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Buyer's Market
Over the last thirty years that I have been involved in real estate, I have never appreciated the terms “Buyer’s Market” or “Seller’s Market”.
The terms imply that there is a winner and there is a loser. A buyer’s market implies a buyer is the winner and the seller loses. The seller is thought to be at the mercy of the buyer. On the other hand, a seller’s market implies a seller is the winner and the buyer loses. The buyer is thought to be at the mercy of the seller.
At what point does a perceived buyer’s market become a seller’s market? Who makes that determination? It is all a question of supply and demand. There will always be a demand for housing. The question is how much inventory is on the market and how long will it take for all the inventory that is currently on the market to be sold.
With all the news about the foreclosures and the unprecedented supply of some types of housing, the media makes it sound like they are giving homes away. But be reminded-sellers still have to agree to sell at the offered price.
Real estate has the possibility of being a win-win situation. It is always a good time to buy real estate when it is a well thought out purchase. Real estate should be thought of as a long term investment and not a commodity that is day traded.
