Hey Buyers - This is your Market
Posted by Carolyn A. Capalbo on Friday, January 25th, 2008 at 8:02pm.Have you ever noticed that everyone seems happy in a Seller’s Market and miserable in a Buyer’s Market? In a Seller’s market there is a rush and a euphoric atmosphere. Sellers are thrilled with the value of their home. Buyers are overjoyed when they are the winning bid on a home. Caution is thrown to the wind. Basic principles and fundamentals are often overlooked. Buyers stretch beyond their means anticipating continued price appreciation, and investors buy anything they can.
In a buyers market we find the opposite. Many sellers truly can’t sell their homes. They may owe far more than the current market value of the home. Perhaps, they feel angry or that they are “giving their house away.” Short sales and foreclosures increase and pull down market values. Buyers are fearful and worried about overpaying in a downward market. Some will flock to safety and choose to rent their home, especially if their housing requirement is shorter term. Others recognize that this is an ideal opportunity to purchase their home and drive hard bargains or enjoy the excellent selection of available homes.
Either way you consider it, from a buyer’s perspective or a seller’s perspective; people are still buying and selling homes everyday. If you're considering buying or selling, give me a call or shoot me an email. I'll be happy to discuss the current market conditions and evaluate your specific needs and questions.
Let me know what you think. I’d love to hear from you…
Carolyn Capalbo,
Northern Virginia REALTOR®
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