VIDEO: Low Mortgage Rates, Low Prices - So Where Are The Buyers?

By
Real Estate Agent with William Raveis Real Estate

There's very little debate over the fact that this is a "Buyer's" Market" right now. The thing is that this time around it's a little different than in past market cycles. There are plenty of homes to choose from, prices are low (still declining in many areas) and interest are as ever.

By all rights, there should be lots and lots of people buying houses right now.

There aren't!

There are buyers and they are buying houses but not at the pace that the market conditions should justify. Why not?

Here's a short video that may be helpful in understanding part of the reason.

Comments (7)

Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Every market in real estate is so different.  Not every market is one where the local REALTOR would agree with you that it is a buyer's market. Maine waterfront is always in short supply, in demand and a very emotional purchase where many buyers purchase with their hearts and not their heads. Multiple offers higher than the listed price happen with Maine waterfront real estate, our low low cost homes. Median county price is $80,000 not $800,000 and mortgage not such a struggle here.

Jul 25, 2010 05:07 AM
Joetta Fort
The DiGiorgio Group - Arvada, CO
Independent Broker, Homes Denver to Boulder

'Rebate fever' is a good term. So maybe sellers should offer a rebate rather than a price reduction? But then we bump into the folks who don't have equity to spare. Anway - good video!

Jul 25, 2010 05:19 AM
Rick Schwartz
William Raveis Real Estate - Danbury, CT

Andrew, you are ,of course, correct that every market is different.  In my market,  which is the audience for my blog, there is a lot of inventory and the number of buyers is dwindling. 

While there certainly are pockets of high demand and low supply, there are significantly more markets, right now where there is much more inventory on hand than there are available buyers.

Also, with all due respect, you clearly are commenting only on the first sentence in my opening remarks. Had you watched the video, which is unlikely since your  comment  is stamped 3 minutes after I posted the 5 minute video, you would have seen that my point isn't whether or not a certain market is or isn't in a "buyer's" mode right now.

The subject, as I indicated in my title is about WHY this buyer's market is different than in other cycles.  The goal of the video is to help sellers understand why the "rules" of a buyer's market don't seem to apply right now.

 

 

Jul 25, 2010 05:20 AM
Rick Schwartz
William Raveis Real Estate - Danbury, CT

Thanks, Joetta, 

I like your idea. Very much like offering concessions to pay closing costs but calling it a "Rebate". 

Jul 25, 2010 05:22 AM
Bob Willis
Berkshire Hathaway HomeServices California Properties - Orange, CA
Orange County & L.A. County Real Estate Agent

Excellent video.  You told it like it is.  Of course, each market is different.

Jul 25, 2010 05:23 AM
Rick Schwartz
William Raveis Real Estate - Danbury, CT

Thanks Bob,

I always try to call it as I see it.

 

 

 

Jul 25, 2010 05:31 AM
Rocky Progano
MediaCOM Inc - Stamford, CT

Hi Rick!

Overall, of course we are in a buyer's market, it's been that way since 2008 and unless there is a major shift in the government, it will stay that way for a while.  I have to say rick that putting video on your blog is a MAJOR step in the right direction that nearly nobody else is doing and I strongly commend you on it.  If you'd like to expand that part of your business check us out below for some great internet and television video marketing strategies to really AMP up your business!!

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