes a combination of right pricing and REALTOR know-how to get the job done." Realy Times, 5/2/08
"It's bottome-fishing time, I think, " says Wellesley, College Prof. in WSJ 5/7/08
Go With What You Know!
Interest rates remain historically low. Property inventory is up.
Oregon Real Estate Agency Disclosure Brochure (PDF)
Washington Law of Agency (PDF)
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