Patricia,  I'm writing a blog about this VERY thing right now!  We get SO many calls for the $150K properties and they are just not to be found--at least not where they want to actually live!!   Yikes is right!

Patricia, many buyers have seen their friends and family over-extend themselves.  The news media is all about foreclosures.  So buyers are being a bit more cautious.  And I say good for them, especially if they are a first-time buyer.  I would rather have a client with beer taste and champagne budget any day.  These will be your move up buyers in a couple of years. And, I won't have to stay up nights worrying about them biting off more than they can chew.

Patricia- WOW, everyone's blog I go to has the hamsters out and about, I know AR is on the job getting it fixed. I know that Kathryn and Debe are not just trying to rack up their points the easy way:) 

Pat,  are you saying that there's lots of nice "champagne" places for cheap (beer budget)?

I haven't quite seen that outside the short sale/REO realm but I'll take you word for it. However, prices are going to have to get a lot more attractive if we're ever going to work through this inventory glut.

This was hammered home to me recently.  I listed a fixer upper with good "bones" that was priced very aggressively.  It didn't take long for the offers to start to flow in and lots and lots of showings. That's contrasted with my listings that are priced near or slightly below the comps -- they're just sitting. 

It's kind of sad but the truth is that prices are going to need to drop like a rock or we'll be sitting in this market for the very long foreseeable future. 

I get ya.... it is crazy out there

I have had a couple of folks who wanted to buy the Thj Mahal for $47.50 -- they just DON'T get it!

Patricia, I have the feeling that your prices would knock my socks off.  I have gotten use to the beer budget homes we have here.

LOL!  it is in every market!  No one is giving away squat!  LOL!

I like the phrase and I'm going to add it to my listing appointments and buyers appointments as it really says a lot about the current market conditions and what you have to offer.

Patricia, The price of a property is not always the determining factor in buying a home.  He knew what he wanted and that's what he's getting.  Good for you for this good sale.

Hi Patricia,
I hear you and I feel your pain.  Our market is much more of a beer budget but still I have clients looking for houses in a price range that just does exist!

Pat, I'm having a hard time too. I am helping a nephew right now who does not actually have champagne taste but I do. Heck, his wife just had their first baby and I don't want them to end up hating me for putting them in a house that they could barely afford and having to settle for mediocre when perhaps there's a better place for them. Geee...I can just imagine the grief I will get from the rest of the family if they just settle for the beer budget property. So, I gotta find champagne that's been on the shelf long enough and might be desperate enough to sell for the price of a beer.   

Hey, send me all your beer budget buyers!  We've got it all here.  I'm just gutted by the prices, even trying to scrape up some $ to invest.  Seriously, you can get a nice condo for $94k now.  Crazy, I tell you! 

Patricia - We had a call just last week from someone who wanted a 3 bedroom home for under $100,000.!!!! All I can say is LOTS OF LUCK! Even in this market they are NOT there!