 Posted 1/16/2008 7:23:55 AM
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i'm on the other side of the fence -- an eager buyer who has been approved up to $300k within 60 miles of new york city. the issue i'm finding in the past four weeks is, that some houses i've visited have been on the market for six months or longer -- and even within my price range -- they are priced too high and sellers are not willing to back off lofty 2005 prices.
six of the homes i've bid on are vacant. (bank owned is another issue entirely and i'm not addressing that here.)
whether zillow is accurate or not, i can't say, but it is a free resource to me and i do use it. more often than not, at least in this area of the nation, the asking price is either at zillow's or higher. it is also fascinating to me that someone who bought a house in westchester or orange counties for $150k-$180k in 2002-2004 are now asking $325k or more. is it set in stone somewhere you can't sell a house without making 100% profit in five years? what is wrong with a 50% profit?
will i pay $300k? no, not if the neighborhood is iffy and if the house needs a major overhaul, which is often the case. there are literally hundreds of homes that meet my needs at the moment here and more come on the market each week. so i'm growing more amused at this so called buyers-market condition, because i do not believe it true. i do not have to buy...i can sit in an apartment for as long as needed - or forever - doesn't matter to me. but i'm not the one losing out here...
here is my question... if you really want to sell a house, and for example say asking price is $295k, and it meets my requirements for fireplace, at least 0.12acrs, and good neighborhood -- why would my bid of $230k be too low? i have pre-approval, i can close in as little as 30 days, you can be on your way... instead...my low ball "bids" get ignored and the same houses sit and sit and sit.
*sigh*
thanks
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