I am looking to buy in the Fort Wayne, IN area. Is it just me or are people still asking way too much for their homes? I'm ready to buy, but I want a deal, and I think these homes are overpriced. Any opinions?
2007-07-28 11:48:54 · 5 answers · asked by Lisa Holler 2 in Business & Finance ➔ Renting & Real Estate
All housing has had inflated pricing for years and now the bubble is bursting and prices will drop for the next 12-18 months and only then stabilize
2007-07-28 11:54:16 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
You're absolutely right.
Prices are still too high and the sellers are going to have to eventually wake up and smell the coffee.
In Scottsdale Arizona some sellers are getting the message.
They will look at offers 20-30,000 below asking prices on a home 350,000 or more.
6 months ago they would not even return a phone call on such an offer.
I'm looking for the market to bottom the END of next year, after all the mortgage re-sets hit the market.
The worst is NOT over, but just begun.
Terry S.
2007-07-28 21:59:32 · answer #2 · answered by Terry S 5 · 0⤊ 0⤋
Hi,
Most sellers still havent faced reality. I am an investor in Florida and while most investors have a good grasp on the market, we are still seeing houses put on the market at too high a price. Real estate agents that I talk to complain that sellers want to start out at too high a price and they are right.
But within a few months you will see sellers adjusting. They are already starting to adjust their prices down. At this point, many people are realizing that it is better to sell for less than to cover the carrying costs. Keep looking. You will find more and more homeowners who need to get out of their houses more than they need to get their price. Those will be the smart ones.
Barbara
www.therealestatebirddog.com
2007-07-28 18:55:44 · answer #3 · answered by realestatebirddog4 2 · 0⤊ 0⤋
You are correct. Prices are still too high. Sellers think that their home prices should still be the same as last year but they are wrong. It is a buyer's market and regardless of what the seller says, the buyer determines the price.
2007-07-29 11:36:36 · answer #4 · answered by Robin L 3 · 0⤊ 0⤋
With the tight market in housing right now, you should be able to get a good deal on a house. It's a buyers market in most parts of the country.
Make an offer you are comfortable with. They may just accept it.
2007-07-28 18:53:30 · answer #5 · answered by mister_galager 5 · 0⤊ 0⤋