Upturn in the market or recession?

no.

Most buyers are 40+ and are investors...looking for a deal and thinking the time is about right to buy. There is still money out there and most are sitting on it until the right moment. Most are still sitting on it.

Most buyers are 40+ and are investors...looking for a deal and thinking the time is about right to buy. There is still money out there and most are sitting on it until the right moment. Most are still sitting on it.

:roll:

:roll:

Are you rolling your eyes at me???????:angry:

not at all. I don't use that smiley like that. Just use it to point up to the post above. I guess I could add, "ditto."

:roll:

SJ went to bed on me, so...no further entertainment.

I'm not a realtor so I'm asking this question as I don't deal with buyers.

SJ, BJ, et al; are the majority of the buyers that are making you guys busier lately middle aged folks that are maybe taking early retirements? Similar to telecommunications in the 90's as they downsized? I'm just curious.

Thanks

I see folks buying that are wanting second homes and feel this place is paradise. They see a reduction in prices and feel that the bottom is close for detached single family homes. They feel that the price might still get better in certain areas but the real good deals with A plus locations are the ones that need to be grabbed. We can all analyze this market until we are blue but the simple fact is we are seeing allot of transactions. If we are not at the bottom, it is in sight....

One other thing to remember is that during the last 2-3 years, the number of sales has been lower than average years. The buyers have been sitting still, without buying up the inventory. It's not that they don't want it. It is just that the price seemed too high, and in many cases, was declining. Those average buyers who didn't buy in the last 2-3 years, are still wanting to buy as are the future buyers. This will definitely be seen as the market swings back.

Some investors will buy real estate in our area when the numbers work, for the sole purpose of making money. However, many others, including investors, buy real estate in this area because it DOES appeal on an emotional level, and they know that as more people are introduced to this area, they, too, will fall in love with everything it offers.

The buyer never left. The value did. As we come back to reality the buyer begins to see value.

Are the banks beginning to see value?

Is anyone seeing financing loosening up?

From my limited experience, it seems the banks are still holding back and until there is financing available the market can't find a bottom. The pool of buyers who can pay cash for a million dollar home is simply too small.

Are the banks beginning to see value?

Is anyone seeing financing loosening up?

From my limited experience, it seems the banks are still holding back and until there is financing available the market can't find a bottom. The pool of buyers who can pay cash for a million dollar home is simply too small.

Maybe...however, most of my buyers have cash, or already have financing set. Their just waiting for the right property at the right price.

Are the banks beginning to see value?

Is anyone seeing financing loosening up?

From my limited experience, it seems the banks are still holding back and until there is financing available the market can't find a bottom. The pool of buyers who can pay cash for a million dollar home is simply too small.

Lenders are beating the doors down. Good credit, 20% down will get you whatever you want. Lenders have to lend, builders have to build. The real estate market moves on....Any deal I have lost due to lending has been about a buyer not disclosing something and then saying financing fell through.

Lenders are beating the doors down. Good credit, 20% down will get you whatever you want. Lenders have to lend, builders have to build. The real estate market moves on....Any deal I have lost due to lending has been about a buyer not disclosing something and then saying financing fell through.

BTW, you have to have income.

BobbyJ,
We have 20% to put down and great credit, but I am self employed. This would be a second vacation home for us. Are you saying we would be out of luck?

Lookylou-I'm self-employed and we just bought. There were a few hoops to jump through, but as long you have a few years of tax returns, I don't think you'll have any problems based on my experience.

BobbyJ,
We have 20% to put down and great credit, but I am self employed. This would be a second vacation home for us. Are you saying we would be out of luck?

SSGA is correct. The banks no longer offer no doc loans as they did previously for self employed. I would also recommend using a local bank/mtg company.

Lenders are beating the doors down. Good credit, 20% down will get you whatever you want. Lenders have to lend, builders have to build. The real estate market moves on....Any deal I have lost due to lending has been about a buyer not disclosing something and then saying financing fell through.

ditto. In fact, CountryWide needed all of that extra cash to continue lending more money to even more people. That is how they make their money. What you have seen the lenders do, is be held accountable for the risks they take. As Bobby notes above, lenders would love to lend people money right now, but you have to have stated income (via tax returns). No more, "tell me what you make loans." With increases in FHA max loan amounts upwards of $350,000, many homes will fall into those loans. With a decent credit score and good cash flow, CountryWide will give 30 year fixed at 5.75% or less, with only 5% down.

Lookylou-I'm self-employed and we just bought. There were a few hoops to jump through, but as long you have a few years of tax returns, I don't think you'll have any problems based on my experience.

Again, correct. I would add that you would have to have positive net income. Not all self-employed people do. Many like to keep their income reinvested into their business, and keep taxes low.

Are you guys having any problems with appraisals?

Regarding appraisal, ours came out ok, and would have actually been much better except that one of the comps used was a distress sell, which apparently wasn't listed as such and should have been according to those in the know?? I don't know. But, we bought a foreclosure and I think (?) the listing realtor said they were going to put a "note in the file" not to use it for a comp.

One lender we talked to said they are taking an automatic 5% off the top of appraisals in certain markets. Ouch.

SSGA, there may not be a difference between an Arm's Length Transaction and a "Distress Sale." Distress sale could mean many things. If it was a sale to a family member at a reduced price, that would not be an Arm's Length Transaction and should be taken into account by an appraiser.

I think the sales which are currently happening are at or below market price, so there doesn't seem to be a problem getting them to appraise. The only people who are currently having trouble with appraisals are the owners who are ending their ARMs (adjustable rate mortages), and have to refinance.

Thanks guys, I guess I should have clarified my OP by saying. It seems like a lot of sales lately have been cash and I didn't know if that was people with extra money to invest, or folks who had sold a primary home, retired early, gotten a buyout, etc and decided to move here. Again, thanks for the clarification.

BTW, you have to have income.

:shock:

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Yes Shelly it is hard to believe... The mere fogging of a mirror no longer works.