cancel
Showing results for 
Search instead for 
Did you mean: 

Where's this so-called buyer's market??

tag
rockymtngrl
Frequent Contributor

Re: Where's this so-called buyer's market??

When there are more buyers then sellers that is considered a sellers market, meaning the advantage goes to the sellers (they have so many offers they can afford to pick thru the offers for the best one). A buyers market is when there are more sellers then buyers-meaning the advantage goes to the buyer (sellers are getting slim to none on the offers and are desperate to sell and will take most any offer thrown at them to get rid of the house).

 

I really think its split right now. In the smaller 3/2 lower price range type houses its a sellers market but move it up to the next price range (a bit larger and upgraded house) it goes into a buyers market.

Message 11 of 15
Anonymous
Not applicable

Re: Where's this so-called buyer's market??

if your looking to buy, prepare to go crazy. me and my fiancee have been in the market since august of 08' im getting my keys on friday the 10th. ive looked at atleast 20-30 homes, ive bid on almost all of them, and i finally got one to accept my bid. and at that, they denied my bid at first. but the winning bidder backed out and they accepted mine. ive had bids go un-answered, been over bid by 500.00 and some i never got an answer at all. some homes i bid on had 10-20 bids and of course it goes to the highest bidder with the most cash down. i ended up getting a bank owned property, it was built in 2005 it appraised for 136k and i got it for 127k. i had to put 20% down and go conventional on the loan. my interest rate is 5% fixed for 30 years and my mortgage payment with taxes and insurance is 750.00. and this is for a two story 4 bedroom 3 bath home. i cant even get a studio apt. for 750 a month, so if you can stick it out, it really is a great time to buy. but thats the key, your going to get denied, your going to get told no, again, and again. but if you can take the stress, youll end up with a great deal that cant be beat. good luck home buyers im glad im done with it all!
Message 12 of 15
xoblondyox
Established Member

Re: Where's this so-called buyer's market??

Same thing is happening here. A house that was on the market for 2 days already had 13 offers and accepted another offer today. Another house been on the market for 2 weeks and has 50 offers.

 

Very fustrating!

Experian: 623 (April 09) Equifax: 652 (Aug 09) Transunion: 662 (Aug 09)
Message 13 of 15
ArmyStrong
Frequent Contributor

Re: Where's this so-called buyer's market??

I agree. Here in GA it seems like a seller's market to me. The last one I lost out on had 8 bidders after being listed for 3 days (there was one other offer when I put mine in). I'm beginning to think everyone looking for a house wants the same exact things that I do. I see nice looking houses on the market for weeks and sometimes months that I could probably make an offer on and get, but I'm not willing to settle yet!! (the basement is non-negotiable) :-)
TU: 556 12/12/08 ~ EQ: 509 12/12/08 ~ EX: 509 12/12/08
TU: 588 8/7/09 ~ EQ: 529 7/30/09 ~ EX - ?? (509 12/12/08)
TU: 619 9/01/09 ~ EQ: 608 9/01/09 ~ EX - ?? (640 FAKO 9/01/09)
TU: 626 9/30/09 ~ EQ: 624 9/30/09 ~ EX - ?? (640 FAKO 9/01/09)
TU: 659 10/7/09 LO PULL EQ: 624 10/7/09 LO PULL EX: 659 10/7/09 LO PULL
Message 14 of 15
GregB
Valued Contributor

Re: Where's this so-called buyer's market??

Around here the low end of the market is dominated by foreclosure and short sales with all of the bidding nonsense. The houses around the median are moving slowly, mostly well under asking price since the asking prices are mostly unreasonable. The higher end houses are selling at the prices that they were in the early 1990s.

My street is worth just slightly more than when I bought just about the start of the last boom in 1997. One house on the street has been vacant and on the market for almost 5 years but the asking price has always been 20% above market. They have now come down but even after 82 open houses, it still sits. That and the other house in the neighborhood have just been removed from the market in what seems to be an attempt to have "new" listings in the spring. Both vacant and sitting.

A few streets away in a much nicer neighborhood a house that sold new in 1999 for $695,000 that got $250,000 in hardscape/landscape and is just fabulous finally sold at $720,000 after most of a year at an asking price of $995,000. For a million, you can get a mansion that was a million in 1990.

I have zillions of real estate agents for customers. They claim everything is blazing hot - what a joke. Big demand for $200,000 entry level houses but they are almost all foreclosures and there is this frenzy around them. When those buyers finally get a house, where is the demand?

Message 15 of 15
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.