Saturday, February 14, 2009

THE DANGER OF THE BUYERS MARKET

At JB REALTY SERVICE we are advising our clients to protect themselves from the up coming regret of fence-sitting and allowing the market to pass them by. Some Buyers are immobilized as a result of the fear of paying too much if they make a home purchase now. Their thought being that maybe if I wait the prices will go lower, maybe I can be the one to find the exact bottom of the market. This is very unlikely. Frankly this probably is the bottom for homes priced under $250,000. Another real reason for Buyers to hesitate is, with the current economy, they are worried about their financial status. Will I have a job? No one can blame a person for taking this into account. Our advice is, if you are unsure about your future employment, wait until you feel more secure.

Probably the most common regret we hear is from Sellers who wish they would have sold 2 or 3 years ago. "Wow, do I wish I would have listened". "We just thought we would have some warning". The fact is they did have warning. In most cases they did not act because it is hard to go against the trend. It is much easier to see yourself as a maverick then to be one.

Now is the safe time to be purchasing. Funny thing is it was not all that long ago that it was a clear Sellers market and the herd mentality had Buyers out in droves. They were rushing from property to property placing unreasonable offers, just to be beat out by another unreasonable offer but they felt safe in doing so, why? Because everyone else was doing it. Now, it is truly a buyers market, of this there is NO doubt. The regrets will come. Buyer after Buyer, I can hear it now "why didn't I listen". "There should have been a warning". "Why didn't somebody say something to me"? "If I would have known".

Where are the buyers? Scared. What can have them so frozen? Possibly the over excited media and their negative news and uninformed advice. Then sure, as soon as you let people know you are thinking of buying a home, they all have advice also. Of course with your best interest in mind, after all they are only trying to help. The buyer should listen and take notes. Verify what you hear, find articles, accumulate data.

Our web site http://www.jbrealtyservice.com/ is a good source for insights about Real Estate, mortgages and more. Read past blog posts that relate to the topics. Make an appointment with one of our experienced professionals and have them sort it out with you. The consultation is private and FREE.

We know this is a remarkable buyers market. Can the prices go lower ? sure. Can the prices go higher ? sure. The bargains are here now. Over time buying in a buyers market and selling in a sellers market is the best you can hope for. Buying at the absolute bottom and selling at the absolute top are nothing more than pure luck.

Quick Action is required. Shortly Buyers are going to be offered a stimulus of $8,000 to purchase a home before the end of 2009. Do you think this will result in lower prices or higher prices ? Answer this correctly and you will know what to do..call us NOW and GET pre-qualified for the right loan for you. 215-721-6300 Jean and John Burns. or e-mail john@jbrealtyservice.com