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Buyers are looking at other buyers to see if they are confident.

Recently I had a conversation with a buyer who contacted me about buying a house that went like this?

Buyer: What are you seeing in the market right now?

Me: I am seeing a lot more buyers in the market. I see prices staying the same right now but there are a lot more buyers out there. There seems to be a new found buyer confidence in the market and the realization that now is the right time to buy.

Buyer: My confidence is not up!

Me: Then why are you talking to me about buying a home?

This is a general trend I see right now. Many buyers are very interested in what other buyers as a whole are doing right now. While I do see health returning to the real estate market, I also see a lot of anxiety on behalf of buyers.

It reminds me somewhat of millions of tiny crabs on a beach waiting to see if the coast is clear at night. "Hmmm... I hear other crabs moving, but how can I be sure? Let me take a peak... Hmmm... I don't see a crab there... Is that a crab over there?"

A lot of people are peaking out of their shells right now hoping that the coast is clear. While I do see a lot of cautious crabs moving around on the beach right now, there are still a lot of pessimistic crabs slowly crawling onto the beach, worried that they have made the wrong call.

Posted by Nelya Calev on 07/11/2009 09:29 AM

Comments (7)

Buyers Are Looking at Other Buyers to See if They Are Confident. in the ActiveRain Channel

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Originally posted at: Nelya's Blog: Buyers are looking at other buyers to see if they are confident.

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7 Comments on Buyers are looking at other buyers to see if they are confident.

JUL

This is very true and after I show buyer's the Real Estate stats for inventory, under contract & sold homes they quickly become confident. The proof is in the writing!

Let's hope that the first time buyers on the sidelines will get into the game before it is too late to qualify for the $8,000 tax credit. Studies show that many prospective buyer still do not know about the tax credit.

Nelya, we're seeing the "early adopters" having no problem recognizing this is the golden time to buy. The next group out there are the toe-dippers, checking the water temp (and the crabs!) to see what way to go. The toe-dippers will eventually get a good deal but perhaps not as good a deal as the bolder buyers are obtaining today. John

Are you saying most buyers are a little CRABBY, haha? They are slowly coming off the fence but quickly jump back on at the first sign of trouble.

This is so true.

They ask you, who probably works 12 hours a day, everyday, down in the trenches knowing exactly what's going on in your local market.

Then after you tell them what is going on, it's not the answer they wanted to hear to their loaded question.

They want an answer that supports their procrastination and pacifies their fear to buy.

Those are the ones that will be left in the dust wondering why some people are making money, and for some reason they are not.

Lol, great analogy!

I think the crab analogy is a great one. You made me think of "monkey see, monkey do" for some reason!

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