Deja Vu ~ Many Qualified Buyers Sit Out the "Sweet Spot" of a Buyer's Market, Then Enter The Market in Droves, When the Scales Tip
The Seller's Market
Veteran real estate agents have seen/felt many, many markets "change," also referred to as "cycles." Some of these changes took place seemingly overnight. A Seller's Market in Silicon Valley finds Buyers lining up in front of mediocre over-priced properties. In addition, these Buyers will compete to pay over-list price, buy "as-is" and forgo the protections of contingency clauses.
The Buyer's Market
Conversely, when the market turns, as it always does, you'll see a Buyer friendly environment. While some neighborhoods are impervious to market changes ~ the cycle remain the same outside those cocoons of prosperity.
Cycle One of a Buyer's Market
Listing Agents return your call(s), Sellers begin to roll out the red carpet, and are even willing to make deferred maintenance repairs to their homes.
Cycle Two of a Buyer's Market
Sellers have replaced their Listing Agent in lieu of adjusting their price. Sellers begin to proactively make repairs, and now agree with Listing Agent number two, it is time to adjust their price "to be competitive." Resulting in list price number three.
Cycle Three of a Buyer's Market
Some Seller are now on their third listing agents and/or list price, the inventory has grown such, that buyer can name their terms and conditions on the home of their choosing.
As I've always said, "If the market has not done the work for you," a Buyer's Agent with good solid negotiating skills will.
The Sweet Spot
Recently, I've had buyers come to me and state "We've been watching the market, and we believe now is the time to be out looking and the time to buy."
The Mass Media Exaggerates Hot or Cooling Markets
Congrats to any Buyer(s) who has the foresight to buy in the "Sweet Spot" of a Buyer's Market. Have you ever met someone who bought in a Buyer's Market only to regret it." I haven't. A special congratulations to to those Buyers who possess the savvy to ignore the Mass Media that has frozen Buyers in fear, who are destined to "enter the market" in mass, when the cycle turns.
Pat Kapowich, "Negotiating Smooth Transactions Throughout The South Bay"