Lisa and Jim's Northern Nevada Real Estate Blog: We want to buy but we're waiting for the Buyer's market ... are we there yet?

We want to buy but we're waiting for the Buyer's market ... are we there yet?

 

The market has finally given the advantage to the Buyers, but only just recently and many won't admit it yet.  Following the strongest Seller's market we've ever seen in Carson Valley, many Sellers just wouldn't/won't let go of their unrealistic expectations.  On the other hand, many have recognized what is happening and have adjusted well.  The MLS statistics show the market off in the number of transactions by 39% over this time last year.  The number of homes for sale has soared, tripled and rising, over last year.  Sales prices in some market segments are slightly up from last year, but look for that statistic to change as recent sales close escrow.

There are many market indicators that we monitor, and one of the most telling is how Sellers look for their edge in the market.  One needs an edge in today's market and many are looking for it in one, or more, of three ways: Price Reduction, Buyer Incentives, Selling Agent Incentives.  Price Reduction is the first step to moving towards reality - a necessity in most cases.  The market has spoken and prices are coming down - not crashing, but moving downwards.

Incentives for Buyers and Agents are getting interesting and, in some cases, amusing.  Consider those we've heard in the past week alone:  A $1,000 gift certificate from a furniture store for a Buyer; Round trip airline tickets for two for the Agent; 6 months no interest on the Buyer's loan; Rate Buy Down for the life of the loan; Dinner for eight at your house including the meal of your choice, wine, cigars (even for the ladies!), desert, and clean up; 4% or 5 % fee for the selling agents - some of these are from industrial Sellers that weren't even paying a fee to a selling agent a year ago!  The times have certainly changed and the smart Sellers and their agents are changing with them.

Our Advice:  Your situation will be unique to your property and circumstances.  Work with your agent to determine what "hot button" you want to push, that of the agent or the Buyer.  Regardless of what you do, you must be priced right to see any action.  Real estate signs are growing like weeds in the valley - we're being inundated with homes for sale.  Homes are selling ... if they have something special going for them to separate them from the market, i.e.- amenities including the proverbial location, price, incentives.  If you want to sell ... act on it! 

Is it too early to buy?  Not if you've found the home you want.  Don't delay - make your offer and get on with your life.  Waiting for the deal of a lifetime may simply cause you to compromise your ultimate purchase in the interest of price and that would be sad ... you are buying your home, your personal environment for the ensuing years.  Buy what you want and remember that the emotional return on your investment is an important consideration when buying your personal residence.  Get out of the market maelstrom - buy now with confidence and enjoy! 

When it comes to choosing professionals to assist you with your real estate needs... Experience is Priceless!  Lisa Wetzel & Jim Valentine, RE/MAX Realty Affiliates, 775-781-3704, info@carsonvalleyland.com.

Comment balloon 3 commentsLisa Wetzel • November 07 2007 06:12AM

Comments

Great advice! I've got a few buyers that still want to wait to see how much lower prices will go, and for some of them, I feel all I can to is keep them in touch with market conditions so they have the information in front of them. 
Posted by Carol Zingone, Global Realtor in Jax Beach, FL - ABR, CRS, CIPS (Berkshire Hathaway Home Services Florida Network Realty) over 10 years ago
Great blog and consumers need to get from your blog, among other things, that all markets are different
Posted by Charlie Ragonesi, Homes - Big Canoe, Jasper, North Georgia Pros (AllMountainRealty.com) over 10 years ago
Amen!  All markets are different.  Recently I worked with a couple from Southern Nevada.  Their ideas of value were vastly different.  To his credit, the buyer caught on quickly and said to me, I don't really care what we pay, I just don't want it to be too much."  He trusted me to educate him about our local market trends, we looked at several home, they selected one and negotiated a great deal.  That's using you noodle!
Posted by Lisa Wetzel, CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates) over 10 years ago

Participate