Posted by Warner on May 25, 1999 at 11:05:10:
Great question Bob -
I’m a newbie in the D.C. metro area, and I read the article to which you are referring. It was kind of a letdown to read as a new investor, but I realize that there are deals to be made, it might just take longer to find them.
What may be required is a doubled effort in searching out the prospective deals instead of what may be required in a slower market.
L/O in a “Seller’s Market”? - Posted by Bob-MD
Posted by Bob-MD on May 25, 1999 at 08:40:47:
Here in MD we are in a strong seller’s market. It seems like it would be difficult to interest sellers in doing a L/O when the nice houses are selling almost as fast as they go on the market. In fact, they are being bid up above the asking price. There was an article in the last sunday’s paper that detailed how difficult a time appraisers are having finding and justifying the comps to lenders.
Any ideas on how to work L/O in this type of market?
Bob
Re: L/O in a “Seller’s Market”? - Posted by Rich
Posted by Rich on May 26, 1999 at 06:35:59:
I too live in MD, but far from the “Sellers” markets. Where I live the housing market has been in a slump for 10 years. The loss of another major employer recently hasn’t helped. There are lots of “Company” homes on the market, but nobody to buy them…or lease/option. So in other words, we have a “Buyers” market. My question for anyone else is: What’s the best strategy for a “Buyers” market? - Rich
Re: L/O in a “Seller’s Market”? - Posted by JPiper
Posted by JPiper on May 25, 1999 at 21:08:59:
Steve Cook is in Maryland. Perhaps he’ll comment on your question. But if recollect Steve has done 39 deals in Maryland in the last 11 months. Some of the deals have been at significant discounts to market value. Read the “Success Stories” page on this site.
JPiper
Re: L/O in a “Seller’s Market”? - Posted by Russ Sims
Posted by Russ Sims on May 25, 1999 at 13:55:33:
Bob: Just realize that no matter how hot the market, there will always, always be sellers with little equity and who need to move the home FAST. I’m learning that (this is actually common sense) in my hot sellers market, the most productive areas to target are homes around military bases (lots of service people being transfered. They bought VA zero down so have little equity), new housing communities (You’ll be surprised at how many FSBO signs there are. There’s just no equity to speak of),and housing communities around big corporations (in my state Boeing transfers employees at the drop of a hat). Confining my marketing efforts to these areas has been very productive for me. 3 L/Os in 4 weeks.
Re: L/O in a “Seller’s Market”? - Posted by don, sdca
Posted by don, sdca on May 25, 1999 at 13:18:23:
Its a hot market here too, but two comments.
2.) When the newspapers start running headlines or feature articles about the situation, my experieence is that the situation is likely peaking (either good or bad).
Just my thoughts.
Don, sdca