Not a clue anymore.
This "buyers" market is maddening in the fact that there are no buyers. Now you may say, "That's what makes a buyers market.", lots of sellers with minimal buyer's gives the buyers control over the market. Well they have control but they're so few and far between that it seems that they are not around. I have fought for every sale this month and with a buyer and a seller I put two homes to contract today. My buyer's negotiations lasted since the 16th and after much posturing met somewhere in the middle. My seller is swallowing a bitter pill in the fact that even her counter was countered and she feels she must take it, and I agree. It is her first offer and I am actually her second agent. Her home is nice but it is just as nice as the other 22 twins in that area for sale.
Interest rates are still around 4.5% and prices have come down, shouldn't there be a little run now? As I mentioned in my previous blog I have shifted gears immensely going with investors. Even those investors are skiddish and slow to pull the trigger. In the long run the winners will be the few buyers that see this market for what it is....a correction. With this correction now is the time to buy the homes that are priced well and still pay less than the asking. Sellers are scared and with few options. If you need to sell you are in a poor position.
It also doesn't help that all the mechanisms to soften the blow are being poorly managed by banks that really have no desire to use them since the bailout, maybe we should not averted the financial disaster instead of providing a safe landing for these giant corporations. They have fixed "their" profit margins at our expense and never has it been more clear that "Trickle down economics" does not work. These megacorporations took the money and ran without creating any jobs. Would it have been a disaster? Probably, but there would have been some significant change for sure. Check out this video..