Forgettabowd the Boys of Summer. They're overpaid anyway. This is the "Buyers of Summer" moment in the sun.
Buyers who were riding the pine are coming off the bench to take a turn at bat. Some are getting a few strikes before they get on base, but a few, have hit home runs in a very big way.
I've written more offers in the past 2 weeks than in June, July and the first two weeks of August combined.
Buyers who have been watching the market and waiting for a time such as this are stepping up to the plate and taking their turn at bat. However, the offers I am writing are low...very low, so we don't always get on base with the first swing.
These buyers do not seem to get emotionally attached to the homes they are taking a swing at. They are smart and have followed the market for quite sometime and they know there are a plethora of listings and a plethora of seller's who need to sell.
Most of my buyers stepping up to the plate have been receiving listings from me by email for a year or more. I have them on instant email notification and they have watched the market go up...then stabilize for a short while...then come down...then come down some more...and come down some more...
What is this going to do to our local market? Make prices come down more? Precisely.
May of 2006 I had a listing that was a little overpriced, but not bad, but it was the highest priced listing in the neighborhood. After a year of sitting--I routinely asked for price reductions--my clients decided to lower their price, and once they did, so did the other 5 homes in that neighborhood. My seller's decided to lower again...and so did the other 5 homes in the neighborhood. And so it goes. Buyers are stepping up because they feel prices have come back down to a reasonable ball park price.
The bench is now empty and there are a lot of home runs being scored. Several of my clients have purchased homes at 18% or more below the asking price. It's a great time to be a buyer!
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
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