We just started using www.Zillow.com as a social media resource and found buy ativan online this cool Seattle real estatea price/value trends and thought it would be cool to share.
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roger says
So has it bottomed out here, do you think?
Seattle Real Estate Investing says
Hey Roger, the truth is you never know. We try not to rely on if the market is going up or down for our wholesaling or fix and flip strategies. For that it’s all about buying at a low price based on what houses are selling for right at that moment (usually 50-60% of market value), and turning them around as fast as possible. If you truly buy at the right price (NEVER market value), you’ll usually come out on top.
Dale says
Silly question,
How do you buy a home at 50-60% of market value? Isn’t the market value what other competitive buyers will pay? Why would a seller sell a home for less than market value to you or anyone when someone else (by definition) is willing to pay market value and if nobody else is willing to pay more isn’t it still being sold at market value?
Seattle Real Estate Investing says
Dale, excellent question! 100% market value is what the retail market will pay for the property. There are many reasons why a seller will sell a property at a heavily discounted price. The reason that we see most often is because price/money isn’t their motivating factor. In a lot of cases time is the biggest motivation. So if we can offer cash, and close in 10 days, getting the property off their hands in 10 days is worth more to them than waiting to get a market value offer (and then wait to close…). Another major factor is property condition. Most traditional financing won’t work for houses that need lot of work, so that weeds out the majority of the people that will pay market value, and a cash buyer that is looking to live in a house would usually like to buy something that doesn’t need repairs. There are a number of other motivators that compel sellers to accept below market value offers, but the two above seem to be the most common. I should also note that I agree with you that as soon as the seller accepts our 50-60% of market value offer (and we close), we are lowering the market value based on average sales price of comparable houses in that area. Let me know if you have any further questions.