Is it a buyer's market?

By
Real Estate Broker/Owner with Shepherd Real Properties

Having lunch with some friend, I was asked about the real estate market. 
"Is it a buyer's market?" he asked.  I paused as I gave it some thought, "It's a tough market"  So he asked again, "but, is it a buyer's market?"  I answered the same again, "It's a tought market", then he asked why.  I said "It would be a buyer's market because there are so many houses available and the interest rate is really low, however there are few buyer's that qualify.  They need to have 3-5% down, which most first time homebuyers don't have in this economy, plus they need a 680 credit score or better.  So that's why I stated that it's a "tough" market, but it could be a buyer's market.

I got a report in my email that our nation had over 4 million homes availble for sale.  Is it a buyer's Market?

 

Posted by

Elizaabeth Ann Mosley, BIC

Shepherd Real Properties

 

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Karen Crowson
Coldwell Banker Residential Brokerage - Rancho Bernardo, CA
Your Agent for Change

Not in the Tri-Valley Northern California it isn't.  Our inventory is very low. While prices are great as are interest rates, there is competition which is contrary to most traditional buyer's markets.  And if the seller is a bank, the buyer's don't  have the same negotiating power they do with a regular seller.  But, the buyers watch the national news and think otherwise, when they hear reports that it is.  We have to help them understand the type of market they're in, locally.

Jul 23, 2010 03:23 PM #1
Rainer
103,794
Amanda Nicodemus
Spring Texas Keller Williams Professionals - Cypresswood - Spring, TX
Spring Texas Real Estate www.amandahomes.com

Yes, it's a buyer's market.  More supply, less demand.

Jul 23, 2010 03:23 PM #2
Rainer
96,592
Song San
Coldwell Banker Dynasty - Rosemead, CA
Broker, MBA

  It depends on the area. It might be a buyer's market for cities like Riverside, San Diego, or Los Angeles where there are more supplies than demand. It would not be for high demand cities like Beverly Hills or New York City.

   Either way we should always be positive when people ask us because they would be able to see our attitudes from our answer.

Jul 23, 2010 07:17 PM #3
Rainer
126,751
Rich Murray
PMNC, Cary, NC - Cary, NC
GRI, ABR

It is a buyers market.Though the buyer pool may be lower due the the tightening of mortgage lending, the buyers that are out there have a lot of choices. When buyers have more options than sellers do, it's a buyers market.

Jul 24, 2010 02:43 PM #4
Rainmaker
241,465
Barb Fischer
Big Block Realty - La Mesa, CA
San Diego and La Mesa Real Estate

Real estate is always local, but the media in general has been harping on this "buyer's market" for awhile. But it's not is people can't get loans, can't qualify, and keep getting beat out by cash buyers.

Jul 25, 2010 08:01 AM #5
Rainmaker
1,826,677
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Yes it is usually the elements of Supply and Demand that determine what type of market we're in ! BUT I tell everyone we are in a very opportunistic market !

Jul 27, 2010 01:03 AM #6
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Elizabeth Mosley

BIC - Shepherd Real Properties
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