A Big Price

I am always being asked my opinion on the market. So much that in fact, I know I have blogged on it before. If I honestly knew what was happening in the market, I would be rich. This blog would be funded by countless advertisers and I would be sitting pretty in my huge home complete with staff.

Ha! As I am sure you know, the market it flooded by homes short sales and REO's. This has created a wonderful opportunity for investors and first time home buyers, if they can qualify that is. There are a number of investors out there that can buy a home with cash or hard money. There are also some first timers rolling around, but qualifying is even harder than it was 2 months ago.

New construction homes are even coming chock full of added bonuses just so the builder can get them off their hands since they have carrying costs too. I am frequently asked "what should I offer" when a Client is thinking about putting in an offer on the home. I tell them that I cannot tell them what to offer, as it is a personal decision. They should know what their limits are and work from that. A client, who had recently seen a 650k home, asked me what to offer. It had been on the market for 2 years and had already come down in price by 200k. It was new construction and the Seller had been trying to ride the coat tails of a trailing market and had never priced it right. I informed My Client that he needed to know what his limits were. What did he qualify for?

At the present time, homes are being priced more realistically than ever. The right price is what sells a home. It used to be location, location, location…now its price, price, and price.