The under $400k market is still bustling. The multiple bids started around February when rates were at their lowest, and I thought it would have cooled down by now, but it hasn't. Inventory of homes available remains low.
The number of bids a h0mes gets is anywhere from 5 to 40. I was looking at a home in Union City's Pioneer district priced at $339,000. While I was waiting for my client to show up, another buyer asked if I could let them in. I said, sure. As soon as I walked in, I recognized immediately the property was a money trap, and possible health hazard. I said, I wouldn't let my buyer purchase this property. Besides the stench of urine and feces, the property needed a new kitchen, new bathrooms, wood on the exterior in many spots, new flooring, possible a new roof (based on the water marks on the ceiling), and I'm certain the pest report would have plenty of items.
This buyer however was adamant it was worth at least $350,000 in it's current condition. I asked, if pain was a part of his religion. He laughed and said, I can fix it.
Yes, everything can be fixed, but why would you want to spend all you time and money fixing something, when you aren't even buying the property at a discount.
I think a larger number of buyer's today are focused on getting the $8k federal tax credit, where to me that's secondary. Primary is getting a hard and great price given it's condition. And I'd rather wait if I have to because at the end of the day $8k is a lot of money, compared to pricing swings in the home market.
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