A Good Time to Buy A House--If You Can
I recently finished reading an article in the Wall Street Journal from March 9, 2008 and it is very insightful. The Journal says "...it's a buyer's market out there." Being a buyer's broker as well as having numerous listings for seller's I realize that the time has come for both parties to these real estate transactions to start seeing eye to eye. Many times when "working" a real estate negotiation it is clear that the buyers and sellers will not come to agreement and the deal will stall and both parties will "walk". Well in this new "buyer's" market it is time for the sellers to realize that NOW is the time to sell or take you property off the market and wait for the market to catch up to the home's appreciation. However, with rising mortgage payments the appreciation of the property may not go up with the interest payments. Therefore keeping your property on the market and incurring 6 months to a couple of years interest payments may actually cost the seller in the "net" result versus selling at a lower price now and not having the large financing costs for the next unforeseeable future.
To make this topic crystal clear buyer's will walk away if they don't get what they want. Are you, the seller, willing to wait for another buyer to come along and offer you your price many months and many mortgage payments down the road. The old adage a bird in the hand is worth more than two in the bush is the rule of the game today-2008.
If you are a seller it is time to consider being realistic in your listing strategies and negotiating tactics. It is a buyer's market and the buyer's know this.
Feel free to comment or email me your questions on this topic.
the chazman