I just added another potential buyer to agrowing list on my IGoogle homepage. I am running into the same scenario time and again, and I am hearing my colleagues say the same thing. This summer and fall I have had many customers head down the exploratory road with me, get excited about purchasing a property or two, and then opt to sit on the sidelines. I don’t really blame them for being a little timid or even confused at all of the mixed economic signals floating around out there. What goes up must come down, and we have been watching prices slide slightly for a while now. Even on a National level August gave us a breath of fresh air with a higher than expected pending contract report.
I feel like many buyers are waiting for the signal, the checkered flag of real estate….The proverbial “bottom”. The slight problem with that is that no one knows the bottom until it has already come and gone.
I do however know that the investors who are prudently looking at price but also looking at other factors such as optimal financing, time of year, and practical circumstances are winning in our current market.
The overall economic grey sky is causing some sellers to get really serious about home pricing. For example- This 3 bedroom 2 bath single family home hit the MLS just this morning for $125,000. In an area where average home sales are in the mid $250’s, this home is priced well enough to stand out far and away from it’s competition.
Someone will grab this little house up, possibly rent it for a cash-flow profit or simply have a great little starter home…..It may be my potential buyer #15…or someone else’s.