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Porch Posts
TOP STORY : Where Are All of the Buyers?
Keller Williams Realty International came out with a great article this week concerning Buyers, and why most are just not willing to pull the trigger on buying a home in today’s market.
I know that activity has made a positve move over the past several weeks. Emails are coming in and the phones are beginning to ring again. Boy….is it a good thing to hear those phones ringing again! This is great information that I wanted to get out to North Georgia Mountain Real Estate Buyer’s and Investors. Whether you are looking to buy in Blue Ridge, Blairsville or Ellijay, I hope that you find this information very useful.
It’s time to get potential home-owners to go ahead and buy in this so-called “buyer’s market”
While today’s market plays to their advantage, buyers, who should be swooping in to make the most of reduced housing costs and favorable interest rates, are sitting by, waiting.
It is up to you, as a competent and informed real estate agent, to mobilize your potential buyers to invest in home ownership now. When the market turns, today’s bargains will be yesterday’s missed opportunities.
While it is conceivable that home prices may drop further, it is likely that these decreased prices will be accompanied by increased financing costs due to rate cuts by the Fed. This means that any money saved on paying less for a house in a few months time will be offset by your client having to pay off their mortgage at a higher interest rate making “playing the waiting game” a waste of time (and very little fun).
This rate increase isn’t just speculation. Just a couple of weeks ago, in early February, the fixed mortgage rate jumped a full half-percent, making it the fastest rate increase in 20 years.
The table below demonstrates how even as home prices may drop, monthly mortgage payments basically stay the same; due to increased interest rates:
Scenario 1:
Prices decrease by 5% and interest rates increase by 0.5%
Scenario 2:
Prices decrease by 10% and interest rates increase by 1.0%
| Today | Scenario 1 | Scenario 2 |
Table: Kadlec, Dan. “Ignore the Headlines!” Time 25 February 2008
Why should your clients spend months in a situation that they want out of when they can begin their new lives in their new home today, with less interest?
If you have any other questions or concerns, or you may be ready buy, I would be proud to be your Friendly, Professional, Enthusiastic, meet your needs Real Estate Agent. You can call me at 706.633.8186, or you may email me at [email protected].
If you enjoyed this article, you might really enjoy this one as well.
WARNING! Better Make Hay While The Sun Is Still Shining
10 Reasons To Skin A Realtor While Buying
Thanks for coming up on the Porch here on The Front Porch View.
I agree with your points – for the most part. For example in Atlanta we have about a 4 year supply of new construction townhomes – that’s without factoring in resales. I have one going under contract right not as the listing agent, but, generally speaking, I’m not so sure that I want to go out of my way to try to persuade someone that now is the time to buy something like this. A realistic expectation with this much inventory is more in line with a 10% drop in prices.
Hi Chad:
We have lots of buyers sitting on the fence here in Annapolis, Maryland as well. But one of the first things we talk to our buyers about is the fact that the best listings – the ones in good condition that show well and are priced competitively – are indeed selling. Sadly, on at least 3 separate occasions recently, our buyers have missed out on their dream homes because they thought they had plenty of time to make a decision. Just wasn’t the case. Each time, somebody beat them to the punch.
Anyway, I enjoyed looking at your site, Chad. All those nice looking photos of log cabins and gorgeous landscapes are irresistible. Makes me want to take a nice long vacation down your way.
Ken Haedrich