There, I said it. If you have cash and you aren’t buying, you are crazy. I know some people think all realtors are blowing smoke when they say “It’s a great time to buy.” But really, it is true. In his recent Goldman Report, Pacific Union President & CEO Avram Goldman says:
Many buyers are saying that they are delaying making decisions until after the election and watching for the impact of the bailout program before going forward with a home purchase. Such behavior is reflected in open home activity, which has fallen off in most Bay Area markets with few exceptions. The bulk of open homes are seeing fewer than 10 visitors.
What better time to buy than when OTHER buyers AREN’T buying?
Sellers are anxious. Their homes are sitting on the market. Price reductions (often multiple) are commonplace. If you look at my Mill Valley stats from last week, you will see 52% of listings have had a price reduction. That is a huge number for our market. Many of these sellers NEED to sell. They are watching what is happening in the economy, and they know current market conditions. Aggressive offers are ok. Even expected. Of course, not all sellers are realistic, but plenty are, and they want to sell their homes.
Buy, buy, buy.
I personally have buyers waiting until after the election. They are sitting on the fence. Most other agents I know also have buyers waiting things out. These buyers are waiting but sellers want to sell their homes (NOW!). Some of them can’t wait for buyers to show up again.
Opportunities abound. Take advantage if you can.
If you want the hard core numbers by city, don’t miss these posts with heavy real estate stats:
- Corte Madera Real Estate Market Profile
- Fairfax Real Estate Market Profile
- Kentfield/Greenbrae Real Estate Market Profile
- Larkspur Real Estate Market Profile
- Mill Valley Real Estate Market Profile
- Ross Real Estate Market Profile
- San Anselmo Real Estate Market Profile
- San Rafael Real Estate Market Profile
- Tiburon Real Estate Market Profile