A Rare Economic Time

Today’s Wiki Wednesday Feature: A Rare Economic Time — Low Rates and Low Prices

Regardless of how bad the real estate market is for people who are selling — or, trying to sell their homes — the flip side is that buyers are in the catbird seat, shopping and choosing homes with the confidence of a wheeling and dealing Donald Trump. But, are buyers confident and are they wheeling and dealing? Today’s Wiki Wednesday featured article “A Rare Economic Time — Low Prices and Low Rates” by Aliza Dash of Ford Realty in Brookline, doesn’t necessarily tell you how to do something, but her article does offer the flip side of what is good about these anxious times. Yes, the market is bad for some, but very good for others. That is, if you have the means to buy. Do you have some dough stuffed under your mattress that you’ve been saving just for this very occasion? If so, what’s stopping you?

The rates are staying low and there’s an abundance of homes out there, but many buyers are holding off. Here in Seattle, according to the Seattle P-I, listings increased 61 percent from 2007, but buyers are waiting for the ultimate bottom to happen. It’s hard to know when the bottom will occur, especially when homes across the nation are getting pummeled at different levels and the prices keep going lower and lower. Florida and California are taking the brunt of it.

One real estate aficionado says to wait until year-over-year inventories have decreased for 3 consecutive months. That sounds like a pretty good rule of thumb. Any others?

Ed: Wiki Wednesdays is a weekly feature that highlights helpful or interesting articles from the Real Estate Guide.