Buyer's Paralysis is Over!

By
Real Estate Agent with Coldwell Banker Residential

Buyers have been paralyzed with fear for years.

They've been staying away from homes in Droves.  Sitting on the sidelines, waiting for ... well, waiting for...

*  Sellers to come to their senses
*  the market to hit the bottom
*  Economists to tell them it's okay to buy
*  Prices to return to 1999 rates
*  Interest rates to drop below X %
*  Common Sense to return

and any number of other landmarks... lots of them were just sitting waiting for some "unknown"....

Well, whatever it was, whatever they saw.... whatever they were waiting for, must have arrived, because buyers in my area are out there in large numbers.  They seem to be out in mostly the lower price points (which in our area means under $300,000)... and many of them seem to be first-time buyers pursuing that $8,000 first-time homebuyer's tax credit.

It's like the swallows returning to Capistrano.  We're all happy to welcome them back.

Posted by

 ALAN MAY, Realtor®
Specializing in Evanston Real Estate and North Shore Real Estate

Coldwell Banker Residential Real Estate, 2929 Central Street, Evanston, IL 60201
847.425.3779      Cell: 847.924.3313      Email: Almay@aol.com

Evanston Real Estate & North Shore Real Estate
Licensed in Illinois

   

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Anonymous
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Alan it is getting better but the buyers are always their you just have to find them !!

October 16, 2009 03:24 PM #1
Rainmaker
435,556
Lana Robbins Realtor ® Licensed Real Estate Broker
Aloha Kai Real Estate - Clearwater, FL
Tampa Bay, Florida Real Estate

Hi Alan.

That seems to hold true in the Tampa Bay area too though the price point is in the $100,000 to $250,000 range. It is very affordable for those who can buy a home.

 

Also people have to live somewhere so they either buy... or they rent so there isn't much of a choice LOL :-) In Tampa Bay they are definitely out there buying.

~ Lana

October 16, 2009 03:40 PM #2
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Alan May
Coldwell Banker Residential - Evanston, IL
Evanston & Northshore of Chicago real estate

Carl - I agree with you (and me).  I've always said that the buyers are always there.

For example:  If the house were for sale for a dollar.... would there be a buyer for it?  Of course there would... in fact they'd be lined up around the block.

If the house were available for $100.00... buyers?  Of course...
$1,000.00... yes, of course...
$10,000.00... yes, but perhaps fewer
$50,000.00 ... probably...
$100,000.00... maybe...
$200,000.00.... I dunno.. probably

Okay... so we've determined that the buyers are out there... all we have to do is determine "at what price"?

Lana - I'm not surprise... let's hope it holds up past the $8,000 credit.

October 16, 2009 03:42 PM #3
Rainmaker
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Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Um, can you send some over here please!

October 16, 2009 07:23 PM #4
Rainmaker
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Barbara S. Duncan
RE/MAX Advantage - Searcy, AR
CRS, GRI, e-PRO, Searcy AR

Our buyers are in the $90000 to $115000 price range.  A low  of $300000 is high living!!

October 16, 2009 08:51 PM #5
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Jason Crouch
Austin Texas Homes, LLC - Austin, TX
Broker - Austin Texas Real Estate (512-796-7653)

Alan - We have seen a big surge in activity here as well, although it's been somewhat across the board (i.e. not strictly the lower price point stuff).  As you mentioned, I hope it lasts beyond November!

October 16, 2009 11:19 PM #6
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Janna Scharf
Keller Williams Realty Coeur d'Alene - Coeur d'Alene, ID
Coeur d'Alene Real Estate Pro

69% of our sales last month were under $200k.  Above $300K was just 12%.  It's ALL about the tax credit.  The neighboring town, where USDA loans can be written, is smokin'!

October 16, 2009 11:38 PM #7
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Alan May
Coldwell Banker Residential - Evanston, IL
Evanston & Northshore of Chicago real estate

Jane - sending it over now.

Barbara - high living indeed.

Jason - I hope it lasts through October (allowing 30 days to close prior to Nov. 30th)

Janna - here, most of our loans are Prime, Select or Choice... (ha, ha.. I crack me up!)

October 17, 2009 07:30 AM #8
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Larry Story
Total Care Realty - Greensboro, NC
Total Care Realty, LLC, Greensboro, NC Real Estate

Alan,

Oh I have been working with many of those "swallows" out there.  One other thought is that you know what you need to do with that many birds flying overhead.  Don't get pooped on.  Many of these people don't have the moral compass that the usual buyers we work with have.

October 17, 2009 10:12 AM #9
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Alan May
Coldwell Banker Residential - Evanston, IL
Evanston & Northshore of Chicago real estate

don't worry, Larry.  I'm watching my back.

October 18, 2009 10:48 AM #10
Anonymous
Anonymous
Anonymous

We've been booming out here in the under $500,000 category since President Obama took office in January. I suspect it has a lot to do with his economic policies because the military has been a huge beneficiary of those policies, and we're a huge military town.

October 19, 2009 04:10 AM #11
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Alan May
Coldwell Banker Residential - Evanston, IL
Evanston & Northshore of Chicago real estate

Russel - sounds like that'd do it.

October 19, 2009 08:30 AM #12
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Alan May

Evanston & Northshore of Chicago real estate
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