Do you believe everything you read in the news about the 2008 real estate market? Just a bit over two years ago, the press in Hawaii and eslewhere was bemoaning the sad plight of the buyer. A feeding frenzy was still in progress, and it seemed like it would never end.
Sellers were receiving multiple offers on beat up homes in so-so neighborhoods. "All offers to be presented to seller on Tuesday at 6 pm" was a typical comment boldly stated in the MLS listing and advertisements for Sunday's Open House - just two days before the offer deadline! It never occurred to them that there might not be a stackful of offers by that time.
It is no surprise that the tides have turned in this cyclical business. Now the headlines express pity for the poor sellers who have to go to great lengths to give these properties market appeal and attract perhaps one interested buyer. "Sellers Struggle to Break Even" is now the norm. Realtors and their seller clients now need to employ the basics of correct pricing, appropriate staging, and effective marketing to get the job done - with a sprinkling of patience.
It does not take a lot of hindsight to see that the patterns established in past years are repeating themselves with a predictable outcome. Prices will rebound again and the smartest buyers and sellers will have the foresight to plan for their long-term real estate goals, not a quick buck. Contrarians will win if they act soon. They recognize now as a great time to buy real estate while they have the negotiating power and the still-low interest rates.
What a great opportunities exist right now for home buyers - but you are not likely to read THAT story on the front page.