Bobby J said:
Shelly,
There are two types of markets. Buyers and Sellers markets. A year ago the seller dictated the transaction. Today, a buyer rules. It is merely a term. BTW, I have closed 3 cash transaction in the past two weeks. Tell your friend don't stand around waiting too long. His realtor could be on to something. I have made allot of money while people stand around and analyze. We call it paralysis by analysis!!!!!
It doesn't surprise me that a few places are selling, since we are still in what is normally considered the "buying" season in these parts (although you wouldn't know it with all the inventory on the books that's not moving).
There are lots of folks out there holding RE now that are kicking themselves in the arse because they used the "Ready, Fire, Aim" real estate investment system. Many of them (but not all) listened to
agents who told THEM last year was the right time to buy too.....I don't blame the agents, that's how they make
their money...with that in mind, I certainly wouldn't take an agent's view of the market as gospel....because that's how they make
their money (that's not how they would make
me money.)
If you've already got a house to live in, all other real estate is discretionary. Maybe someone who takes their time analyzing a situation that seems "too good to be true" may miss a chance to end up rolling in dough (as you certainly must be by now), but they also aren't stuck with 3 pre-construction condos, $60,000 out of pocket, a HELOC on their primary residence, and a notice that all 3 are closing by the end of August. :shock: (Remember, they're not making anymore sky!)
Tulips, Dot-Coms, Tech Stocks, Beanie Babies, Real Estate......what's the next "anyone can get rich quick with no downside risk" investment? That's the mentality that fueled the run-up in the real estate market during the last couple of years--it topped off last summer and now will take several years to unwind, so there's no need to rush out in the next couple of months to buy...there will be plenty of better buys available on the way down.