Posts Tagged ‘buyers market’

Who’s Giving Out Snorkel Masks ? More on the influence of underwater mortgages.

Saturday, February 6th, 2010

Results of a recent consumer survey conducted by Thomas Reuters and the University of Michigan indicated approximately 75 percent of homeowners who participated in the survey viewed current home buying conditions as favorable because of attractive home prices and low interest rates.

However, nine out of ten of those home owners viewed the conditions for the sale of their own home as unfavorable, not because of lack of buyers, but because of price declines.

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A Buyers Market … or is it ?

Saturday, January 30th, 2010

The information currently in the news is one of the plight of home Sellers . . . foreclosures, short sales, home loss, great drops in home values and prices . . .  all makes you think this is a Buyers market.

The underlying problem is that there are too many buyers, too many short sales, too many REO/bank-owneds, which actually makes this more of a Sellers market.

Not invaluable in this market,  Buyers have the wrong expectations going into the home buying process.

Buyers need to better understand what is actually happening :

  • they are not going to be able to go into a short sale and offer 30% under asking price, and expect the offer to be accepted¬†
  • a home which has been on the market for 200+ days is not a “desperate” Seller

It is more more likely there have been many buyer offers over that time frame and Lenders are taking their time to pick and choose, often countering with a higher selling price, to see which buyers wish to compete for the house.

The main problem Buyers have right now is that it’s actually more of a Seller’s market in some geographical areas.