Mr Buyer, do you have a crystal ball?
First of all, I find it hilarious how everybody is an expert these days :-) With msnbc, local news, zillow, etc, everybody seems to be a real estate expert! I had a buyer prospect tell me last night that the reason he is not willing to make a move on a property just yet is because he is waiting for the market to hit rock bottom first. This has been a common tune for quite some time and I am sure it will continue for a while. To be honest, I enjoy speaking to people and educating them them on the facts because its fun for me (go ahead, call me a nerd).
Here is how a small segment of our conversation went(I may not have gotten it word for word but I am positive that I am pretty darn close :-)
ME: So I can better understand your needs and goals, please share with me why it is you are holding out for the bottom of the market?
PROSPECT: Becasue thats what any intelligent buyer would do. You don't buy stocks in the peak of their performance... same thing with real estate.
ME: That is very true, but without a crystal ball how will you know WHEN we have hit rock bottom? That is the million dollar question right now.
PROSPECT: With all the resources these days, word will travel quickly. Its not as if I will have to predict an actual date. Its a buyers market right now but I want to get the best deal possible.
ME: Hmm... would it make sense if I told you that there are thousands of people out there who are looking for the exact same thing you are? If you wait too long, interest rates can eventually creep up, bidding wars will always be present on any aggressively priced listing and the chances of you getting that so called "killer deal" may not be as good as you thought.
PROSPECT: Well sure, but that is the chance I am willing to take because I am in no hurry to buy.
Does that sound like anybody you have talked to recently?