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The blog will focus on the South Sound, state and national housing and rental markets, as well as cool Web sites, weird real estate trends and warnings about scams.
Please send along your questions and suggestions.
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Open House is a forum to read about and discuss real estate issues. It is not a place to pitch your services. That means no direct solicitation, no phone numbers and no pushing readers to your Web site or place of business.
More real estate blogs:
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Tacoma and South Puget Sound Real Estate Blog
Friday, October 10th, 2008
Posted by John Gillie @ 11:54:30 am
The upside of all this housing gloom is that homes that previously seemed unreachably expensive are now more reasonably priced - at least for those with cash and good credit.
We're planning a story or stories about the relative bargains that are now available on the market.
Real estate folks, e-mail me, John Gillie, at john.gillie@thenewstribune.com, with your nominations for the best bargain houses or condos available now.
Include your reasons for nominating the home. For example, it's priced substantially below what the neighbors paid for their homes, it's 60 percent of last year's asking price, it comes with a free cruise on the Amazon or the owner is willing to finance with zero down.
We're looking for a variety of properties at several price points and in several areas of the South Sound.
Our selections will be made somewhat arbitrarily with an eye toward providing our readers a broad idea of what's available on the market. If your nomination isn't picked, it's nothing personal. It may be that we just had too many nominations for 4-bedroom homes in Proctor.
Categories: Housing prices, Affordability, Cool houses, Sales activity, Marketing
• 12 comments
COMMENTS:
I just bought a 1750 sq ft, 3 bed 2.5 bath home on 1/3 of an acre for $220k. I was offered $20k to back out by a 3rd party prior to closing. I rented it the day after possession for $1600 a month. How is that not a bargain? At least with housing I have a tangible asset. There are deals out there!
There are bargains out there, however to find out if a home is a bargain you have to write an offer, work hard and see where you end up. Looking only at asking prices for bargains is a bit like my dog chasing his tail.
You'll never know a seller's real motivation or bottom line until you present them with an offer!
You'll never know a seller's real motivation or bottom line until you present them with an offer!
Siberia there are GEMS in every market. Even in 2005 there were purchases to be had that are still loaded with equity. I actually have not seen 1 lately here in Pierce but I haven't been looking. I continue to focus where the homes have all been chopped by 55% and are still waiting for buyers in Reno, and parts of Oregon.
However, gigharbrltor 220k purchase may have been a good deal. I would have attempted to increase the 20k to 30k and walk. There will be thousands of others to be had over the next 5 years.
However, at 220k, ( I assume 20% down) with a balance of about 180k plus taxes and insurance the cash flow is negligible and thats why I would have taken the cash. I only buy cash flow properties unless I'm personally going to live in them. Thats why I never spend more then 140k on a home, it must be newer, and rent for at least 1100-1200. This criteria always forces me out of Pierce County into other markets. We remain just too overpriced and the taxes too high at the present time..
However, gigharbrltor 220k purchase may have been a good deal. I would have attempted to increase the 20k to 30k and walk. There will be thousands of others to be had over the next 5 years.
However, at 220k, ( I assume 20% down) with a balance of about 180k plus taxes and insurance the cash flow is negligible and thats why I would have taken the cash. I only buy cash flow properties unless I'm personally going to live in them. Thats why I never spend more then 140k on a home, it must be newer, and rent for at least 1100-1200. This criteria always forces me out of Pierce County into other markets. We remain just too overpriced and the taxes too high at the present time..
John for your purposes of bargains I would suggest keeping an eye on:
4338 N Pearl 98407. Sliding into foreclosure and maybe a GEM at 130-135k. Not a penny over 150k! Busy street but I know that home. SOLID! I sold it a few years back.
4820 N 29th. 98407 Another GEM of a home that if you could steal for under 230k you will have a home for a lifetime. I knew both owners. Its sliding into foreclosure. Great neighborhood. You will have competition on that one at the auction.
6710 Berkeley Ave E Fir Meadows mobile Home on its own land. Sliding into foreclosure with American General Finance in Tacoma. Rents always for 800+. Most work has been done. Try and get it for under 50k. CASH FLOW!!
Now John finding GEMS is important. But remembering How to Buy homes listed on the MLS is equally important.
Ray Pepper
Broker
www.500Realty.net
4338 N Pearl 98407. Sliding into foreclosure and maybe a GEM at 130-135k. Not a penny over 150k! Busy street but I know that home. SOLID! I sold it a few years back.
4820 N 29th. 98407 Another GEM of a home that if you could steal for under 230k you will have a home for a lifetime. I knew both owners. Its sliding into foreclosure. Great neighborhood. You will have competition on that one at the auction.
6710 Berkeley Ave E Fir Meadows mobile Home on its own land. Sliding into foreclosure with American General Finance in Tacoma. Rents always for 800+. Most work has been done. Try and get it for under 50k. CASH FLOW!!
Now John finding GEMS is important. But remembering How to Buy homes listed on the MLS is equally important.
Ray Pepper
Broker
www.500Realty.net
What are the best resources for finding foreclosures for the average investor who is not an agent?
I know there are sites like Foreclosures.com and RealtyTrac.com that have pre-foreclosure and REO properties listed. And some banks and counties even have their properties listed online for free.
But what is the best place to find local foreclosures?
I know there are sites like Foreclosures.com and RealtyTrac.com that have pre-foreclosure and REO properties listed. And some banks and counties even have their properties listed online for free.
But what is the best place to find local foreclosures?
boomer7: You don't have to get a foreclosure list. I'm finding that I search the MLS for properties that did not sell at the Trustee's sale. Also, I look for corporate and relocation properties. There are tremendous deals out there. The banks and companies that own these properties don't want them. They need to move them quickly and believe it or not they are starting to look at ALL offers seriously. If your not a serious investor who makes it a business to buy foreclosures you may have a difficult time scoring a purchase at a Trustee's sale. I've created a "Hot List" for all my friends and clients and they love it. Just giving you another avenue to explore.
Listing prices are not going to tell you what a "good deal is", look to recent sales for what people really paid. Good deals are only relative to what other things are worth anyway this is a moving target in this declining market. A better measure is Real Estate affordability which compares median selling prices to median household income in a particular market. At this time more people can afford homes than 2 years ago... just get off the fence and buy. Everyone wanted to buy at the top of the market.. now everything is on sale... take a pick.
broker: Making a foreclosure hot list for your clients is a great idea! I might just steal it....:)
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