We are a country of consumers. When prices rise as with gasoline and other commodities, we don't like it because we are the buyers not the sellers. When prices begin to fall on occasion we feel better about making a purchase because this is a market we want - lower, descending prices for the same product. Though the price of commodities will fluctuate they will never be as low as they were in the 1970's and everyone pretty much accepts that as fact.
Real estate is no different, prices will never be as they were in the 1970's. We are in a buyer's market, but, what I consistently hear from national and local media and many real estate agents is that the real estate market is terrible. If I were a buyer or consumer of real estate I would wonder why I am the forgotten half in this equation. Are buyers not the other half of the market - sellers do not sell unless buyers buy, in fact that is a fact. For professional real estate agents to be pessimistic about this current real estate market borders on insulting. If I were a buyer I would want to be represented by someone who understands that real estate is local and most cities have many markets within them, as well as, regionally and nationally. I would want an agent that can interpret property values beyond the numbers of a Comparative Market Analysis or CMA; and use their expertise and experience to educate and council me. I would want to work with a professional that enjoys what they do and brings reality to their job not bumper-sticker-one-liner salesmanship or that looks through rose colored glasses either.
I have had agents and news reports telling that this real estate market is worse than the last buyers market of 1989-1996; I disagree. My career in real estate began in 1988 and during those years a buyer had less mortgage options, 28/36 was the standard, and rates offered were 9-12%; todays mortgage market offers many more choices. As well, buyers are now contractually represented by their agent and with advancements in technology today's buyer is better educated in real estate and expect their agents to know their business. A buyer in this market needs an agent with experience that can understand their goals and present them the best options to maximise the results. The seller's market has ebbed, but this buyer's market flows. It is a good for buyers and the professionals that can represent them. Be good, have fun and be productive.
ed Peterson, Broker