Looks like we picked up a bit of momentum last month (thanks to Cymst). Hoping we will make it to at least 5 "good buys" this month. I will have to rely on others, as I have been trying to curb my MLS habit as of late (since we are in our lease for another six months).
The "good buys" section tends to generate a respectable number of hits each day.....so listings posted later in the month will still be viewed.
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I think your idea to cut back on monitoring the local market is a good one. I'm going into hibernation myself. I'm convinced that everything will be better (for me as a buyer) in six month's time, and obsessing over small changes between now and then is pointless. Any "good buys" today will look silly compared to the better buys next spring and summer.
I'm currently reading N.N.Taleb's "Fooled by Randomness". Among other things, he describes a phenomenon in which educated people will make important decisions emotionally, and then use their intellectual skills to construct rationalizations (incl. stats and charts) to justify their actions (thereby convincing themselves that they have done "due diligence"). Highly recommended.
I am not seeing any good buys in placer county.Still a bunch of heloced, overpriced POS.The good buys will come when the REOS are selling for 40% off peak at least.
Just think when you buy one of the POS you are paying for the sellers toys from the helocs for the past 5 years.I pay for no ones toys but my own.
Giacomo....Te he he...he probably could have used me as a case study! I know I am a very passionate person....so I do my best to refrain from making big decisions without some time for reflection in between.
Mr. Big....not sounding like a happy camper today.....girlfriend trouble?
Just telling it like it is out there.I am tired of morons liveing off of the housing atm and then giveing the house back to the bank when times get tough.What a bunch of POS.They thought they were so great with the hummer and boat but turns out they are just in debt up to their @ss. I will not pay for the bullsh@t.I will live in my truck before I support these darelicts. Caveat emptor my friends!!!!!!!!
Yeah, it would be better to call it something other than "Good Buys", because I don't think any of us believes that the market has actually begun to show ANY good buys.
However...in some small way, it makes me feel better to acknowledge the sellers who have gone beyond the usual 1% or so "adjustment" per month and are making some fairly sizable drops in their asking price.
Plus, there are people out there who are going to catch that knife. It's just the way of our species. I'd rather have someone who is determined to buy NOW look at some of the "Good Buys" and at least consider a house that is priced well below similar houses for the neighborhood.
Is it possible that, in some areas, there just aren't going to be any good buys? I'm asking because I've not seen a lot of downward movement in the Arden Park area, and I agree with Mr. Big that Placer (in particular Roseville and Rocklin) still seems overpriced, in my book. I don't follow the market as closely as many of you, but I do check in from time to time. Maybe I'm missing something . . .
After attending the Williams and Williams auction in Elk Grove, I agree with the sentiment of you all that there is still indeed a contingent of knife catchers thinking they can still flip properties. I have no problem biding my time while they catch the knives and, like Mr. Big, I'm not paying for anyone's toys. Why anyone who isn't in combat needs a Hummer is beyond me. And, no, picking up your kids from soccer practice ISN'T combat, although it might feel like it some days.
And I don't get the whole housing equity ATM phenemenon. Maybe it's because I was raised by parents who grew up during the Depression and World War II who believed that you don't tap your home's equity unless you absolutely have to. My father used to tell us that if we got into trouble with the law, don't expect him to mortgage the house to pay for bail or legal fees because he wasn't going to lose his home behind some foolishness.
I can't imagine anything more foolish than a HELOC-financed Hummer.
Ok, I'm leaving Superb Circle off the list this month unless they drop their price again. It is still the lowest-priced Streng on my short list of Strengs that AREN'T in Arden Park or Davis. (And WTB, since you asked, I do think that some areas will be more resistant to price drops than others. Arden Park, East Sac, Land Park, etc. They will drop, but maybe not nearly as far or nearly as fast.)
Instead, I offer two homes for under 300K, in decent suburban areas near amenities.
MLS#70100676
8008 STONE CANYON CIR, Citrus Heights, CA 95610
MLS#70073021 9418 FOX DEN CT, Elk Grove, CA 95758
I accept that I will be losing some "possibles" on my list to knife-catchers; in fact, it may well be that ALL the properties that interest us (the wife and I) today may be sold or withdrawn before asking prices drop to our comfort levels. That's okay, because new listings will be coming along all the time, and we have fairly flexible parameters.
Cmyst,
Looking at the CH house just made realize how much Yolo county sucks.
I'd kill for anything as nice as Stone Canyon place.
Here what you get in Davis for 299
MLS #: 70081159
The property on Stone Canyon has some weird remark in the agent comments about the seller having the right to approve or disapprove any offer. Looks almost like an auction reserve.
The listing agent is actually the owner on title. It looks like they picked it up on 7/20/07 from a loan servicing company. What's weird is there is no purchase price in the tax records. It could possibly have been a loan assumption. I'm not really sure.
The property on Fox Den Court is listed as a short sale. If you are not already aware, about 20% of short sales actually work. The remaining 80% will either be taken off the market or foreclosed on. Whether this one will work will depend on who the loan is with, whether there is a second, what the seller's hardship is and whether the seller has any other assets.
Personally, I think you all should be applauding the "knife-catchers". It is because of them that the economy hasn't tanked completely. Think about it... if there were zero buyers the market would certainly drop faster and hit bottom quicker. Of course the repercussions would be that our economy would be in dire straights and would cause most of those waiting to wait even longer due to uncertainties outside of the housing market.
I would prefer to wait longer and have the market take a more gradual decent, such that when the housing market bottoms out I still feel comfortable buying.
So, from me to the buyers of today I give a big "HURRAH".
Thanks for the kudos Anonymous. I’m in escrow as we speak having had my offer accepted a couple of weeks ago. And I agree with your assessment that it’s a good thing that some people out there are still buying.
Honestly, I was just looking around, inspecting neighborhoods, availing myself of the huge inventory or properties on the market for viewing and the eagerness of real estate agents to show them. I was not expecting to buy for at least another 6 months, but I found a place that was exactly what I was looking for with a desperate seller. I offered 30% below the 2005 peak, which is about where I think this market will end up 2 to 4 years from now in this well established, Fair Oaks neighborhood. And the property is in impeccable condition.
So my advise to those sitting on the sidelines is… don’t. There are “Good Buys” to be had out there right now. And even you don’t plan on buying for a while, this is a great time to be driving around and looking at homes because the seller’s agents have lots of time on their hands and are eager to show them at your convenience.
This house is in Foothill Farms, which I realize a lot of you consider beneath consideration.
However, the neighborhood is stable,and the crime rate is well below the average. This house has had extensive and IMHO very tasteful updating. For this same stuff in more trendy areas, people would be asking somewhere around a 100K more IMHO.
MLS 70104799
5963 Jeanine Dr. 95842
A modern atrium home (might be a Streng, but I've only seen this model home in Elk Grove. Kitchen looks Streng.) hit the market in Elk Grove for less than 300K. It needs lots of work. The fireplace is not right, and looks like a replacement wood-burning stove. The kitchen is a disaster.
I would personally want to replace the stove with something more contemporary. Since no plants are shown in the pictures, I'm guessing that the "atrium" is in need of a lot of rehab.
All of those renovations would probably bring the total cost up over 300K, I'm guessing.
It does have curb appeal, from the pictures. I've been on Elbo Ct. before and it's a nice little area.
MLS 70103720
8815 Elbo Ct. Elk Grove 95624
This one caught my attention.
MLS: 60126605
It's a 4/3 in Lincoln 2943 sq ft for $330,900. So $112 per sq ft.
It's bank owned but they do actually show several pictures and it looks pretty good.
I really like looking at the reductions:
01/16/07 | $466,900 to $459,900
02/05/07 | $459,900 to $453,900
02/26/07 | $453,900 to $446,900
03/21/07 | $446,900 to $438,900
04/13/07 | $438,900 to $431,900
05/21/07 | $431,900 to $409,900
07/12/07 | $409,900 to $399,900
07/30/07 | $399,900 to $393,900
09/01/07 | $393,900 to $384,900
10/01/07 | $384,900 to $369,900
10/04/07 | $369,900 to $330,900
Today's knife catchers are tomorrows repos. It doesn't matter. Stupid buyers in 07 will be the repos of 2010.
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