Buyers are definitely active in the market place right now, but they are taking a lot more time deliberating on the right home to buy or even to buy at all. Generally speaking, this is the ideal time to buy because rates are low and there is a lot to choose from. The law of supply and demand definitely applies to the housing market. Lots of supply + lower demand (largely because of stricter underwriting guidelines)= better deals for buyers.
When I see buyers hesitating because they think the market may not have hit bottom yet, there is one thing that I know to be true. You never know you've hit bottom until you have already started to head back up the hill. Most forecasters predict a turnaround in the housing market by the 3rd or 4th quarter of this year. In my opinion, be it ever so humble, I think we will see a very strong buyers market through the beginning of 2010. We have a lot of inventory to sell and more on the way with foreclosures. Good news is, foreclosures are typically priced 20% below market and they sell very quickly and usually with multiple offers. For buyers who are concerned about the market continuing to decline, I say, ask for what you want in an offer. A house is worth what you are willing to pay for it and what it will appraise for, and that has always been the case regardless of the climate in the marketplace. Banks who are in the position of owning homes are definitely dealing, in terms of offering assistance with closing costs credits and sometimes with lender required repairs. ASK FOR WHAT WANT, OFFER WHAT YOU WANT, BUT OFFER! You never know what you can get until you ask for what you want.
When I see buyers hesitating because they think the market may not have hit bottom yet, there is one thing that I know to be true. You never know you've hit bottom until you have already started to head back up the hill. Most forecasters predict a turnaround in the housing market by the 3rd or 4th quarter of this year. In my opinion, be it ever so humble, I think we will see a very strong buyers market through the beginning of 2010. We have a lot of inventory to sell and more on the way with foreclosures. Good news is, foreclosures are typically priced 20% below market and they sell very quickly and usually with multiple offers. For buyers who are concerned about the market continuing to decline, I say, ask for what you want in an offer. A house is worth what you are willing to pay for it and what it will appraise for, and that has always been the case regardless of the climate in the marketplace. Banks who are in the position of owning homes are definitely dealing, in terms of offering assistance with closing costs credits and sometimes with lender required repairs. ASK FOR WHAT WANT, OFFER WHAT YOU WANT, BUT OFFER! You never know what you can get until you ask for what you want.
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