It's Official-- The Buyer's Market is Here

It's Official-- The Buyer's Market is Here

Ellen Florian Kratz, reporting for Fortune and syndicated... everywhere, asserts that it is now, officially a "buyer's market". In recent weeks, the national media reported that "drama pricing" was sweeping large markets such as Washington, DC, where sellers are being advised to cut their asking prices dramatically (and we have heard the phrase used a few times here in the Chicago real estate market).
The "buyer's market" theory stems from the notion that the cost to carry real estate is too great for new home builders, and other holding mortgages beyond a point where it makes sense to wait for the best price, making it favorable for buyers who want to low ball seller for a good deal. Large builders have been spotted giving between 6 to 33 percent off asking prices, and some are including way new cars, closing costs, and even vacations (just be sure to research your destinations). So, perhaps it Tis' the season for deep discounts, but I'm telling my buyers to be sure to research neighborhood prices, and talk to an appraiser before locking in that package home purchase with a trip to a condo in Mexico for New Years.
The "buyer's market" theory is turning up more and more, full on.

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posted by Diannah Evans, Broker
January, 2007