In Part 1 of this article, we began examining what the current economic uncertainty means to sellers and buyers. Trends are not set in stone, but history tends to repeat itself in one fashion or another. Likewise, human nature leads us to behave in certain, predictable ways.
We can be certain of one thing: Proceeding with proper information, support and strategy is the best course of action in any economy. In the previous segment, Pall Spera shared his vision regarding what homeowners who wish to sell, and individuals looking for a new home, can expect to find or accomplish in the current market.
Chuck Heingartner announces, in his usual straightforward way: “It is a great time to buy because some sellers want to sell and if you price it right it will sell! The cash buyers are around looking, that is for sure.”
John and Lisa Grady take great interest in market trends. They see the big picture; one that emerges from possibilities. When asked about today’s market, they respond with great confidence: “The current market offers real opportunity for both Sellers and Buyers who are able to recognize and work with the current conditions. The current inventory offers opportunities for Buyers to purchase property with long term value at a time when prices and interest rates are lower than any time in recent memory. Sellers who condition and position their home to meet today’s market will find active qualified buyers with increased buying power due to today’s interest rates.”
Furthermore, says John, “Most forecasters and economists feel the market is at or near its low and expect the current value level to prevail for many years. There is no advantage to waiting as prices will be relatively stable and interest rates will rise again in the future.”
Judy Foregger agrees. “Great time to buy! Many good values and rates are at record lows”, she says. “All buyers are looking for the best home at the best price on the market. Very rarely is there an emotional buy. The exception might occur when there is an unusually large and beautiful land component in a great location.”
Though it is likely inevitable to deal with some measure of emotional unrest in the selling or buying process, perhaps it is not so much market fluctuations we should fear, but rather ignorance of the market. Buyers and Sellers alike are far more knowledgeable and cautious today than in recent years. They know that action requires strategy. They also know that paralysis does not bring one’s dreams to fruition in even the most favorable markets.
See Part 1 for a commentary by Pall Spera