Straight Talk About Real Estate

“I want to get a good deal on a house.”

What is your definition of a good deal?

“You know, below market value.”

The current real estate market is a Seller’s Market. That means there are more Buyers than Sellers. In economic terms, there is not enough supply for the demand.

If you need to sell your house, even if you are in a desperate situation for the money, all you have to do is put the house on the market at market value, and you will have buyers lining up the next day to pay you. Would you sell it to anyone at below market value?

“What about foreclosures?”

If you are a homeowner threatened with foreclosure, you would put your house on the market at the market value, have buyers lining up the next day, and within 30 days, you will pay off the bank. Foreclosures are rare in this real estate climate.

So are there any good deals out there?

Yes, but in this market of continuing rise in value, by the time you find that rare one, all the houses have gone up in value. If you had just bought any house, you would’ve done just as well.

That’s what we’ve been seeing for the last two years. It hasn’t cooled off yet.