Before the home buyers tax credit was extended through April, 2010 and expanded to include more buyers, a survey by move.com indicated that only 1 in 20 people surveyed said they would buy a house next year. Why? The top reason was that they felt that home prices had hit bottom. This was more important than bargain priced foreclosures, concerns about interest rates, and the pool of available homes.
This revelation feeds into our ongoing discussion of glass half empty/glass half full approach to real estate. Of course, the number of people who might say they are planning to buy might increase in view of the credit, the responses indicate people are concerned about economic stability in our recession-prone world. It remains our challenge to seek out qualified buyers who might be in a position to buy in the right circumstances.
Some people with credit problems might be interested but will not qualify for the best rates. We can increase our sales among this group by encouraging them to clean up their credit report, directing them to an affordable home, and directing them to a lender who can help them.
Some of us focus more on the credit-stable buyer who can afford a pricey house, but millions of solid Americans with "issues" need our services too.
Commitment: I will look for ways to beat the 1 in 20 statistic and increase my business.
Deadline: _________________
Interesting survey. Most of the buyers in the DC metro are waiting for more inventory since they get out bided very time unless they have more cash or can pay a premium.