^ I would have thought so, too. Seems your appraiser did things the old way, coming in at exactly the contract price. Peeps are probably skittish in general, waiting to see how the market shakes out, especially when it comes to second homes. Saw a report last night showing housing prices down about 25% in CA, AZ and FL. Also Las Vegas.

 

They are reporting today that houses fell 14% in the first quarter of 2008 . . .

 

I saw that. Between the drop in housing prices and very low interest rates, it is probably a great time to buy real estate. People who are timing the bottom may miss it, or may miss the low interest rates.

 

What do you know, I heard from my agent today and the buyers are not ready to give up just yet. They are willing to see another appraisal (at my expense). So I ordered another one and we'll see how it goes. The way I see it, one of 3 things will happen:

a) it will be low like the last one due to the lack of comps, and I will be forced to sit on the property for a couple years.
b) it will be around the agreed upon selling price, in which case we can proceed and all go home happy
c) it will be somewhere in the middle, at which time I will have a hard decision to make.

 

I agree LB. Between the drop in sales prices, selection of inventory, and low rates, it's a helluva time to buy.

 

i say time to get with the new appraiser and give him/her a few $ to bring it in at your asking price.

 

That is a good sign, Carmen. They must really want your house. I hope it works out. Holding on to it for a couple of years would be a major drag with no guarantee of a better price.

I saw an article this morning of the five vacation spots that are relative bargains right now. One of them is the Crystal Coast of NC - Beaufort area. I'm tempted to buy something!

 

The only problem is that banks are very relectant to lend to even the the best risks. It is great now if you have cash.

 

[QUOTE=Zippy,May 30 2008, 07:02 AM] The only problem is that banks are very relectant to lend to even the the best risks.

 

^ New Bern is where my niece lives. I love that area and grew up spending lots of time there. There are condos in New Bern that I've been keeping an eye on, right on river next to the Sheraton.