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In the past 2 weeks, we have focussed more on finding out where the sales are hapenning. We have not found anything new that you do not know. As we said in one of the Company blogs (link is on the top right corner), the number of guests visiting open house has either increased or stayed the same however the number of offers that are being written are by far low and pittance.
We were wondering what is happenning and what are buyers thinking. Based on our conversations with true potential buyers (ahem, we think they are), we figured:
a. The media has cast a dark shadow that buying or selling a home now is probably the worst thing to do.
b. The buyers are now coming in with the mind-set "This is a down-market and we will stake out as long as?they can pull along to get a steal deal".
c. Inspite of buyers agents encouraging them "This is the right time to buy" - the buyers are willing to keep themselves on the curb side while only sellers are on the road - so to speak.
Bottom-line: Competition is lacking, motivation is non-existant and the supply-chain wheel has stopped. In a manner of speaking, we could say 'realtycession' as in real-estate recession.
As we said in our company blogs, wake up and see the signs:
a. The oil price is still high and people have not stopped their spending
b. Stock market is on a continuous upbeat and the market spending is not at risk. The inflation (duh!) is under check
c. People are spending money on iPhones of the world and will continue to do so.
d. Interest rates are not going to go back to 4-5 % in the next few years
e. If Sellers can stake out this long, they will stake out even more longer - this is a two way street.
We agree with the real-estate agents, this is probably the best time-frame to buy a home. The last thing you want to see is to lose out on opportunities and pay high price bucked with high interest rates. If you need to buy a home, just jump!
Good luck.
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