patrick.net

Whatever NAR said, you can just simply "IGNORE" it.

rmm221 wrote: "It’s amazing how everyone is trying to spin this as a housing recovery…"

Correct, there is no recovery at all on the horizon now or next 12 months.

But it is time to become a low-baller and use your negotiations skill for a "STEAL".

If you found some you like and fit your need, talk to the list agent, first come first "CUT THE CRAP, and 20% off the listing, take it of F..K it."

You can even try 30% off the listing price, bottomline is "Nothing to lose".

Tomrisk says

Whatever NAR said, you can just simply “IGNORE” it.

Ditto that. Quoting the NAR is irresponsible journalism, especially after the zillion quotes from David Lereah during the bubble, telling everyone that they can't lose.

Many lives have been ruined financially by lazy journalists who just write down what the NAR says.

Tomrisk says

rmm221 wrote: “It’s amazing how everyone is trying to spin this as a housing recovery…”
Correct, there is no recovery at all on the horizon now or next 12 months.
But it is time to become a low-baller and use your negotiations skill for a “STEAL”.
If you found some you like and fit your need, talk to the list agent, first come first “CUT THE CRAP, and 20% off the listing, take it of F..K it.”
You can even try 30% off the listing price, bottomline is “Nothing to lose”.

Have you had any luck with this plan?

I tried it recently for an REO and the listing agent said politely, the bank probably won't take something significantly below the appraisal. Considering many houses in the same area are sale pending at higher prices than what I was going for, it didn't seem like BS to me.

It really depends on what area you are in regarding sales right now. For example, in Contra Costa County, Antioch, the foreclosure capital of the area, last year had almost 1000 listings on the MLS at any given time. The prices dropped upwards of 60% in that area so investors went in and bought up all the properties to then turn around and rent them. Now that town has a more reasonable inventory level. This is happening in areas where the prices have ALREADY come down.

Now in mid-high end markets, like Lafayette or Alamo, where jumbo loans are required to buy a place, the prices are just now starting to have cuts, and the inventory is still very high relative to sales. The sales spike is location specific just like the price cuts. Ultimately every area will have proportional price cuts regardless and then the market will correct itself.

Camping wrote: "Have you had any luck with this plan?..."

So far so good,...

Some stubborn sellers who refuse to face the fact need time to digest.

Banks hate to see those properties just sit there without buyers, or they will start to re-appraise it.

I am not saying everyone willing to sell to low-ballers, you need skill to do some homework, search the right one with some luck. There should be some out there like "NEED TO GO YESTERDAY!!"

Don't expect they will knock your door with a bargain price.

Tomrisk says

Camping wrote: “Have you had any luck with this plan?…”
So far so good,…
Some stubborn sellers who refuse to face the fact need time to digest.
Banks hate to see those properties just sit there without buyers, or they will start to re-appraise it.
I am not saying everyone willing to sell to low-ballers, you need skill to do some homework, search the right one with some luck. There should be some out there like “NEED TO GO YESTERDAY!!”
Don’t expect they will knock your door with a bargain price.

So you have actually purchased a place for 20% less than what the seller was asking? And this was in a good neighborhood? And you did this, this year?

camping wrote: "...actually purchased a place for 20% less than what the seller was asking? And this was in a good neighborhood? And you did this, this year?"

All I can say is, it happens, and happened more frequently for last several months.

What does that mean?

I can say all houses in Palo Alto should sell for $1, but it doesn't make it true or mean anything.

Do you have anything to back up your statements?

Ditto that. Quoting the NAR is irresponsible journalism, especially after the zillion quotes from David Lereah during the bubble, telling everyone that they can’t lose.

Many lives have been ruined financially by lazy journalists who just write down what the NAR says.

Not only that, they'll gladly cheerlead flawed metrics (see the recent San Diego sales data debacle) and then try to pretend that there were some 'slight irregularities' when their flawed numbers are called out.