Yesterday I held a new listing of mine open for four hours. I really tried to read the buyers coming through to get a better idea of what buyers are like right now. Here is what I saw.
Frozen- A group of them were frozen and were stuck in place and did not know how to get out. They were getting information from all directions telling them the world is impossible. They had too much information and did not know how to filter it,. No wonder people sit in front of the TV watching a reality show and escaping their world.
Scared-The next group were scared. They are different from the frozen group as they are reacting and getting information. The result is the same, they are doing nothing. They have a fear of the economy getting worse, of house prices going down, and of interest rates getting lower. What if they bought now and in 6 months saw they could have done better?
Unmotivated-This group could buy and have no fear of buying ,but they just don't have the energy to do so now. Again, we see the same result, they do nothing. The unmotivated buyer separates the information and knows they can buy. They are waiting for the house to jump out at them and tell them "buy me." Here is news to them, houses do not talk!
The media, people in banking, and Realtors need to help all three of these groups to see the positive side about buying now. Prices are down, interest rates are down, and buyers are not competing for the same house. It reminds me of the few that had cash during the depression. They bought real estate ,held it, and made a fortune. We need buyers to come forth and buy. It is not risky and they will benefit by being a home owner and not a renter. The US economy will benefit as so goes the real estate market so goes the economy. The trickle down effect is easily measured. A new home owner buys things for the new house.
Buyers chill out, take a deep breath, and with competent resources you can buy successfully.
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