DONALD TRUMP ADVISES BUYERS TO BUY NOW ON GMA
HOME LOANS, INDUSTRY NEWS, TIPS FOR BUYERS
August 14th, 2008
Two days ago, on Good Morning America, “The Donald” gave his opinion on the current state of the real estate market. He emphatically encouraged buyers on the fence to buy now. As for sellers, he said, unless you absolutely have to sell, don’t. “If you want to buy a house there’s probably never been a better time. It’s a tough time. It’s a horrible market, but it is the absolute time to buy”.
I would speculate that whether people buy now or wait makes little difference to Mr. Trump. His advice though, falls in line with what I see happening in the Redding real estate marketplace. This year, most of my buyers have been first-time buyers excited about the opportunities to buy a home that were out of reach just a year ago, or wealthy investors scooping up bargains before the market turns around. Will prices deflate more in the coming months? Probably. Then why buy now? Some of my buyers are just plain tired of renting. They also have found that market conditions are causing sellers to be more workable, helping buyers out with contributions toward closing costs and making repairs to the property that will make the lender able to meet the rigorous guidelines set by some Downpayment Assistance Programs. Previously, agents would discourage sellers from participating in these programs because of the extra hoops they would have to jump through.
For years, the City of Redding and Shasta County have administered a Downpayment Assisitance Program that was seeing little use during the overheated real estate market. Unlike any other loan program in existence that I’m aware of, the city and county housing agencies require the buyer to have a property inspection done, then they also make their own Housing Quality Standards(QSC) inspection. The agency then creates a laundry list of items that must be repaired before the Downpayment Assistance loan can be approved.
During the seller’s market, few sellers were willing to allow a government agency to dictate 
what repairs they would need to complete to satisfy their standards. In some cases these items included routine maintenance items not normally requested of a seller. The standard of care in this part of California is to address health and safety issues when negotiating findings discovered by inspectors. Upgrades, maintenance issues and cosmetic items are not typically corrected by a home seller. The tables have turned, now buyers are successfully negotiating price discounts, seller contributions and nit picky repairs unheard of just a couple of years ago.
If you are thinking of buying or selling, please contact me for a free,no obligation consultation to answer any of your real estate questions. I have served the Redding area for 25 years and will be happy to put my expertise to work on your behalf. Contact me @:
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER
REAL ESTATE PROFESSIONALS GMAC
QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE
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