Times have changed. Not too long ago, channels like HGTV and TLC ran plenty of shows focused on how to profit from the housing boom -- shows like "Designed to Sell," "My House is Worth What," and "Property Ladder" -- a show based on how to "flip," or sell quickly for a profit, a home.
Those shows are still on TV, but many real estate/home and garden shows on television now have a new feel to them, many of them stressing how homeowners can renovate their homes for less, or attract buyers in a sluggish housing market.
One show that is particularly a sign of the times is TLC's "Deals on the Bus." The show features buyers on bus tours of properties for sale -- with each episode taking place in a different locale. I caught an episode one recent Saturday night. On that segment, a bunch of buyers boarded a bus in San Diego to view six properties in three hours, spending no more than 10 minutes in a house. Many of those riders were first-time buyers eager to take advantage of today's lower housing prices, thanks to the economy and the housing slump.
San Diego has plenty of homes from which to choose -- foreclosures make a up a large part of the market. In January, 55 percent of all resales in the city were foreclosures, according to SignOnSanDiego.com. The high number of foreclosures in the market are dragging down the area's median price, which dropped 6.7 percent in January to $280,000, the website says. There is a high number of homes for sale -- a search on Cyberhomes today turned up 9,348 residential properties -- which puts the power in buyers' hands.
"I think for a lot of buyers in inland areas, this has become a bargain bonanza," SignOnSanDiego quotes DataQuick analyst Andrew LePage as saying.
The excitement of many of the buyers on the tour was visible as I watched the program. And why shouldn't they be giddy? If they are lucky enough to have a sizeable down payment and a steady income, they no doubt can walk away with some good deals. Among the homes riders toured in that episode were a two-bedroom, one-bath bungalow formerly listed at $465,000 and now priced at $395,000, and a two-unit property that was once priced at $752,000 and is now $675,000. Those are some pretty good deals.
Said one woman on the tour who was hoping to trade in her condo for a larger single-family home for her and her daughter, "I have a better chance of getting more quality for a little less money."—Lauren Baier Kim