An agent on Trulia today asked what interest rate it would take to get buyers interested? I think it's going to take more than interest rates..there is an equity problem and an employement problem that needs to be solved to get consumer confidence up! Interest rates are already low, yet many buyers are sitting on the fence. It's more a matter of perception in my opinion. With news organizations stating how terrible the market is, the white house commenting that it will be 18-24 months before housing improves, when agents each and every day are telling clients houses are overpriced and to bring in lower offers...I think it will take more than interest rates to get the housing market moving. Those in the profession need to inform the public that inventory is low, prices are the best they've been in 10 years (at least in our MN market) and interest rates are incredible...we need to stress the positive and not the doom and gloom of thinking it's still going to get worse so wait it out.
Now is a great time to buy...great for investors, great for first time homebuyers..as real estate professionals we need to take the bull by the horns and get this market going...inform, educate and inspire the consumer!
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