Is this Real Estate Year Over Yet?
Based on the activity my phone is seeing and on conversations with clients, as well as fellow agents, the answer would be decidedly “NO”. For many, now is the time to move forward and the holidays are not going to get in the way.
Just when many of us in the business thought it was time to ring out a difficult 2008 and ring in an improved 2009, buyers and sellers began to tell us, “Not so fast!”. In the past week alone I have heard from 3 clients who starting thinking about real estate much earlier in the year and have come to the conclusion that waiting is no longer an option.
I think the reasons are multi-fold. The lower home prices, in combination with lower interest rates are enough for many to get off the fence. In addition, there seems to be an acceptance of the market conditions by both buyers and sellers. Sellers realize they are not going to be seeing prices skyrocket through the roof again. The extreme gains of, say 5 years ago were a product of many factors that will not be seen again. They are more realistic about their prices and the need to attract buyers, a “for sale” sign is no longer enough.
Buyers are also keying into realities of the market that in ways differs from its portrayal. Many are finding it’s not as hard as they think to get a loan. Buyers are saving money and get their financial house in order with the new realities of the credit market. They are also getting hip to programs, such as FHA that can make home buying a reality. In addition, inventory is shrinking and buyers are being more realistic about the prices they have to offer. It’s a buyer’s market but offers radically below asking aren’t going to fly, no one is giving homes away. I’ve also witnessed clients who thought they had all the time in the world to make a decision lose out because another buyer was more motivated. There are those who have been waiting for these conditions and are ready to act. They see this as a great time to invest for the long term.
That last minute flurry of activity in anticipation of the New Year is good for all of us and points to a promising 2009. As for me, I’m going to spend the holidays with my family, who always help me appreciate what is most important, rest up and hit the ground running next year! Happy Holidays!
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Great picture of what we’re experiencing lately! I’ve had friends and family asking me if there’s any business now, and they are often surprised when I tell them that there are actually people out there who are ready and eager to buy. I hope that this will indeed be an indicator of a busier year to come. Happy Holidays!
For the buyer entering the market there are 30 mortgages under 5% fixed – THERE IS NO TIME TO WAIT!