An Open e-mail to an out of town buyer

I am doing an inspection with some folks who came in last Thursday from California. One of their first comments was, "we have been watching houses come on the market and then sell before we have been able to get to them. This is not a buyers market, it is a sellers market". I added that the press just has not told anyone yet. (BTW, their price range was 200k to 250k and the house we bought we did get to negotiate on, so it is not yet a seller's market).

So all the friends who live here in Denver, while well meaning, that are giving advice are not active in the real estate market (or if they are their home is not selling because it is overpriced). They really do not know what it is like in the south suburbs of Denver. They can only regurgitate what they hear/read, and frankly, that is all bad news (it is the only thing that sells advertising and circulation). If they spent 2 days out looking in the price range and area you want, they would get a very clear picture.

Finally, in my opinion it is not going to get better for price (not going down) or volume of homes (choices) available. So renting for a year will only prolong the agony. Houses will get more expensive and there will be fewer good choices. You need to get out here and pick a house out and buy it.

Of course part of this could be "we can't sell our house". I should mention how that effects ones opinion of where one is moving. For some reason people think prices in the new town should be the same as the old town but if it was you would not want to live there would you? I mean why leave friends & family? If it was the same in Denver the ecomomy would be going south, or at least the housing prices, jobs would not be worth it, and lifestyle wouldn't be as nice. But that is not true! Take the loss (is it really a loss or just compared to 3 years ago?) there and sell the house. Then buy something that is on the upside of the curve here in an area you want to live in. Renting is just abusing yourself by making you move twice.





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