How’s the Market?

How’s the Market?

This is a question I get asked almost daily and like most of us in the business, we know its coming, we are prepared with data and stats and folders full of info, but yet I am always a bit caught off guard when it hits me. Whether its from friends who know I am in Real Estate and want to just shoot the breeze, or family who dangle the potential of someday using me as their Realtor to get me to do things like, help them move or watch their dogs or baby sit for them or from Clients who really truly want to know because it affects their decision making process, I never know exactly what to say.

It’s not unlike the age old question of “Is the glass half empty or is it half full?”

The real answer to that question is…Depends who is ‘pouring’ and who is ‘drinking’! Right? I mean..if your pouring…then..of course its half full…but if your drinking, then well, it will appear to be half empty.

So the answer to the question of “How is the market” would then have to depend on who is “Pouring” and who is “Drinking” or in other words…it depends on who is “Buying” and who is “Selling”?

So, if you are a seller, then right now, the answer to the question is…Its not so great. In fact, its probably one of the worst times in recent history to try to sell a home. Not only are prices at all time lows, but there is a ton of inventory and you are competing with Banks who have cut rate prices on foreclosed homes, and you are dealing with Short Sale Sellers who are looking to get out from oppressive mortgages and are in a hurry to sell and willing to do anything or sell it for anything the bank will let them out for. So if you are a seller right now, then the picture being painted is no Picasso.

However, if you are Buying a home right now, then well my friend…the market couldn’t be better!

Not only are prices at an all time low, but there are a ton of homes to choose from and many of them are being listed by banks and sellers who are ultra motivated to get it off the books. (Sound familiar?) well, its the exact same set of circumstances that I just laid out as reasons why you shouldn’t sell. But now, those very same reasons are ideal conditions if you are on the other side of the coin.

So, if you are a buyer…not only are prices low, but so are interest rates, and my gut feeling is that they wont stay low for much longer. As a Country we are piling up the debt faster than they can print new money, so at some point that will all catch up and inflation is soon to follow and if you are a student of economy or you watch those cable money shows, you know that rising interest rates are soon to follow.

So if you are sitting on the fence thinking about buying a home, and you want to know “How’s the market?”

I would say…”It couldn’t be better”!

I just bought a home myself:)