Should I buy now? Or wait?
October 2nd, 2007 . by Mike KellyCurrently in our market we have over 3200 listings in our County and almost 1600 vacant or tenant occupied! The vacant ones are NOT all new builder close-outs but investor’s, Bank owned properties, foreclosure properties or folks who have purchase and now have a vacant house to sell. 
Our prices have come down to level not seen in 4 years. The interest rates, credit union product, 5.85%, and the big players 6.25%, breath-taking rates! This is a perfect storm for a home buyer! If you want a real good price and terms go and look at homes 60+ days on the market, VACANT, and offer 10% below the asking price! Get some closing costs to boot! But in order to get the BEST price,terms,concession you need to be ROCK SOLID as a buyer! Total Credit approval subject to appraisal on the subject property. If you’ve got time try a “Short-Sale” but write the contract with ALL timelines beginning upon “Lender Approval” with close of escrow to be 14 days after that benchmark!! That being said, if you get a super deal on a “short-sale” try and get ALL your ducks lined up so you can slam the escrow shut upon “Lender Approval”.
Remember, if you think the market is dropping 5-15% in the next year–then subtract that number from your asking price. Then sit back, enjoy your home, build memories, have kids, and don’t worry about staining the carpet (don’t tell your wife that!!).
