Is it really a buyer's market?
I am just speaking about San Diego today.
Every house or condo my clients have been putting offers in on is getting multiple offers. Usually not just 2 or 3, some get as many as 20 or 30.
The prices are nice and low but the properties available are mostly Bank owned or short sales.
And...There are not enough properties to meet the demand. But, no one wants to sell at the price level commanded by the foreclosures and short sales, and the appraisers won't appraise properties above what the "current" market is showing.
So, prices are poised to go up very quickly because of all the pent up demand and the many many people who are waiting to sell until the prices go back up.
The big variable is: will all of those who want to buy be able to get the loans?
They need to have 3.5% for the FHA loan and when the "normal" listings start showing up; there will be a huge run on these loans.
How many people have 20%? How many people can scrape together 3.5%?
You do the math.
I'd say buy now, and am trying to find properties with about 12 buyers, but properties are not too easy to find!!
But.... prices are only going up from here. Just how fast is the gamble!
I am just speaking about San Diego today.
Every house or condo my clients have been putting offers in on is getting multiple offers. Usually not just 2 or 3, some get as many as 20 or 30.
The prices are nice and low but the properties available are mostly Bank owned or short sales.
And...There are not enough properties to meet the demand. But, no one wants to sell at the price level commanded by the foreclosures and short sales, and the appraisers won't appraise properties above what the "current" market is showing.
So, prices are poised to go up very quickly because of all the pent up demand and the many many people who are waiting to sell until the prices go back up.
The big variable is: will all of those who want to buy be able to get the loans?
They need to have 3.5% for the FHA loan and when the "normal" listings start showing up; there will be a huge run on these loans.
How many people have 20%? How many people can scrape together 3.5%?
You do the math.
I'd say buy now, and am trying to find properties with about 12 buyers, but properties are not too easy to find!!
But.... prices are only going up from here. Just how fast is the gamble!
posted by Alan Schmitt | 2:30 PM
4 Comments:
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