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Things were quite different with the tax credits. Market has cooled WAY down since then.
hmm... lots to consider...
Things were quite different with the tax credits. Market has cooled WAY down since then.
There are over 13,000 homes for sale in SA and right at half of them are foreclosures. Average sale price is 105K.
Yeah, that's kind of what I am thinking as well. I'm still a little afraid to lowball that much though...
I'm in Plano, TX fwiw
Ouch. Your market really sucks. Home values have dropped 10% in a year with no end in sight.
http://www.zillow.com/local-info/TX-...value/r_53915/
So are you thinking I should go ahead and shoot the lowball offer right off the bat and see how they respond?
I would...Plano has 2000+ listings and 5 recent sales.
K. I intend to get the offer in today, so hopefully things go well.
Wait for the prices to come back down to a reasonable level. Currently, there's more than a years supply of houses, but nobody is will to drop the houses to a reasonable supply and demand market rate. Last time I looked, houses were still at a nominal 30% over priced value from what the natural trend would have been, had not this "housing flip" fad never happened.purchasing a home - how to proceed?
I doubt that the prices will be coming back down to "a reasonable level" anytime soon, if ever. It's about as likely as gas prices dropping to "a reasonable level". It may drop a slight bit, but will never significantly drop.
Texas didn't get caught up in that as bad as the west coast...I think we are approaching the bottom of our market...Prices in San Antonio are actually rising.
Neo Dude…
1- Real Estate is not a game for amateurs…It sounds like you don’t have a knowledgeable real estate agent representing you….The questions that Cosmic has answered for you are things the buyer of a foreclosed property should already know…
2- Have pre qualification do ents in order…Present them to the bank with your low ball offer…I have presented two offers on properties in So Cal which the banks snubbed….Only to have them contact me up to a year later to ask if my original offer was still available…
3- Low ball...The ball is in your court...Years ago I made an offer on a home for 40k below asking price…They had offers for asking price but with all sorts of contingencies…The owners needed to move on & they accepted my clean offer with lots of ing & moaning…If it were me, I would put an offer in for maybe 90k with do entation that you are a clean pre qualified buyer with no strings attached…If they say no move on…In my area the prices of homes keep falling…You are not missing out on the deal of a lifetime...
Last edited by Sportcamper; 04-07-2011 at 12:24 PM.
That could be true. Of course, when I said "nominal," that didn't mean everywhere. The market here still sucks. People here started asking more for old houses than what a new comparable house with better insulation could be built for.
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