I have some clients who are definitely ready to buy and we just get on with it. Others can't seem to make a commitment. Some of this probably has to do with Saugatuck and Douglas, Michigan, being resort communities and these are often second homes. No one will be living in the street if they do not buy their second home.
However, there is something else going on too. Clients are watching the real estate news from the media and have decided that they will wait until things get worse. Are things definitely going to get worse and do these clients have a crystal ball that will tell them the absolute bottom of the market? And if they are in love with a property, will it still be around when things are worse?
I tell them buying a property is not like buying stock. One share of Dell stock is like any other share of Dell stock but the real estate property they fall in love with will not be like any other property. There is a similarity between stock and real estate in that it is good to buy on the way down and not on the way up. It is impossible to gauge the very bottom of either the stock market or the real estate market.
How do you handle this? I hate to see these clients making mistakes. Instead of "buyers remorse" they will have "non-buyers remorse" Thanks
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