If you don't watch the Today Show you may not have seen their "real estate guru", Barbara Corcoran They have her on ever so often. I don't always agree with her, but this morning she actually made a lot of points which we've been trying to make to people.
The segment was called 10 Real Estate Myths for Buyers and Sellers
The link above takes you to the text (printable version available) and to a video of the segment. I didn't embed it because you have to wait through 30 seconds of commercial, and I just don't have the patience. I figured a lot of you don't either.
Basically, it put up 5 myths that Buyers believe, and 5 for Sellers, and then she proceeded to dispel them. Well, GOOD! I've been trying to dispel some of these with everyone I talk to!
Points she made:
-Just because the house has a high "days on market" doesn't necessarily mean you can steal it.
-Not every Seller is desperate.
-You DON'T have to put 20% down to buy.
-You DON'T have to have stellar credit to buy.
-You can't necessarily predict the bottom, so you may not want to wait.
-This is NOT necessarily the worst time to sell, and you will be buying at lower prices.
-You should counter back on a low offer.
-The first offer MAY be the best.
-Put your best price out there now, not later.
-If you want to re-fi, go to a lender you know.
The point that got me excited was in reference to whether or not it is "the worst time to sell".We all know the phrase "real estate is local". Her comments included the following:"It depends on where you live. Many of the worst hit markets, like Las Vegas, Phoenix, or San Diego, are already beginning to turn around."
Those are markets which feed buyers to my small town (Payson, AZ).People sell in Las Vegas or Phoenix or San Diego, and because they used to be able to sell for very good prices they could come here and buy a very nice home. Now, that is somewhat reversed. Prices here have NOT dropped as badly as in those areas (see above- NOT every Seller is desperate), but there ARE some bargains available. If people can sell THERE for at least reasonable prices, then they can buy HERE. WE saw the poor market coming by watching those markets, and we will see the better market coming by watching them.
If you live in those area, do you agree that they have turned around?
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