While no doubt there is a housing bubble and most certainly prices could go down more, I just had to photograph this and post it as it is pure genius.
My realtor and I were talking about how arrogant buyers have become. Cancelling their showings at the last minute, never showing up in the first place, making offers a full 50% below the market value of the property. He has also told me stories about how sellers have just given up and taken their homes off the market (thereby decreasing the supply). One seller is now even charging to show her place as her tenants are getting annoyed with the constant showings, but never a sale.
Though a buyers market and no doubt about it, I do think buyers risk waiting too long. Soon, inevitably on the sole fact people like to make babies, but there isn't any more land being produced, in the long term housing prices will inevitably stabalize and go up. The question is whether buyers will have gotten into the market by that time or were still under the impression you could buy property for a song.
I hear what you're saying, but keep in mind that it's not just arrogance, it's also fear. Today's buyers are tomorrow's sellers, and they don't want to pay too much like many of today's sellers have done.
ReplyDeleteHaving said that though, you are right that now is the time to buy and those who are too scared to do so will likely miss out on amazing opportunity.
The other thing that's going to happen is that people from Europe and Canada are going to buy up your property because of the low US dollar AND the sinking house prices. This will apply primarily to resort areas like Fl, Az and Las Vegas but will happen in other places too.
ReplyDelete-Bacardi Breezer.
how arrogant buyers have become. Cancelling their showings at the last minute, never showing up in the first place, making offers a full 50% below the market value of the property.
ReplyDeleteYep that's what I did, offered way below the asking price, and it worked.
My university degree in economics paid off at last.