Often a Realtor will be asked, "So what do you think about the market?" "When is it going to get better?" How I usually answer is this: The quicker we realize that it is not going to be what it was, the quicker we will be able to embrace the "New Normal."
I've seen it starting to happen. We are still in what would be considered a down economy yet we have had a string of good days on Wall Street. Home sales are starting to go up though the prices of homes....are not. I think we are beginning to come to grips with the fact that "this is it and this is how it is going to be".
Realistic sellers are facing up to the harsh reality that they will not get the big payday they expected from the house they bought in the "boom" a couple years back. Smart buyers who were once hesitant are realizing that with the combination of increased home sales and rising interest rates it is time to get off the sidelines.
The $8000 tax credit for first time home buyers will not be around forever- in fact it is due to expire by the end of this year.
Just as many have looked back and beaten themselves up for purchasing a house a couple of years ago when the market was topping out, there may be a slew of others who might very soon regret letting the opportunity of lifetime- the ability to purchase their dream home in a market that is beginning to lift its way out- slip through their hands.
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