November 15, 2012
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hot hot properties? i think not
The last couple of weeks, I have been scouring the internet looking at potential properties to buy.
I’m not even sure if I’m in the market to buy one to begin with, but it’s an interesting exercise nonetheless and it keeps me entertained for the better half of the day. Currently have hit a road block with organizing wedding stuff, any more and I’ll go AWOL.
It has occurred to me that there are way too many people who are living among the clouds in la-la land somewhere. A lot of the asking prices are anything but realistic. Many of them are laughable.
Perhaps 18months ago or even 2-3 years ago, the prices that are asked today would be somewhat realistic but in today’s market, I highly doubt it.
Homes purchased during the boom are now being sold less. Differences can be anywhere between 40-80K. And that’s a lot of ouchies.
Oh and it shows….
I’ve been to several auctions of these homes and most of them have been passed in because the vendors THINK they deserve more (as in more for what they paid for) and the market (as in the buyers) won’t justify the high prices. Why spend more money on this property when the one down the road with the same specifications is going for less?
And so we’re now sitting on what seems to be like a property glut. Some property owners have decided to sit on their homes instead of selling, which is all nice and dandy however if it’s a cash flow issue then waiting around may not be the answer.
It should be a buyer’s market but with unrealistic vendors, nothing is really going for what it should be.
interesting nonetheless
