First Time Home Buyers - There Ain't No Nothing Left!
We picked up a new client this weekend who came to us out of sheer frustration. He had been searching for a new home in Vancouver Washington via the internet for the past several months. He had been finding homes here and there that peaked his interest. He said that in the past 2 weeks it seemed like the homes in his price range (up to $190,000) had just dried up. Laughing, he said in a fake hick twang, "There ain't no nothing left!"
I assured him that we would find him something and immediately performed a search on our MLS. Guess what? He might be right!
My search provided 55 results scattered throughout Vancouver Washington. More than half of them were short sales which were negotiating multiple offers. More than 20% were bank owned homes with offers that were waiting for bank approval before marking them pending. Of course there were the short sales with no offers but my first time home buyer wants to avoid those because he is afraid that a short sale might drag on and cause him to miss his $8000 First Time Home Buyer's Tax Credit. The homes that were left were all priced a bit on the high side and look like they need a bit of "sweat equity" to bring them up to par with their neighborhoods. There were only 5 homes listed that fit his needs!
How can that be?!
Are we seeing the bottom of this segment of our market? Market reports are showing that first time home buyers are buying homes at an furious pace. They have been on the sidelines but they have finally learned that this is a buyer's market! Or is it?
As these people slide off the fence and start making offers, the starter home level of the market will dry up. The smoking hot deals that are filling the headlines will go away and leave many first time buyers asking themselves how they missed out.
I am curious to know what you think. Are we at the bottom of our market? Will prices finally start to appreciate in the first time home buyer segment?
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I have been trying to explain this to people. However, after seeing the evening news they thing they can make a low ball offer on their choice of home and get it without any problems.
THere are certain price ranges that seem to be drying up as far as good homes (something that is not in total disrepair or has lender issues etc)... the foreclosures were hot for awhile, but the inventory is coming down on those as well. Short sales - I think a lot of buyers have chosen to find a different direction because of the length of time of waiting on one. So the "good" priced regular non distressed re-sale home is very hard to find as well as new construction under 200k is starting to be gobbled up here in our area...
First time buyers that want to purchase this year should be in the market now. As the lender owned inventory reduces, there will be fewer deals for them to find. Investors are also competing in the first time buyers price range.
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We're seeing the most multiple offers in first time homebuyer price points. I expect to see the next boom in the "trade up" market - those selling something in an entry level price point and "moving up" to the next bracket.
Yup....this is very true here in Phoenix. Multiple offers on most of the low end. Some selling for over list. 1st time home buyers must give their highest and best offer first if there are other bids on the property...... it's just the way it is. Very frustrating for the buyers but we keep working with them until we are successful at procuring a home for them. Sometimes it takes 4/5 trys or more!
1st timers don't wait........get your ducks in a row now!
Gene - Unfortunately, I think that some buyers are going to have to learn their lesson the hard way. Attitudes quickly change when someone loses the home that they really wanted.
Valerie - That is exactly what we are seeing here. I wonder how it will change when we pass the window of opportunity for the $8000 first time home buyers tax credit?
Roy - I couldn't agree more. The investors are having great success in our area. They are snapping up homes that the first time home buyer is slow getting to.
Penny - I am hoping that the trickle up theory kicks our next level market into gear soon. We need it.
Anna - You got hit first and the hardest out there in Phoenix. I use your market as a measuring stick for what happens here in Vancouver WA. We seem to run about 6 to 8 months behind you.