Nowhere near my kind of buyers’ market

August 10th, 2006 | by mbhunter |

I see signs of folks lowering their selling prices for their houses around here, but those prices are still pretty steep, and most buyers will have a hefty mortgage after the sale.  A 1500+ square foot house as old as I am on about 1/2 acre was listed recently for $235k.  Still in the realm of ridiculous.

I also hear about how this is becoming a buyers’ market through various news articles, magazines, and radio programs.  The speculators and the flippers and even the investors (!) may still have some profit in their houses, but a lot of them are seeing their profits dry up.  So they want to sell.  But does this make it a buyers’ market?  Was the NASDAQ a buyers’ market when it hit 4,500 from its peak of about 5,000?  Granted, hindsight is twenty-twenty but are year-over-year double-digit gains in real estate any different than year-over-year double-digit gains in the stock market?  I don’t really think so.  Just like a 10% dip in stocks from an all-time high is still high, seeing that home sellers are a little more likely to negotiate doesn’t mean that this is a buyers’ market.

I’d like sellers to get more motivated before I’d call it a buyers’ market.  Anytime I hear about one of my friends selling their house, my offer  price seems to be way too low. ;)

Are you in a real estate buyers’ market where you live?

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  1. 3 Responses to “Nowhere near my kind of buyers’ market”

  2. By Chris on Aug 11, 2006 | Reply

    I def. don’t live in a buyers market. I live in Portland, OR. Here a 1500 sq ft. house on half an acre (unheard of here by the way) would be pushing 350k depending on the part of town.

  3. By mbhunter on Aug 11, 2006 | Reply

    That’s pricey Chris. We don’t have to go too far north to see those kinds of prices (Metro DC).

  4. By Kellie on Aug 16, 2006 | Reply

    They say it’s a buyers market here in Grand Rapids, MI but it’s all hype.

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