"We're going to wait until the market improves." How many times have real estate agents heard that in the last couple of months? And when exactly will everyone agree that the market is improving?
"The Truth - 'They' Don't Have A Clue When This Correction Will End" is an excellent look at today's market, written by Jeff Brown at BawldGuy Talking. In this post, he exmines two differing theories of when the real estate market will recover, then emphasizes the importance of thinking long term.
This is exactly the message we need to communicate to buyers. Home ownership should be looked at with a long term focus. And in the long run, today's market is just a small bump in the road. The time to buy is now.
John,
If we keep plowing and planting, something will grow! Thanks, Fran
Those who are looking to sell and buy should be the one who most need to look at now. Interest rates are low. They can buy and sell taking advantage of the rates. The property they purchase will be relatively impacted by price, so timing on price is less important. They will also find more qualified buyers for their existing home with rates still low. I know that in some markets it is extra hard to sell, but even then they can sell for less and buy for less.
I am of the school that prices coming down in some markets are not all bad. It is a great time to buy.