Buyers Seem to be Itching to Get Back Into The Market!
December 11th, 2008Seems that the lowering prices and interest rates are getting some buyers excited again about getting into the market. This may not mean that starting tomorrow there will be a flood of new buyers again, but I think it is likely that early in 2009 we will see buyers coming back to the table again.
As I have said before, this does not mean prices will start increasing at that time, in fact they may continue to decline but at a slower rate, and will probably move to a more stable pricing environment for a while.
Where am I getting this idea form, well from talking to different people in the mortgage world, it seems that people are getting pre-approvals in large numbers and just waiting for the right time to jump in. This means there is a pent up demand and it is just a matter of time.
Bottom line is, we are still in tough times and the real estate market is still being affected and will continue to be, but there are always buyers and sellers and I think there is a sense that some confidence may be starting to return, or at least will be in the nearer future and that may put us in a more balanced environment than we are in now.
Will be interesting to see!
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