Is It A Buyer's or Seller's Market?

[norinepeardon]

My financial knowledge steers me toward a buyer's market. If you disagree or agree, your comments will be welcome. Would love to hear your thoughts on the subject. Maybe there is something I have missed !

[portland real estate]

it's definitely moving towards a buyers market in Portland, Oregon, but seller's aren't budging much on their prices yet, so there is a bit of a stalemate going on and inventories are way up.

also, i think this thread might not belong in barter and trade, but i'm not a moderator so i can't move it.

[Codythebest]

It's not a buyer's market in TN, it's a shark investors market. Buyers are not there yet. Properties are sold to clever investor.
I have a foreclosure listing at this time. FMV about $280K, Appraised at $305K, listed at $239,900 and got an offer yesterday at ... $160,500
If the bank say yes, I'm going to pass my ... monk license tomorrow...:o

[brianlaughlin]

I've learned years ago to use a rule of thumb. It's been helpful to me so I hope it benefits others too.

Use a ratio of months of remaining inventory. You take total inventory and divide it by the # of homes sold.

1 -3 Sellers market
3 - 6 Normal market
6 or more Buyer's market

In California, we've seen these numbers jump from 2 months to as high as 36 months in some areas.

Regards,


Brian Laughlin

[norinepeardon]

Hi Brian Laughlin,

In Wisconsin, we haven't seen the typical spring pressure because the weather has been so bad. Not being a realtor, your numbers are quite interesting. I bet Wisconsin Realtors have big inventories currently. Of course, that will change as we receive more springlike weather.

Thanks for your comment.

[Codythebest]

I did receive several offers above $200K now so I can ask for delay for the bank. If possible I might even put 10 grands in the owner's pocket to move on. And that's REALLY helping people as I like to do.
As every foreclosure, it's a sad story for my seller who his insurance company didn't pay on time after his restaurant burnt down...That's where I feel good helping my people...

[mapguy]

Buyers. Simple, buy low and sell high later.

[brianlaughlin]

When you look at the data it's really easy to see. I've posted on long term data in California here at ****. Funny thing is that while you're in it...it is very easy to think it'll last for ever. At least it feels that way. Regards,

[norinepeardon]

:cool:
Hey Brian,

It has been my contention all along that it is a buyer's market. Lots of homes for sale but not much moving. My blog site is itching for all comments and advice for the first time home buyer. I would really appreciate your expertise about market conditions in a comment.

PS You could even post your link in your comment.

Networking Buddy

[stacy99]

It feels like a buyer's market, but prices are still above what they were a few years ago.

[norinepeardon]

:)Stacy99

Property prices should be above the levels of a few years ago. Inflation (construction costs, maintenance costs, taxes, continuing scarcity of land, etc.) should be reflected in property values. Buyer's have all the leverage currently, low interest rates, sellers willing to negotiate price point as well as other amenities, like emergency home owners insurance and an excellent, thorough inspection will reveal some other areas for negotiation with the seller. Property inventories are at an all time high meaning properties are not moving quickly. Again, this constitutes a buyer's market. Other items buyers can negotiate are window treatments, appliances and even furniture in some cases.

Warmly,

[BigWill]

Glad to see that I'm not the only one feeling that it is rather a buyer's market than a seller's market and I don't think this will change anytime soon.

[norinepeardon]

:)Hi Big Will,

Thanks for your support comment. Can I ask you for a favor?

Go to my blog site and click on "comment" of any post. Copy your recent comment into the message. Leave your real name and your url. I would be honored to have your comment on the site:

Buying Your First House Bulletin Board (http://www.biznap.biz/homebuyingblog)

May you grow in love and income,

Norine

[Upbeat]

Buyer's market all the way.