It appears that the sentiment of buyers is beginning to change, especially among the first time buyers. I am beginning to run into buyers, especially first time buyers who are anxious to find and buy a house. They have a strong belief that the market is at a point that allows them to buy a home and that the market is going to turn back up in the spring. They are anxious because they fear that more buyers, (perhaps their peers with whom they speak) will be out in the market soon and they will be in competition with them.
This is an interesting point of view. I think that interest rates are about as low as they are going to go and house prices have come down to the point that makes a home affordable. So I personally think it is a good time to buy. But I am surprised at the number of buyers who feel that way. I really expected that prices would have had to turn the corner and start rising before people would come to the realization that the market turned. Think back at how long it took for sellers to realize the market had begun to fall. USually we do not see the bottom of a market or the top of the market until it is well behind us.
This change in sentiment is really what is needed to get the real estate market back on track. Once the first time buyers start to buy it should help the higher end market loosen a bit. I do not want to see a return to the frenzied market we had in 2004, but a little more balance in the market would be welcomed.
Visit the SouheganHomes web site for complete home sales data for Milford NH and the surrounding towns.
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