Hello, is anybody there? (long echo ............ crickets)
That's what the market has been like here in the Northwest Suburbs for the last 2 months. It's been very lonely and I'm sure most sellers will agree with me. No action!
What I've noticed is lots of internet 'shopping and lurking' but no real foot traffic into the homes themselves. Inventory is UP over last year and in a few instances 2009's sales total have surpassed 2010. So if we stop for a moment and wonder where the buyers actually are? (crickets again) I can't actually say. But they are lurking.
Interest rates are the absolute lowest they have been in 40 years. Rates (in sidebar on right) are just about as low or lower as when my parents bought their first home VA back in 1953! They were horrified and scared at that 4.5% interest rate but then came the 8%, the 10%, the 12% and above. You know the rest of the story there - it was a good move at the 4.5%.
Traditionally July and August have always been vacation months and the slower selling months. I was anticipating more activity based on the rates, the great prices, etc.
Are buyers waiting for the official word on another tax credit? Possibly.
Should buyers be aware that waiting to purchase a home after October 4th, 2010 with an FHA loan will cost them more? I bet they don't realize it, but I've tried to get the word out to them to start planning now!
A very detailed presentation on activity in your market area
YIKES. No actions, no sales...I would not blog about being lonely, Maytag repairman like. Blog about the area community events, recreation, schools, hospital care, churches and promote the properties you do have for sale. Being Little Red Hen busy is contagious and causes action, makes you shine as listing, having sales all the time. There are always segments of any market that move...it never stands still. Maybe the high end but bring on the blue light specials in aisle five anyone wearing the "R", the hardest working letter in the alphabet.
Lyn, you are funny! I place ads and call offices and no agents, and no customers call to see my listing. It's way frustrating.
Ellen: It is frustrating and out of our control. The buyer showings have picked up over the last 2 weeks per our appt desk but before that it was the 'real estate desert'.
Andrew: I'm not sitting around waiting for buyers to 'find me' so to speak but when the numbers are down, they're down in my area. I present what is going on right now. I've given up my cheer leading duties in high school.
Anthony: Thanks for stopping by.
Lyn...you are not alone! I have had a flurry of people, but just don't quite get to the PA stage.
Lyn,
Hopefully those lurkers will become your next buyers!
I love your profile pic with that wonderful smile.. you'd be my agent if I were headed your way.
Judi: Thanks for the nice compliment. There are too many people just searching & not getting out to actually see the houses. I'm not sure what buyers are waiting for.