Even though housing prices are still falling, some bargain hunters are already getting to work. What takes patience these days is the financing
by Lauren Young
Is it safe to venture back into the property market? Some real estate pros are switching into full bargain-hunting mode even as home prices continue to fall nationwide. But if you're tempted to join them in bottom-feeding, look out. Not only is there a chance home prices will fall more and not recover for years, but even seasoned professionals are struggling as they try to work out deals.
Among the bargain-seekers is Jim Gillespie, president and chief executive of Coldwell Banker Real Estate. In April he closed on a 35-year-old, three-bedroom, two-bath ranch house just south of Santa Rosa, Calif. A year and a half ago the seller paid more than $450,000; Gillespie got it for $320,000. He wasn't trying to make a killing: “The way I look at it, I got a fair market price,” he says. “I'm not saying it will go up to $450,000 overnight, but it's going to be a good investment. People shouldn't try to time the market.”
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