Getting a good deal in today's Real Estate market is easy: high inventory of unsold property from coast to coast specially in Florida (www.condovultures.com) and California. Interest rates are also low, and in some cases, they are lower than during the big market bull run. Why aren't buyers jumping in and taking advantage of the situation?
Holding Power.
For sellers the question is how long they can hold on to their asking price before they realize that they must bow to new market conditions, i.e. lower prices. It is a matter of being able to carry the cost of that property while it sits on or off the market. Some sellers cut their losses while others persist in believing that things will change soon.
Buyers on the over hand sense that prices will go lower and that today's deals may not be as good as tomorrow's.
Since no one knows for sure when the current trend will change, it is safe to say that the best deal ever made is the one at hand. Waiting for the absolute low price is an utopia. If you can afford to buy or sell today, do it because you do not know what tomorrow will bring.
Write to John Palla at jpallaa@gmail.com
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