Online House Hunting

if its a buyers market how come my house hunting has been so difficult?

i couldnt even get a seller to come down 4,000 off their asking price and i wasnt even asking for closing costs. the house had been on the market for over 6 months! how do i find one of those great deals that people keep talking about. i've looked at about 10 houses and so far havent found anything worth buying.

Public Comments

1. Discuss your concerns with a Real Estate Professional.
2. You've only looked at 10 houses? Come on, when you're out of a job do you only apply at ten places and then call it quits? Just keep looking. You'll find something when you check the out-of-the-way places. Sure most people won't knock $4,000 off the price They probably put the house up at a lower price already to try and make it sell. Now it won't sell anyway, so they've got to stick by their price. Go to the grocery store some time, and see if they'll knock ten cents off the price of a gallon of milk for you.
3. Alot depends on where you live. Nationwide the market is considered a buyers market, but if your in an area that hasnt had huge appreciation within the last few years compared to some other areas, then chances are its not going to depreciate as fast either, leaving homeowners more stable in their asking price. The sellers motivation to move is obviously not high enough in your situation. If you really want that particular home try negotioating other terms to make a more favorable offer. It sounds like they dont need to move so they can afford to be stubborn. You also might be trying to find a perfect house for the perfect price which does not happen for most people. Start looking for signs in which people are motivated to move, they will usually be more likely to negotiate more favorable terms for you.
4. First, make sure you have the right resources. Using an agent will help you figure out what homes are bank-owned vs. short sales. The agent will also fill you in on additional photos and property information that you don't have access to as an average consumer. Secondly, you need to understand your purchase area. Your best chance of finding great deals is where new developments have been selling new homes for the last 4 to 5 years. These communities saw the most homes sold for 90-100% financing. New developments will churn out more defaulting first time home owners and pointing to a sold price down the street will increase your negotiating power and help you get the price you want. Lastly, the market isn't done depreciating yet. Give it another 6-8 months before you fully commit to something. We will see a peak in adjustable rate mortgages resetting this fall. When that happens, the bulk of defaults will hit the market and prices will hit rock bottom. Just be patient and tie up your cash in a 6mo. CD for now. Good luck!
5. Matt W has it correct. Nationwide there was a huge housing boom. Housing however is made up of small markets. This iss evident in any major city where you have low income areas and high income areas. Houses don't appreciate at the same rate in those two area. Some have slow growth and some fast. The major downturn is an area where speculators bought second homes or in an area that was thought to be "up and coming" and really wasn't. anywhere that had huge price spikes will fall harder then areas that had modest gains the last few years. A good example of these types of markets is San Francisco. There were areas of huge price spikes there. Houses are also falling in prices there much faster then in Philadelphia. Philadelphia had gains the past few years of around 10-15% overall, but Philadelphia was an undervalued market to begin with. With that, prices are falling in Philadelphia but only at the rate of around 3% or so for the past year. Now when I say "san Francisco" and "Philadelphia" I am speaking in general terms. There were areas in both cities that did not appreciate so fast and there are areas in the both cities that prices aren't falling. This is because each market has its own sub markets that really show the prices of an area.