533k jobs lost another wave down in prices?

[chanster]

i'd suspect another big wave down in panhandle prices coming as unemployment reaches 9% by the summer of 2009. i've been wanting to buy for a few years but have held off as i think prices could fall another 20-40% next year as the crisis gets to panic stages. i still might throw some 30-40% under bids out there to see if any bites. any thoughts?

 

[Rambunkscious]

asking doesnt hurt.....doubt your figures though but you might get lucky

 

[Rambunkscious]

you need to have thick skin though because you are going to offend with offers like that

 

[chanster]

i've been vacationing in the area since 1990 and watched the magnificient bubble go totally wild first hand. for instance a seaside small house was 500k or so in 1991.i'm in the financial services area and the devastation is just armaggedon like which is cascading down to the real economy at incredible speeds. 2nd homes are the least thoughts on many peoples minds. survivial is key to many. so i see the avg price being sold is 12% off list?

 

[AAbsolute]

List price has nothing to do with value. I would be careful seeing how much you can get off the list price as a measure of a successful transaction. Maybe you could stay in the win/win program and still do just as well.

 

[SHELLY]

i'd suspect another big wave down in panhandle prices coming as unemployment reaches 9% by the summer of 2009. i've been wanting to buy for a few years but have held off as i think prices could fall another 20-40% next year as the crisis gets to panic stages. i still might throw some 30-40% under bids out there to see if any bites. any thoughts?

What type/size/location of property are you looking for and what is your strike price?

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[Bobby J]

List price has nothing to do with value. I would be careful seeing how much you can get off the list price as a measure of a successful transaction. Maybe you could stay in the win/win program and still do just as well.

Many buyers seem to be more consumed with how much they can get off of list price versus what the real value of the property is.

Two houses side by side. One is $250,000, the other is $395,000. Seller on the $250,000 will go to $239,000. Seller on $395,000 will go to $325,000. Buyer leans toward the $395,000 home because "they seem more motivated". True story.

 

[traderx]

While viewing the public MLS, I came across a couple of listings that described the seller as "firm" or a "firm price". Does not sound like the right psychology for the current market.

 

[SHELLY]

Two houses side by side. One is $250,000, the other is $395,000. Seller on the $250,000 will go to $239,000. Seller on $395,000 will go to $325,000. Buyer leans toward the $395,000 home because "they seem more motivated". True story.

...isn't the fact that your client is "leaning toward" a higher priced house a good thing for you?....or are they trying to get the $395K house for $200K?

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[AAbsolute]

I'm in full agreement for putting your best foot forward when you price a home for sale and saying firm. There have been plenty of times where buyers have passed on a better home for their situation because they could not get the seller to move off price as much as they wanted.

"Let's keep your eye on the prize." Vince Vaughn, Wedding Crashers.