What a Confusing Time to be a Buyer!

By
Real Estate Agent with Keller Williams Realty

Housing inventories are dwindling down! Multiple offers are back! The $8,000 tax credit for 1st time homebuyers is rapidly coming to an end! Fed. Chief, Ben Bernanke, says we may have seen the worst of the recession. It all seems like good news. So, why are so many buyers still feeling confused? Could buyers be worried about those unemployment numbers? Could buyers be wary that the recent surge in the stock market will be followed by a downturn? Might they keep hearing the rumors and whisperings that banks are holding huge numbers of foreclosed and pre-foreclosures off the market?  And, in Sonoma County, could it also be that buyers are just not satisfied with what you get for your money? Absolutely! I work with many first time home buyers, those moving up and investors and when you really think about what you're getting for our Median home price, it is scary compared to what you can buy in other parts of the country.

But, this isn't other parts of the country. This is Sonoma County. We love our wine-country lifestyle! We love the diversity of employment, proximity to San Francisco, access to incredible food, clean air and natural, free air conditioning. Did I mention that we really love the weather? People love to live here.

Building in Sonoma County is tough. Supply will never meet demand. Never. So, all you first time home buyers who are paying rent, it's time to put all those "scary" factors into their place, refine your financial goals so you know what your maximum purchase price is and get out there and buy a home. Do it on your terms and just do it.

 

 

 

Comments (4)

Lisa Wetzel
RE/MAX Realty Affiliates - Carson City, NV
CDPE, SFR carsonvalleyland.com

It truly is a very different market today!  The buyers that are out there are pretty serious!  We have had several the past few weeks.

Aug 23, 2009 01:50 PM
Lori Cain
eXp Realty - Tulsa, OK
Midtown Tulsa Real Estate Top Producer

I am sure that Tulsa County and Sonoma County are WORLDS apart, but I can assure you, our Buyers are confused also.  I'm taking 1st-time Buyers out now that are so disappointed at the choices in their price range. And as we drive from house to house, I'm getting repeat calls from Realtors telling me, "we just accepted a contract."  So, NO, it's not really a "Buyer's Market" here either, despite what you may read in the news!

Aug 23, 2009 01:54 PM
Sandy McKee
Sunstreet Mortgage - Tucson, AZ

No doubt we are in uncertain times. I think you have some very intuitive observations. I think you may be right about the stock market and also a huge amount of forclosures yet to follow with the unemployment continuing to be an issue. All the best, Sandy

Aug 23, 2009 01:56 PM
Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker

Daphne,

Good to hear that your market is back.

Brian

 

Aug 23, 2009 02:51 PM