There are a fair number of experts being used by the media who are telling the buying public not to buy property right now because prices will come down.  That's basic economic theory they tell us.

Unfortunately real estate pricing is a little more complex than that. Some prices have come down, some haven't, and some might not.

Sometimes real estate has a few elements of airline pricing and even using that model, there are some exceptions to the rule.

Basic economic theory says that if you have too much of an item, the prices will go down until your supply and demand match.

There are a lot of problems with using that in real estate.  First off in our area, just about every property is unique from some perspective.  There might be a few exceptions to that rule, but for the most part, both the properties and the buyers are unique in their features and in their requirements.

We are actually much like an airplane taking off from an airport that only has one flight a day and is going to a destination that can be hard to reach any other way.

We have some first class seats, they are usually waterfront seats and for some reason, even if the manufacturers wanted to make another airplane, they can't make any more of these first class seats quickly. Building a new Sand Castle on the beach (a first class seat) requires buying some old seats on the beach, consolidating them so a first class Sand Castle can be built. Sometimes zoning has changed and you can't build more Sand Castles period. It ends up being complex.

Business class seats are usually across the street from Sand Castles though they can be in special upper decks or communities with fancy amenities.

Economy class which has many versions is usually third row or farther back, sometimes you can find some degree of economy in a first class location with a really old cramped upholstered seat instead of a big fancy leather one.

You can see some of this by looking at Emerald Isle through Trulia. 

To further complicate matters people other than the airline company own the seats.  Sometimes they are willing to rent the seats during certain periods.  Other times they want to use the seats themselves.  Then there are folks who won't rent their seat and don't mind it being empty.

When it comes to renting seats, those who really want to rent them are willing to offer last minute deals just like the airlines.  If their rental of the seats is very successful, they feel less pressure to sell their seats even if they might like to cash it in. 

Then there are a few really special airplanes.  In our case that would be like the Historic District in Beaufort, NC.  The seats are old, wooden, and take a tremendous amount of maintenance.  However, a lot of prestige comes from flying in one of those seats even if it isn't on the water and doesn't have fancy king beds or other amenities.

So when an expert says that prices will go down because we have an over supply of property and too few buyers, there are more than a few qualifications on that.

In our area, most of the people are buyers of choice.  They didn't have to buy here, since it is unlikely a job brought them here.  They came here because they could and have stayed as long as the area interests them, or they are able.

When someone decides to sell, only a few of those making that decision are doing so because they have to for one reason or another.

Most, who are choosing to put property on the market, are only willing to sell if they get a price they considerable acceptable.  If they don't get a price that makes them happy, they can choose another option. One of which is to put their home in our thriving rental market. Another is just to take it off the market and wait for a different market.  We're seeing a lot of that now.

So while the experts are telling people they should be expecting some really great deals, the reality is slightly different.  There are a few deals, but mostly they get snapped up pretty quickly.  If you aren't out looking, you won't recognize one of those deals when you see it. If you aren't ready to move quickly your are going to miss it anyway.

One of the agents in our office had someone interested in a couple of acres with a house for under $200K.  Any one looking in Carteret County would know that something matching that would not last long.  A property came up matching that description a week ago.  Our agent's potential buyers took several days to get back to him.  The property was under contract in three days.  His buyers missed it.

There is a tremendously wide variety of property available right now.  Most agents now know a number of properties which while they aren't on the market currently, could easily be for sale if a real buyer was around. There is a definite shortage of buyers, but there are plenty of renters and even a shortage of spots for first class renters.

They aren't making more views like the one in the picture with this post. It isn't even for sale, but you can rent it monthly.  Now is a great time to be a buyer, but those who are waiting until the experts tell them to buy will likely miss the best deals.

My father cgave me one piece of advice for the stock market, "pigs get slaughtered."  It works for real estate also.  Those who kept waiting for the last market to peak before putting their homes on the market likely missed the peak.  It will be the same for those who are waiting for the market to bottom before looking to buy.

There is no doubt prices have moderated, and there are some very good buys

Just don't expect me to find you oceanfront property for $200K like the guy who was in here a couple of week ago. 

The airplane won't take off for that price. However, the weather is perfect for a visit, and it is a grand time of year.