The market goes up and the market goes down just like gas prices...just not as quickly

By
Managing Real Estate Broker with Flexit Realty "Flexible Home Selling Solutions"

Well we have seen some relief at the pumps but we sure have not seen much relief in the foreclosure homes coming to the market.

The issue with foreclosure homes is two major ones as I see it.  They can be a great bargain if you go foreclosureinto the process knowing you are buying an "As Is" property.  You are going to have things to fix.  It is a rare find and it will not be on the market long if a HUD foreclosure home does not need repair.

So what are the two things?

  1. There is a huge supply of HUD homes and being a HUD authorized broker we have seen the good bad and the ugly.  Many times because we have been in these homes before we can offer some first hand information.  We can help find out in advance with a short personal meeting how much a buyer is willing to repair and narrow the seach based on our meeting.
  2. Just because a home is for sale does not mean it is going to be sold for the price of a depressed home in poor condition.  We still have some very good homes on the market that are being maintained by the owner in tip top condition.  You can buy these and move right in...they are not going to be fixer uppers....but in most cases they are priced below what you would normally have paid for the same home 3 years ago.

Sometimes buyers do not distinquish between the two type of homes....and then throw in the short sale and then you have real questions.  Using a career professional will give you a leg up on the competition.  You will find out great information and be able to make wise buying and selling decisions.

Hope this little update helps you in your buying and selling decisions.

 

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Comments (8)

Mary Warren
Las Vegas, NV

i find that gas prices go up VERY quickly....they come down VERY slowly.  The housing market, at least in NV, went up VERY quickly too, and crashed with a major boom.... :)  but it's settling down down and multiple offers are seen everyday expecially on correctly priced houses.

Aug 02, 2008 06:15 PM
S W
Seattle, WA

Gary, very concisely said! On a foreclosed property, the buyer might save a little money, but it's a trade off for the more complicated process. It's fair, but it's not some fairy tale without reality attached! But it is a great opportunity..

Aug 02, 2008 08:59 PM
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

Good Post - I think in every business there will probably be good times and bad times for the market.

Aug 02, 2008 11:34 PM
John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana

Prices always seem to go up faster than they come down don't they.  Hopefully the worst is past.

 

Aug 03, 2008 04:23 AM
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!

Hi Mary, join the club!  Many areas of the US are having to explain the tribulations of the market and it is very painful for some of the clients I deal with when they want to sell.  Thanks for the comments Mary.

Aug 04, 2008 12:27 AM
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!

Hi Sara, buyers have to go into the process with their eyes wide open if they do not they may find themselves getting a bargain they didn't bargain for!  Thanks for the comments Sara.

Aug 04, 2008 12:29 AM
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!

Hi Norma it is a cycle and we have seen them before...how long they last and how bad it gets before getting better is like gauging a snow storm in Michigan!  Thanks for your comments Norma.

Aug 04, 2008 12:31 AM
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!

Hi John, I think we are going sideways on the bottom, we haven't started up in our area yet.  Thanks for the comments John.

Aug 04, 2008 12:32 AM