Posted by Russell T on April 15, 2000 at 08:23:17:
“Selling Like Hotcakes”?
What’s with this phrase anyway?
Why is something always selling like hotcakes? Hotcakes don’t really sell very well in my area!
Why can’t houses sell like Harley Davidson Motorcycles, or Soft Pretzels at the mall, or Pizza during a busy weekday lunch hour? You see what I’m saying here? You need to get away from all the traditional thinking and think in your own area. You can determine if it’s a buyers or sellers market. You have the knowledge to make it what you want it to be. Remember everyone that is in the industrial age way of thinking (Old School) say “Selling Like Hotcakes” you must think of the other many different ways of saying the same, otherwise you will be in whatever kind of market they choose.
Just wondering…I live in Chicago where the real estate market has been going nuts for the past several years. It’s difficult to get good deals as an investor when 10 other people are willing to pay full retail price for all cash. For the pros out there, do you like the fact that interest rates are going up? Doesn’t that mean the real estate market in these “hot” markets will turn from a seller’s market to a buyer’s market and potentially open the door for us investors to do more deals? Your thoughts?
Re: Stock Market is Down, Interest Rates are Up…Is this the signal of a buyer’s market? - Posted by Mark (SDCA)
Posted by Mark (SDCA) on April 17, 2000 at 11:36:24:
I have to disagree with some of the other posters. It’s NOT always a buyer’s market. If SFR sellers are getting multiple offers at or above asking price then it most defintely is NOT a buyer’s market. That is what is happening in SD right now. I, for one, am hoping that interest rates DO rise. Financing on what I currently own is locked in. I can’t be hurt by rising rates. However, new owner occupants WILL be hurt by it. And that is the competition right now. The time to start looking for seller financing is coming.
Re: Stock Market is Down, Interest Rates are Up…Is this the signal of a buyer’s market? - Posted by Bill K. - FL
Posted by Bill K. - FL on April 15, 2000 at 08:14:30:
I was just logging on to address this issue and saw your post. I guess great minds think alike. lol
Actually several months ago when rates were lower someone was worried about what to do IF rates went up and my answer as someone who is in the trenches everyday was GREAT! Let em go sky high.Why? Just as you thought - anything that makes it harder for Joe blow seller to sell his house easily and quickly makes it better and easier for an investor to get a good deal.I hope Greenspan raises the rate 1/2 pt next month as some are predicting. I hope the media makes a BIG thing about it also. You’ll probably see alot of sellers become more realistic in your negotiations with them when you tell them about the impending rate hikes. In other words use this so called bad news to your advantage every chance you get. Things have been very sweet for a lot of folks lately but I think the bubble is beginning to burst. I have my dust pan out to catch the fallout. Now rate hikes should increase demand for rentals however vacancy rates in my area are already low. This should make for good opportunites in lease options and as always in the bread and butter houses. Higher interest rates should portend more foreclosures and bankruptcies as well. I am reminded of a timely quote by Robert Allen “keep your head while everyone one around you is losing theirs”. This is not the time to panic and get out of REI but to size up the available opportunities and take advantage of current market conditions. Just as a sellers market changes so will a buyers market.
you, as the buyer “make” the market. You create the deals that make each individual deal a good and profitable deal for you, whether the market around you is a buyer’s market or a seller’s market, that’s just the retail market. YOU are buyer at the wholesale market and you buy rain or shine. YOU have the umbrella of knowledge to adapt and make deals happen even in a downpour. Get that umbrella and rain slicker out and go make some deals!
David
I agree with Buddy, down here in Boston Mass,calling the current realestate market a “sellers market” is an understatement,I mean houses are selling like hot cakes.Even houses in the so called “war zones”
are going for top dollar.
So please , someone tell me(us ) that the current hike in interest rates , the rising oil prices and the down trend of the current stock market will some how eventually lead to a “buyers market” for us investors out there looking for deals.
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I am going to tell you about 5 “Vital Sign” indicators that will accurately identify the “trend” of ANY real estate market.
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The questions are not germain to the current market conditions. The stock market isnt really down if you compare it to where it was 2 years ago. Long term mortgage rates are not up, only short term rates are up. Gasoline prices have dropped 10% in the past two weeks. Hence, these non events will have little impact on most Real Estate markets.