Fearful
There are 43 detached homes on the market, hardly for sale signs everywhere. 26 are over $1M an admittedly slow market now.
I’m not doing my job, I just reporting what I see. I agree that teh lower down buyers are out of the market but I see plenty of buyers with 20% down. I also see buyers going FHA. One of my 20% down clients missed out on a bank owned property this week to an FHA buyer that bid 10% over asking. The funny thing is the bank countered back that buyer at asking because they knew the buyer could get financing at that price. I told the agent to call me when that buyers loan falls through and know he will if it does. My guess is that there is at least a 50/50 chance I’ll be getting a call if we havent found anything else yet.
I could care less if anyone around here buys a home let alone from me or one of my clients. I never pimped for business around here and that is never why I stuck around here. The truth is, I believe the majority (most but not all) of the folks around here are unlikely to ever be buyers in this market. Some will never believe prices are low enough, some will never find what they like, some will move and some will simply never be able to afford a house they would live in.
BTW, its a lousy time to sell a house even though I get offers it usually takes 2 to 4 to get one that eventually closes for a variety of reasons. Its also a lousy time to buy because the nice homes are still too high, the affordable homes priced well are subject to alot of competition, inventory is not high (my guess is that at least 1/3rd of the active inventory is short sales with offers on them already) and there are a lot of crappy homes on the market that only a giveaway price could fix.
