Missing in Action - Buyers!
July 1st, 2008 categories: Information - Other Areas, Real Estate News
Are all the buyers on vacation? Did the buyers all move to Antigua? With it being a buyers market, there sure seems to be a shortage of them. Market conditions are showing that high end and resort buyers are out there, but the buyers of traditional family homes are lying in wait.
Here are some reasons why there should be a plenitude of buyers for traditional homes
- Currently interest rates are still low
- Prices on homes have fallen between 15 an 20 percent, some areas a little more or less
- Buyers have more tools and resources to work with
- Mortgage lenders are still issuing loans
- Real estate is still an equity builder
Some reasons buyers are still sitting on the fence:
- They are waiting for prices to fall further
- Some are waiting for the perfect foreclosure to come their way
- Too much inventory, making it difficult to make a decision
- Afraid they will not qualify under stricter standards
- Selling their current home will not bring them the market value they expect
Whatever the reasons are that you are encountering, we need to educate the buyers and encourage them to visit with a couple of lenders. Most will be pleasantly surprised at the rates they can still obtain, and what there monthly costs will be.
Once the market gets back on track, we will likely see the interest rates begin to climb back up. This indeed is the best time to buy a home, especially for the first time home buyers - since they do no have a home to sell.
Information for you to use in the Finger Lakes area of Real Estate, brought to you by Mary St.George
