Buyers Market - Posted by Mike

Posted by Laure on April 15, 1999 at 20:51:53:

I guess I’m spoiled here. I stand corrected on the market status of the country. Sincerest apolagies. No harm intended.

Laure :slight_smile:

Buyers Market - Posted by Mike

Posted by Mike on April 15, 1999 at 12:17:08:

Hi Everyone. This is a quote to me from a RE agent friend of mine.
“It’s a buyers market as we speak.” "You may want to look at VA repo’s. They seem to be the best deals. As I said now is the time, it’s a buyers market, sellers are loosing their shirts!"
Any suggestions on how to approach a buyers market, I’m very new at this. I’m considering doing L/O’s. Thanks

Mike

I don’t get it… - Posted by Mark (SDCA)

Posted by Mark (SDCA) on April 16, 1999 at 16:36:42:

If it’s a buyer’s market then… BUY!! If there are lots of great deals then you can just cherry pick the best. (And in that case, VA repos are probably not it). The VA generally markets their repos right around market. The lure is the financing (zero down for owner occupant, 7% financing. Even for investors, it is 10% down, no source of funds check and 7% financing). I WISH I had a buyer’s market.

Mark

Re: Buyers Market - Posted by Marvin

Posted by Marvin on April 15, 1999 at 19:59:05:

Mike,

It would help to know where you are;
Baltimore is my guess.

Marvin

Re: Buyers Market - Posted by Laure

Posted by Laure on April 15, 1999 at 18:32:13:

JImbob is right… I haven’t heard of anywhere in the country yet that it’s a buyer’s market… although I am sure that my ESP skills could use some tweaking. With the interest rates being so low, everybody is buying !! Realtors here are BEGGING for listings !

Laure :slight_smile:

Re: Buyers Market - Posted by Jimbob

Posted by Jimbob on April 15, 1999 at 15:39:14:

Mike,

Your real estate agent has attended too many marketing seminars, in most (not all) parts of the country the markets are sellers markets and hot ones at that. Sellers may be losing their shirts but only because they are being foreclosed on such as the VA repo’s you mentioned, also depending on local market condiditions, if they are good the better repos rarely go for much less than 10% under market value. It is very rare that any government agency would consider doing lease/options on their inventory unless the property would be better off being condemned.

The good news is, with many VA repo’s you can buy them for no money down if you are willing to owner occupy the property, and you don’t have to be a veteran. If you want to buy these homes as investments, it gets tougher such as 15% cash down. A lot of government foreclosures restrict investors from bidding on them unless they have no ther takers after several auctions, or if the properties are in very poor condition.

Even if you were to buy 1 house a year as owner occupied through this method, you will still be well ahead of the game, you just wont become a millionaire over night. If you want to focus on lease/options, you will get much better action on FSBO’s (For Sale By Owners)

Good Luck.

Jimbob

It’ A Buyer’s Market Here. - Posted by John

Posted by John on April 15, 1999 at 20:06:40:

Upstate NY has been a good buyer’s market for the last 8 years and will continue to be for some time down the road. There are all kinds of good deals out here, also NY has the lowest housing cost in the country. You can buy a real nice house for $50,000 and under, most of our deals range from $30,000 to $45,000

The wages are not to high here either.

JJ