What should a buyer expect in this market?

Lying used houses salesmen on commisison telling you to buy now or be priced out foreverrrrrrr!

JMC, Alpine is right. Be wary of these characters! Maybe try to get a recommendation from a friend you trust.

At the same time, it is a buyers market,so I'd say negotiate and stick to your guns. Try to get major concessions on closing costs and at least 5-7% off on listed price. Maybe even go for 10%.

But you have to be tough and hard. Be willing to walk away. But of course, make sure you know what you want when they call you back and say, "Well, we can't do this, but we can do...."

New properties and conversions are getting better with paying closing costs but I'd stay away from places that are still in construction. That can be a nightmare.

In terms of other aspects, get a competent lawyer to do the closing and help you through the process. If you get a dolt, it can make things more difficult than doing it yourself. And believe me, there are some real dolts out there.

I found using a mortgage broker helpful. But I am sure that they come in all shapes and sizes as well.

You should probably get at least pre-qualified from a bank. Lending standards have changed, including down payment requirements etc.. If you are looking in the 700K or so range, you may want to consider that the 729K conforming rate limit will lower at the end of the year so it would be better to do it before then.

Also, StreetEasy is a good source of information. But there are people here with a lot of agendas and some of the stuff here is downright scary. That's the point. People want to discourage buyers and drive down prices. So far, they have not been overly successful. At the same time, prices have flattened out and it is a good market for buyers.

It depends on what you're spending but loans are definitely not what they used to be. If you're spending above $500K be prepared to put 25%-30% down, and consider an adjustable rate mortgage -- they've been demonized, but rates are better than fixed.

Prices range from sensible to nonsensical, so spend some time educating yourself as to what recent closing prices have been. I don't advise a buyer to make offers based on a specific percent of the seller's asking price -- you must first find out whether the seller's pricing is reasonable or crazy, and we're seeing both.

ali r.
{downtown broker}

jmcbyr8- Beware of Realtors, sellers and those who bought at the height.

alpine292 "Lying used houses salesmen on commission telling you to buy now or be priced out foreverrrrrrr".

will "At the same time, prices have flattened out and it is a good market for buyers".

Sound like will fits into one of those categories.

Wow, you have me figured out DCO. Now guess which one?

Or, maybe I work the night shift at Home Depot and want business to pick up.

Or, could be I've never even been to NYC but really like to spread hope and optimism.

Or, maybe I want McCain to win so I am talking up the economy every way I can. Today StreetEasy. Tomorrow the Wall Street Journal. Next week, the Denver Post. (I take Fridays off.)

Or, maybe prices are holding steady and people I know have made some good deals so I am merely relating an observation.

So which is it?

> So far, they have not been overly successful.

40% decline in sales?

I'd say that pretty clearly shows a lot less willing buyers...

will- My guess would be someone who makes a living from RE, perhaps not totally, but enough to matter. Although my first reaction to your questions was Home Depot.

Im surprised stevejx hasnt commented here---YO SteveO where are you

Maybe he is at Fire Island enjoying being away from JuiceMan and perfitz.