Do auction sales have an advantage for the first time buyer?

HI,

thanks for reading my blog. Do auction sales have an advantage for the first time buyer. hmm well they would be purchasing the home for less than fair market value, so that is one good advantage, other than price I couldn't think of anything that would be an advantage, can you ? 

Hi, so when do you forecast the market to start on the UPhill swing again? 

We were one of the many unfortunate ones that bought immediately before the crash...we did everything right, and were SO excited that the moment we bought our home we had $30k in equity! then POW, now we are upside-down over $150k

"Hi, so when do you forecast the market to start on the UPhill swing again?"

You're not supposed to ask questions like that, Goldilox .

--virgil

Many properties are seeing offers way above asking prices.  Are buyers nuts?

Oohh, good - anyone wanna buy my house?  LOL

Yeah,

I heard from my brother, Bob, whose girlfriend's ex-boy friend's little brother's friend's older sister, that they're going nuts North of the River.

--virgil

Oh, good - send 'em ALL over, I am NOR too !

Guess she wanted easier questions. lol

HI, thanks for reading my blog!

Well, I'm assuming you bought your home to live in for long term, right ? If you're currently not in any financial hardship. I wouldn't worry about being upside down. If your home is an investment, you are VESTED :) for a long time.  Every market is beneficial to someone, and currently that is for buyers , whether as an investment or to occupy the home. Our lower end Market homes under 200k is really booming.

In your case, when will your equity increase, I know that it will increase. I just dont know when. Probably when more Jobs are created for people to purchase homes, Home value usually increase over time, you've probably been in your homes less than four years, well your mortage is for 30 years. give it some time. The boom that was created was based on falsehoods we really have to understand that, and that is the reason for the dramatic reduction in home values.

Thanks for your comment!

Keandra

Thank you!  yes, we plan on staying in our home until 2015 ...thanks for the info, and i look forward to other informational blogs you post!

Right now... properties come on the market and in five days they have multiple offers. This is seen in properties 500k and under. Our inventory is low, but it is increasing with more REO and Short sales. So for homeowners who don't have to Short Sale they can't compete because they usually owe more on the home, so they cant compete with lower prices.

Keandra, I take back my catty remark.  I didn't intend for it to sound as mean as it did when I reread it.  Those were good answers IMO.  The housing market is much like the money that we feel we lost in investment accounts.  It was only a loss if we need to sell the house, if not, we've lost nothing.  And before we need our retirement accounts, hopefully the gains will find it's way back into the account.

Keandra,

Your former Sunday School teacher will be on the BAOR caravan tomorrow. Why don't you join us? We have free breakfast, lunch, prizes, and 8 great homes in NW Bakersfield on a chartered bus.