Cathleen O'Hannigan, Cary NC Realtor

Ok, maybe it's just a band-aid for a day, but I promise it will be FUN!!!

If you live anywhere in the Triangle, you owe it to yourself to visit Shakori Hills where every Spring and Fall, the GrassRoots Festival of Music and Dance is held there. Enjoy clean air, great food, dancing, music on four stages, jamming with strangers (trust me, it's fun), cabaret, loads of childrens' activities, even yoga (I'm sooo there!).

The festival lasts 4 days (started yesterday 10/9) and boasts around 40 bands. All kinds of music! Learn to clog, sprawl out on the grass and listen to stories, boogie to a Zydeco accordian, get a massage and just be like a child again!

This place sounds like my style and I'm forgetting about work today and going there! Hope to see you there.

http://www.shakorihills.org/

Like a kid with a prized bag of shiny marbles, I have collected a pretty big sack of golden buyers in my pocket. They come to open houses, email me from realtor.com, call off ads for short sale listings. Some are even referrals.

BUT.....

They are digging holes in my jeans to get out and go wait in the street (by the curb of course) for several months!

Why the curb you ask?

They are Waiting to See Blood on the Streets!!!

I am going to spare you a picture of the blood.

So, what are we advising them? Do we tell them that it is a great time to buy? But would WE buy now?

Or do we advise them to wait for things to get worse?

The truth is, no one really knows if this is the bottom or if it will get worse. If they buy now, are they buying on a falling dagger?

I try not to listen to the mainstream media and I've learned to trust my gut. I have to admit, that I believe it's going to get worse, and the greatest buying opportunity in a very long time is just around the corner. But it's not here yet.

That said, I cannot lie to my buyers and tell them RIGHT NOW is the best time to buy, unless they get an amazing deal on a short sale or a new inventory home that has the price slashed and is loaded with upgrades and unbelievable 30 year financing. Then I say "Go For It!"

I reckon it depends on your market. Increasing foreclosures are sure to bring property values down further in most markets. We don't have many foreclosures in my neck of the woods, but prices do have a little ways to go downwards in my opinion.

In the meantime, I keep stockpiling my buyers, loading them into my bulging sack. I keep them up to date on the market, show them the best deals, and keep in close touch because one day perhaps next year, it will indeed be the best time to buy! And it will be BANG BANG BANG! One after the other.

So what do you tell YOUR buyers?

Brian Como's blog post on The Government Bailout starting me thinking about our ailing housing market.

We are having an awful time getting showings on our listings, let alone real bonafide offers (the ones that aren't 60% off asking and using grandma's feather bed as a downpayment). How about the Government give $20,000 down payment interest free loan to any buyer purchasing a primary residence. The conditions would be that the loan be paid back when the home sells, the buyer puts in at least 5% down, and total down payment be minimum of 10%, preferably 20%, and buyer cannot take money out of the home with a HELOC or 2nd. Refinance allowed, but no money out.

I think this would motivate all those buyers sitting on the fence to get out there and buy, which would help our housing market tremendously. Should not be limited to first time buyers. There are plenty of people out there who lost their homes and people who can't buy in another area because their homes haven't sold.

NO MORE 91%-100% down loans. If people can't save up a down payment, they have no business buying a home. They need to prove that they can manage their money first! Americans have to STOP thinking like the government, spending money they don't have!

It's no secret that lowball offers are on the rise, but are they getting accepted, and if so, WHERE?

I've been getting some really low ones lately, which isn't the norm for my market. The surprising thing is that I'm hearing some are being accepted!

This Blows My Mind!

I just had an offer for 15% below the asking price. The buyer's agent told me that her buyer has had several of his lowballs accepted. I asked for names and addresses of these so called lowball sales, and confirmed that this lady was not off her rocker. I was floored.

Is it happening to your sellers? I know they are getting the low offers, but are they accepting 10% below asking? 15% below? 20% below? Even more than that?

I know short sales attract the low ones. We haven't had too many of those in Cary, NC. In fact, they are rare here. In other areas, I'm wondering if sellers are accepting lowballs and if lenders are approving the short sales on .70c on the dollar or even lower. And if so, is that because the true market value is 30% lower, or is it because the buyers are getting REALLY good deals?