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Is some US real estate becoming cheap enough to buy?
- Thread starter Ghost of Cutten
- Start date
buyers are refusing to pay the comps established during the tax incentives.
The lenders were holding out for the comps the current buyers were coming in 5-10% below comps.
For instance in North county..
Buyer was at 360 Comps 405... lender wanted me to counter 420 and said he would take 400. Buyer walked.
3 months later - appraisal came in at 380... called back buyer. He wont go over 365.
I just spoke are the CAR Realtor conference on short sales, agents from other parts of CA confirmed they were experiencing the same situation.
We are seeing another round of markdowns once these new shorts sales close , unless the foreclosure halt helps shrink supply.
It is a lot easier to do short sales when prices are stable or rising a bit. So I am hoping for supply shrinkage as I have about 30 tough short sales right now.
The lenders were holding out for the comps the current buyers were coming in 5-10% below comps.
For instance in North county..
Buyer was at 360 Comps 405... lender wanted me to counter 420 and said he would take 400. Buyer walked.
3 months later - appraisal came in at 380... called back buyer. He wont go over 365.
I just spoke are the CAR Realtor conference on short sales, agents from other parts of CA confirmed they were experiencing the same situation.
We are seeing another round of markdowns once these new shorts sales close , unless the foreclosure halt helps shrink supply.
It is a lot easier to do short sales when prices are stable or rising a bit. So I am hoping for supply shrinkage as I have about 30 tough short sales right now.
Quote from Roark:
<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=2981191">
I've lived in phoenix for a number of years and never had a problem. Of course there are some areas that are worse, but generally speaking I feel safe and some of the suburbs are quite safe(e.g. Gilbert, Scottsdale).
Bottom? Not a chance.
I'm sure there are some bargoons out there. No question.
But what happens when interest rates rise? Nationwide, prices should fall another 50 percent from here.
Immigration numbers are waning.
Emigration numbers are skyrocketing.
Crime and unemployment will likely rise further.
Buy a house for yourself if anything. But not to make a buck.
I'm sure there are some bargoons out there. No question.
But what happens when interest rates rise? Nationwide, prices should fall another 50 percent from here.
Immigration numbers are waning.
Emigration numbers are skyrocketing.
Crime and unemployment will likely rise further.
Buy a house for yourself if anything. But not to make a buck.
Quote from Ghost of Cutten:
I'd like to know what the replacement cost of a 2000 sq ft 4 bed house with pool & decent yard is in that part of Arizona, anyone connected to the building trade here who might know that stuff?
I don't know how much labor is for Arizona, I would have to assume that it's the same throughout the U.S. Basically frame to finish, expect to spend at least $64/sqft. Pool & Yard, I'm sure you can find a bunch of mexicans hungry for work.