Many buyers have been fence sitting for a while now. Some for a year of more waiting for the market to BOTTOM OUT. The problem with this is the buyers who are waiting are the inexperienced buyers. These buyers seem to think that if they buy one second before the dreaded BOTTOM hits then they've made a huge mistake. So what happens is these inexperienced investors wait too long making an even bigger mistake. If these buyers look at all the pluses of the market right now, could digest the information, they would realize the time to start looking for that awesome investment is now. Lets look at the facts.
- The Temecula Real Estate Market is at an all time low. Yes you've seen homes drop $100,000 or more in the last year. The fact of the matter is the homes that dropped $100,000 were the homes that were severely over priced to begin with. The sellers who priced their homes realistically from the start sold their home for a fair price. Yes, homes sold last year. And the good ones will sell this year also. By waiting you'll often be dealing with a stale and unhappy seller who has watched his imaginary equity eaten up by greedy buyers. How far do you think you'll get with this type of seller? Buyers, start looking now and when that good deal comes along pounce.
- Interest rates on home loans are the lowest they've been in years, so why not get a great price on a home and low interest rates as well. There is nothing wrong with a Two-Fer
- The Temecula Real Estate Market is saturated. The inventory for available homes in Temecula is many many months . Buyers, take advantage of this huge inventory and let it work for you. More homes mean more competition and buyers can name their price many times. So why not let the real estate market work for you.
By knowing the market and understanding the real estate process buyers can become millionaires in this real estate market. Don't let the fear of making a minor mistake keep you from acheiving your goals. These days a real estate mistake is hard to make.
6 comments:
And what is your point!
I think it’s especially true in Real Estate for the “Buyer to Beware” A realtor has nothing to lose, and a whole lotta
commission to gain.Do your homework, ask tough questions, and don’t feel rushed into doing anything!
When you are selling something it's always a great time to buy. When the market was heading up they were all saying "Buy now or be priced out forever" or "Don't throw your money away on rent". Of course the only way someone could afford a house was with a short term interest only (or neg-am) suicide loan. What's the difference between an interest only loan and renting? Oh yea the 6% tranaction costs property taxes and of course maintenance. I've been renting since I got out of college because I learned how to do math and realized I could not afford a home on what I was paid. People who made bad decisions based on greed deserve what they get. Now the market is heading down and will for years (last RE down turn was 91-96 this one started in 2005) to come and salespeople will call false bottoms to trick inexperienced buyers into burdening themselves with a depreciating asset.
Temecula is a dead community. If you're commuting long distances, it will not make economic sense as the price of gas continues to rise. Prices in Temecula will continue to fall, fall, and fall.
This blog is the height of hilarity. "the buyers who are waiting are the inexperienced buyers"?? How about the buyers who are waiting know that there is AT LEAST another 30% to go in Temecula? I'll happily come back to this site in a year to see what your latest spin is, but of course the current gems will have long since been taken down.
I know this won't get posted, but you need to know - like those of us who knew from the beginning (2003), it's finally becoming general knowledge that the market is not even halfway to correcting. As for your condescending comments on the "bottom", here's what you don't get - the "bottom" is not a single moment in time, but a long, wiggly line that can last for years. We don't mind buying 5-10% above it. What we refuse to do is buy at 30%+ above it, as you would love for us to do.
I love it when the all knowing fence sitters stand back and watch. They know it all and never get "caught" Give me a break. The way the real estate market in Temecula is roaring right now, well priced homes don't stay on the market and the banks who price under market get multiple offers and usually higher than asking. INVESTORS ARE BUYING and that should be everones clue its time to jump into the ring. But of course the Mr know-it-all's will first last and always be fence sitters spouting words of wisdom when they really don't have a clue what they are talking about. It's so much easier to be superior when you never actually do take action. When homes start selling within days of being listed the market is correcting and of course there will always be over priced homes as sellers simply refuse to accept reality. Foreclosures are setting market price and these homes are selling. So if you are referring to unrealsitic sellers then I will have to agree that the market price for their home will be far below what they are asking. But I'm referring to homes that are selling and those are foreclosures. Will the price drop much more for these homes NO and that is what the buyers are buying and nothing else. If you knew what was going on in Temecula you wouldn't make such uneducated remarks but that what fence sitters do so by all means continue to sit back and observe the great deals that are selling in days.
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