It’s a buyers’ market –
not a waiter’s market.
You and I know that now is one of the best times to buy real estate, homes, and condos in recent history, but our challenge is to communicate that to our buyers and help them see the opportunities of today’s market.
Think about it!
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{ 12 comments… read them below or add one }
You have got that right Cal. The prices of homes are great and the money is cheap. Throw in the first time home buyer credit of $7,500 and there is just no reason not to buy a house right now.
Ryan Martin’s last blog post..Places to stay in Fairhaven WA
We do have a difficult time trying to communicate to our buyers that the time is perfect. But our main probelm is that most of our proeprties here in Branson, Missouri are vacation and retirement homes. That makes it even more difficult!
Thanks for sharing.
yes it is a buyers market. Getting the buyers to understand this and act on it becomes more challenging as every day goes bye.
J Boyer’s last blog post..Morris County New Jersey School Closings
In addition to low prices, low interest rates, and first time buyer credits, we’re now seeing builders offering incentives on new homes. It’s a great time to be a buyer.
Tina Fountain’s last blog post..1513 Jones Road – Roswell Luxury Home
Even though the Tri Cities Washington market has held pretty steady people are being cautious with their home purchase. If loan rates remain slow and the tax credit goes thru the market overall should pickup.
Our government is now considering bringing back the seller assisted financing. Seems that our government is determined to stabilize this market.( my opinion) uyers, you have so many choices.. AND.. Prices are low low low!
There are several homes in Taunton in nice neighborhoods starting at $130,000!
Buyers, you are wondering where the bottom is, it could be now or 1 year from now or 4 years from now.. but hear this..
Over time, not only does buying real estate give you a place to live, it gives you some great tax advantages where you can write off your mortgage interest and some closing costs ( check with your accountant on this).
I know of a family who in 1993, bought their first single family home for $122,000 at an 8% interest rate!, sold for a $40,000 profit in 2000. In 2001 bought their second single family home..for $175,000, sold in 2004 for a whopping $140,000 profit and then bought their dream home.. where they live now… I have to say, with all of the home buying and selling they did over the last 15 years, they told me that not once did they “time” the market.
Regards,
Michael McLaughlin, Cary real estate
Nice post Michael!
Having grown up on the TX Gulf Coast I am glad to run accross your site. It IS a buyer’s market and they don’t need to wait. Rates are good NOW. Who knows what tomorrow will bring. A person may cut off their nose to spite their face.
The key problem to overcome is the perception “why buy now, prices are continuing to fall – I’ll just rent for now”. I take your point that it’s risky to wait but surely house prices will keep dropping for the sort term at least. How do you deal with that?
Hi John,
We don’t have a crystal ball and we do not think short term.
If we were wanting to speculate, we could do it much easier on a commodity exchange going long and short at will with almost instant liquidity.
However, for end users and true investors (those that look at cash flows and roi), then the fact remains that there are some great opportunities at the present, both price wise and interest rate wise and thinking in terms of months is not in line with their thought process.
I quote you – “I take your point that it’s risky to wait but surely house prices will keep dropping for the sort term at least.” This is the same thought process that was taking place in the other direction just a short time ago – “surely house prices will keep rising for the sort term at least.”.
There has been an extreme correction in prices, the savvy are looking for bargains now and were not in the crowd that thought Real Estate could always go up.
You make a great point Cal – I do agree and what I really wanted was ideas for a response when faced with this opinion – you’ve provided a perfect one.
It seems like some real estate is picking up again, even in resort areas like Branson. But a lot of it is timeshares.
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