I am the elusive first time home buyer. I have perfect credit and a cash downpayment, and I am NOT buying...
There are a lot of lovely properties offered for sale all over Baltimore. Yesterday I went to a couple open houses in north Baltimore's Lake Walker neighborhood. I wish I could buy one right now, but they are all too expensive. The agent I spoke to at one house on Highwood street spoke about the new 1st time home buyer tax credit, $8,000.00. It would seem that sellers all of a sudden think their house went UP in value by $8k!!!
The problem with all real estate is that people are expecting a lot of something for nothing, just like the stock market. Too many people are treating homes as if they are equities, something which is just going to be traded around, profiting mainly on the transaction.
As far as I can tell, about %98 of the homes you go and look at need at least, AT LEAST, $20,000 worth of maintenance and repair work. I've also seen properties that need over $200,000 or maintenence and upgrades. It looks like none of this obvious disrepair is factored into the prices of these homes. Why?
FYI people! A house is a home! and I'm not spending money to go live in slum-like building. I don't care if you bought your money trap back in 2007. Why should us first time buyers have to pay for your bad timing?
I want to LIVE in a house, it's NOT just an investment for me. Open your eyes, look at your property before you list it. If if needs work, new systems, new roof, new windows, then acknowlege these facts in your price.