What are we going to do about the real estate market?

Question

I'd like to see the realtors I know succeed. What can we do to help them?

Answer 1

Jess,

What you can do for now is Buy when it's now low, and sell in a few years for a nice profit.

Answer 2

They had a good run at other peoples expense.

Answer 3

I have an idea, start with  the banks that hold these foreclosed properties.

1 - keep them in good shape.  Start hiring contractors or part-timers to cut the lawns, inspect the homes and keep the places tidy.

2 - if people make reasonable offers, take them. It seems banks are shooting themselves in the foot. My boss bid 160,000 on a foreclosed house that needed about 20,000 in repairs.  The bank said she was 15,000 to low and would not take her offer. That was a month ago. Guess what... that house is gonna sit their for another 6 months and be worth less than 100,000 after the squatters come in and steal all the copper, and the grass gets 9 inches long and the windows get smashed out.  

START WITH THE BANKS.  Their own greed is killing them.  It seems they would rather lose 50,000 and keep their pride, than 10,000 and help a good family out.

Most average families that make about 60,000 a year - like my boss - are not going to stretch out of their budget for a 175,000 house and 20,000 in repairs. She was already skeptical about 160,000 with the repairs. I don't know who the bank thinks it will sucker into that amount.  Especially, when my boss told the neighbors how much she was bidding. Any buyer with a grain of common sense will talk to the neighbors.  They will say, last family bid 160,000 a few months ago!!! No person will bid any higher 2,3 or 6 months from now....

Answer 4

HUGS TO YOU!  We need more buyers. We don't want someone bailing us out. We want to work for our paychecks. And being the independent types that we are, that would be helping folks buy and sell homes.  Please tell everyone you know that the market has some great buys right now, that interest rates are still at a 28 yr. low.  I get a sense that the market may have bottomed out now, so tell them not to wait too long.