The media has been telling us it is a buyer market for some time. The real estate community talks about it too. Everyone seems to believe it.
I think the Buyer's Market is over!
A buyer's maket makes buyers to believe that they are in the driver's seat, calling all the shots, and can get homes for 10% or 20% off the market value. No more.
Last Friday, I put in an offer of $400,000 for my client on a traditional listed home for $389,900. It was listed for 4 days and sold for $425000. We now see many offers on bank owned properties. As someone with multiple buyers who have been this drill several times, and who are frustrated, and disappointed...is this a buyer's market? No, at least not in their minds.
"An article in the MercuryNews" can explain this point very well. My point is we need to trully understand our particular markets and individual niches so we do not mislead buyers making decisions based on misinformation.
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