THE SPRING MARKET IS HERE....WHERE ARE THE BUYERS?
The Spring Market is here - but there are way too many buyers still on the fence. They have the credit. They have the down payment. They have the stable jobs. Yet, they stay on the fence. They need to see some positive press to move them off! Someone recently said to me that if today's real estate market was the car industry, people would not be as reluctant to make they purchase! Plenty of product, great prices and great interest rates. Granted, home buying is a major purchase, but if you are in the market for a car...then you make the purchase. If you are in the market for a home, then why not get serious and buy? The FED cuts rates, the market responds in a positive fashion yesterday and then today it appears to be going in reverse. Open Houses are abundant, phone calls to schedule showings have increased dramatically over the last few weeks. But the serious offers are still not plentiful. Now, today's Philadelphia Inquirer describes the plight of the retiree's (but one segment of the potential market) who invest in CD's and point out that as the FED has continued to cut the rates, the yields on CD's have continued to fall. Thus, possibly the retirees who are considering the right-size move have seen some of their income vanish! In every market their are positives and negatives. Continually focusing on the positives from all segments of the media and business alike will eventually right the ship. In the interim, it is going to take the real estate professionals to educate the potential buyers in the market today what a great opportunity can be afforded them.
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