In a Down Market - Would you Buy This Home?

Joan: Sometimes desperation overtakes good sense and the results are seldom what consumers really want.

Very good post and something buyer agents need to counsel their buyers on as they make decisions on homes that are available.

Joan

Such sage advice in this crazy, frenzied market. Just getting some buyers to take a breath is hard today. cheers cvc

Joan, even though we have low inventory and a strong seller's market - homes in less desirable locations, priced too high, or in less than good condition, are sitting on the market. It's too bad people are so desperate to buy. Your advice is spot on. D 

I think it is sad when buyers are so desperate that they buy any kind of house.

Ha, ha, ha, I see your point, Joan, because I'm experiencing the same thing in Sacramento. You've got a problem house? A house in a bad location? Come over here and sit down next to this agent.

The local economy putting so much strain on housing. Yesterday, I realize many two br 2 bath 1100 sf ish condos are selling close to $1M. Most are facing freeway, behind sound proof wall, near car exaust fume, high power lines, rating 6 high schools. Wanting some thing away better schools, expect to pay $1.2M. Most have 6+ offers.

All those negative attributes do not deter folks wanting to buy.

This is indeed very interesting Joan. It's everything you said. But in the end, it's up to the buyers to make those decisions based on the situation at the time of the decision. All we can do is inform them with professional facts and opinions.

Know why you're buying and know your numbers.  If resale isn't an issue and you like the house, go for it.  Othewise, find the one that will best fit your objectives.

There will always be market cycles so buying something with a difficult exit strategy is not what I want to do with a client.