 So many houses, but nothing to buy
- Nancy Pearson - October 1, 2008
Whenever my husband is cruising through the channels on the television to see what's on, it always amazes me that there's nothing worth watching! It doesn't matter that we pay extra for the "premium" channels - there's nothing - zero - to amuse us.
Well, I'm sorry to say that it's the same way with real estate right now. There are lots of homes on the market. Inventory is up and prices are going down. That should be a good thing! Combine that with low interest rates and wow - what's stopping all of the buyers out there?!
I'll tell you what's stopping all of the buyers out there: there's NOTHING good on the market. There are nice homes that are over-priced and crumby homes that will not sell unless they reduce the price dramatically. As a buyer, even if you increase the amount of money that you're willing to spend, it just makes your expectations that much higher...it's a no win scenario....EXCEPT...every couple of days, a home will come on the market that is a winner... and every so often a home will have a price reduction that will make it all of a sudden become a winner. The key is to pounce on a good thing when you see it. Believe me, as a buyer, you are not unique to say "I want a home in a good neighborhood, with good schools and with a decent sized yard...and I want it to be a good price"...everyone wants the same thing.
What's the moral of this story? To get potential SELLERS with "good product" out there to put their home on the market instead of waiting for the market/economy/election or whatever to turn things around. You'd be surprised at the amount of activity you'll get if your house is a "winner". BUYERS: Get off the fence - if you see a good thing, go for it, it won't be around for long - and if it is in a good neighborhood, with good schools, etc. etc....it'll make you happy to be a home-owner!
Note to BUYERS: if you see something you want and the price is too high for you, don't wait for a price reduction, make an offer! Better to take a chance that the sellers might accept your low offer than to wait for a price reduction and take a chance of losing out to someone else!
Note to SELLERS: it doesn't matter what price you feel your home is worth, the market decides that...and usually the first offer you get is the best.
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