Quote:
Originally Posted by JKnight
So my Fiance and I are trying to buy our first house right now. I held off on buying a house out of college in 2005 because I felt like housing prices were unsustainable. Turns out I was right and it has been one of the best decisions I ever made.
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Actually, buying in 05 and then selling in 07 would have been a better decision.
Back to your current situation... I don't know your price point, or your interpretation of "decent" and "reasonable" but I will venture to guess you are shopping at the low end where, yes, plenty of buyers and investors are fighting for deals. This is going on in a lot of places, and low low rates are helping tremendously.
I have just begun looking at foreclosures/short sales in my area after exiting the market in 07 and happily renting since then.
A recent example maybe similar to your experience: a short sale single family house, dated but livable on a decent lot in a decent nabe, sold for $850k in 05, asking $350k now... in contract in less than a week and likely over asking by $50k I'd venture to guess... and likely an investor, or maybe not.
I would say don't mistake common cases of intentionally underpricing properties to generate activity and offers with a "strong market".
Your results may vary.