I hear it over and over, "We're going to wait until the market hits bottom." Like buyers have some secret crystal ball that we, as professionals, have no access to. I submit that many of these buyers are following the herd. The herd buys property in a seller's market. When everybody else is falling all over each other and stabbing each other in the back to fight for limited inventory. They write offers on overpriced listings and get no concessions, no closing costs paid by the seller, no price negotiations, and they seem to like it that way.
But in a buyer's market, when prices are soft, interest rates are low, inventory is high -- giving buyers oodles of choices, they prefer, instead, to follow the herd and wait for a seller's market. What gives?
I tell you what. I am in the market for investment properties right now, and I'm starting to feel the strain from competing investors. What does that tell you? I'll tell you what that says, it tells you that when investors are back in the market, home buyers are about six months behind the times.
Some of you might enjoy an article I wrote for About.com touching on when a buyer is Ready to Make an Offer.
Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.