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Are your Buyers waiting for the bottom?

By Tom Horner

Real Estate Broker/Owner with Blanchard and Calhoun

July 30, 2007 08:50 AM

It seems to me that all of our friends in the media are talking about housing. The numbers are down, the rates are up, the foreclosures are way up from the previous years. With all the negative news stories out there, buyers are playing the waiting game. They are waiting for the housing market to hit bottom. When will they know? Is it when Katie Couric tells us on CBS news? When that happens, the market will have already hit bottom and will be moving towards a recovery, maybe a slow recovery. Buyers will wait to long for their great deal. They will miss out, if they continue to wait.

This is our chance to educate our buyers. We need to let them know, it is a good time to buy. The supply of homes today gives buyers plenty of choices. We need to help them with this process. We need to get buyers off the fence and into our cars to buy a home. The education starts with us, Maybe a home buyers seminar to answer the many questions about where we are in todays market.

What are you seeing with buyers?

What ideas do you have?

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David A. Podgursky PA

THE PODGURSKY GROUP @ Re/Max Direct - Boynton Beach, FL

THE PODGURSKY GROUP - Make the Right Move!

I think that buyers are "waiting" for a written invitation

the bottom? what's to say that there is further to go??

I had a client say to me that he was waiting for a 2% drop in the value on a $500K home.. .that was essentially a $10K difference in the purchase price which meant he would be financing $8K less... at 6.5% interest only that is merely $43/mo difference in payment...

but... if the rate jumps 1/4%.... the wait for that $10K drop will cost you $40 more per month than buying more expensive!

Jul 30, 2007 08:59 AM

Bill Gillhespy

16 Sunview Blvd - Fort Myers Beach, FL

Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Hi Tom, Between trying to correctly guess when you are at the bottom in your area and getting the best financing package before the rates go up - the buyers need to feel comfortable with acting now rather than waiting further. And if they do wait they run the risk of losing out on some of the better inventory available now.

I like to tell my buyers that if they are concerned about a further drop in the market they should make an aggressive offer now which will act as a hedge against further price corrections.

Jul 30, 2007 09:03 AM

Alan Mills - Creating Closer Communication

ACN - Spokane, WA

The closer we get to the bottom the fewer properties are available. Sellers won't choose to sell - it'll be mainly must sells which are, sadly, not typically the best of the bunch.

Jul 30, 2007 09:05 AM

Gita Bantwal

RE/MAX Centre Realtors - Warwick, PA

REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I have had 2 sellers take their property off the market because they did not want to reduce the price. If more sellers do this the buyers will not be able to take advantage of the buyers market . The market will have changed before they realize it.

Jul 30, 2007 11:09 PM

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Tom Horner

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