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Today’s Buyers, Demanding or Cautious?

June 19, 2010

June is typically a good month for selling real estate. This year sales have slowed compared to previous months creating an excellent buying opportunity for buyers. Interest rates have fallen to below 5%, while home prices are still mostly flat.  Still, buyer’s are taking their time, checking out comparable sales before deciding how much to offer, and their expectations are high when it comes to condition and/or value.

NY Times article by David Streitfeld suggests that Demanding Buyers Hinder the Housing Market – I would define the present buyers as careful. They don’t want to overpay, or buy a home or location which isn’t going to work for them. They want the house to be updated and in very good condition, or they want a price which reflects the work that they will need to put into the property.

This year buyers do not have the expectation that they can sell any time soon without losing money.  I believe we seeing the new normal buyer, the one who sees the purchase of a home as a place to live, and perhaps a long term investment. 

Seller’s will have to adjust to this market, getting their home ready to sell, and being prepared to do some repairs and provide some closing cost assistance if needed.

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