Why worry? Now is a great time to BUY!

Whenever someone finds out I am a Realtor, I get the inevitable question:  “So how’s the Real Estate market?”  I really love that question, and I’ll tell you why.  Never before in the history of Generation Y & Xer’s has the market looked so good to BUY.  First time home buyers are presently being catapulted past what would “normally” be their typical “first home” right into the home that they’ll probably stay in for at least 10 years.  My considerable experience with first time home buyers has led me to certain conclusions.  If the buyer is single, they typically buy a place that is large enough for 2.  If the buyers are newly married without children, they typically buy a house that is big enough for the two of them and 2 dogs/cats.  If the buyers have small children they normally get a 2 or 3 bedroom house.  Typically, as soon as there is a lifestyle change (i.e. first child, additional child, newly married and looking to adopt a new pet or 2) they will start looking at houses very close in price to what they currently own, between a 30 to 50 thousand dollar scale increase.  That’s all changing.  In a market like this, buyers are moving above their typical scale increase by several thousand dollars and then low-balling the seller.  Sometimes it works, sometimes it doesn’t.  I recently participated in a transaction in which I suggested we counter offer 20 thousand less after the home inspection revealed some red flags.  The sellers agreed and both  myself and the Realtor representing the seller were pleasantly surprised.  In a market like this sellers should look at ALL offers.  I don’t believe that there is such a thing as an “insulting offer” (and believe me I’ve been on the receiving side of some LOW offers..)  to me, there are no insulting offers.  I always tell my sellers when they are signing listing paperwork; “Don’t be insulted if we get a low offer, be insulted if we get NO offer.”  Remember that selling for a little less than you want in this market will still help you buy more house than you probably thought you could. 

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