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ARE THE BUYERS STILL LURKING ON THE SIDELINES?
Posted by V.K. [Mel] Melhado P.A. on Tuesday, November 13th, 2007 at 6:07pm.The current inventory in Collier County of approximately 5,800 homes and 4,800 condominiums remains excessive and the potential buyers out there seem to be firmly on the sidelines, waiting for the prices to decline even further. There is also disagreement among the ‘experts’ as to how and when the market will truly stabilize, causing further consternation.
With the housing prices down some 20% + it would suggest that it is a perfect time to buy, but again the buyers seem to feel that the market will drift even lower. Until they perceive the market stabilizing, they will most likely remain on the fence.
I’m reminded of the old phrase, “Sellers miss peak…Buyers miss bottom” and have been telling potential buyers that they need to get off the fence. Despite the disagreement about when our local market will bottom out, lower home prices, as well as historically low mortgage rates, (for those moaning about the recent rate rise, I remember rates at 18% +,) and the credit crunch easing a bit, I believe, like most, this to be the strongest ‘buyer’s market’ that we have seen in a decade.
I for one have been pushing buyers to get back in the game and buy, because it’s just sitting there in the palm of their hands!
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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