Wellll… things sure have changed since one year ago! A year ago, no one wanted to sell, but buyers were flocking to the area and out-bidding each other. Now we have plenty of people selling, and fewer buyers. That’s good news for buyers. There are definitely some good deals out there!
Last year, investors overbought. Now they are dumping inventory on the market. How long the deals will be out there is anybody’s guess. The consensus amongst many realtor/mortgage broker associates is that we are nearing the bottom of the softening and those with “wait and see until next year” attitudes might be kicking themselves this time next year. Time, of course, will tell.
Price decreases are showing up in the MLS (last year at this time, we saw only price increases). This does NOT mean that values are decreasing; it means price appreciation is less than many sellers expected. Consequently, we’re excited about some of the great deals out there right now. If you want to buy in 2006 but at 2005 price ranges, now is the time.
Our MLS is chock-full of listings with uppercase and exclamation points… MAKE OFFER!!! SELLER MOTIVATED!!! So we wonder two things. One, if the seller is motivated, why not put the price where it should be? And two, why aren’t buyers testing the waters and getting aggressive with offers?
This makes for a bit of a schizophrenic sales climate. Sellers REALLY REALLY want to sell. Buyers aren’t confident that they really can MAKE AN OFFER. This apprehension is a hold-over from prior years during which buyers were getting out-bid by other buyers. Today’s buyers don’t believe sellers will accept a number below asking. They do.