I am wondering if others are experiencing the same phenomenon, and I've seen numerous blog entries, but none around CT, or New England. The city where I am is still doing quite well, homes are selling, at reasonable prices. Perhaps down 5% or so, but given what you hear on the news, still quite a strong market.
That having been said, I am working with a number of buyers who are "waiting to see what happens", or "I'll throw any lowball offer in, they might just take it!" I am hearing people repeat things they've heard on CNN or a national news channel, which are just plain not the case in our market.
How do you explain to the eternal "bargain hunter" that they will lose a house that is perfect for them, and that the inventory will slowly decrease and their choices will once again be limited if they don't wake up?
The one caveat to this is for investors. It seems to me that there are as many investment property buyers as there ever were. Whether they are looking to flip, or to buy low, fix up and rent. They understand that if they find the right distressed seller, they'll get a great deal if they make it happen. Here's the rub...there aren't the same number of foreclosures here as in other regions, so there are a lot of buyers chasing not so many investment opportunities.
What are you seeing in your part of Connecticut?
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