I just received the latest Credit Suisse Market Report, which I'm a contributing member. They tell or format what agents are saying and reporting in over of 30 largest cities in the United States. The National Association of Realtors says all markets are different and that is so true, especially here in Chicago. When at the Realtors Convention in November, our Chief Economist for the Association was saying how we are going to see a turn around and as I'm listening I'm thinking yes there will be a turn around, but the biggest question is when? As he's passing out statistic's on what's going on I'm wondering if I'm in my own little world because we aren't seeing that here. Buyers are buying short sales & foreclosures but the resale market is almost non-measurable. Unless a seller has to move and willing to reduce 20-30% of their price they are not selling. I've had sellers asking what's wrong with my house because no showings and all I can say it's the market. I tell my clients contemplating on selling "if you don't have to sell stand put and it'll be 2-5 years when the market starts to have some stability" On the other hand if they have to sell "it's bite the bullet and sell where you have to because when you rebuy and most want to, they'll be buying back in at the same low or even lower price".
Bottom line to anyone wanting to buy, you better steal it! I've seen deals where the price paid is 40% off and it's just a matter of time when the market does come back then you will have immediate equity and that's better that the stock market.
No comments:
Post a Comment