They can't make it any clearer. All of the news media tell us that the average residential sale price of in Massachusetts is slipping. Talk to any real estate salesperson and they will tell you that sales are off. Talk to a mortgage lender, and what do you hear? That the rates, at least this week, are down. So, is this a good time to sell or buy? The opportunity for the seller, who may also be a buyer, really hasn't changed much in this market. Why? Because they are selling and buying in the same market.
And what does it mean for a buyer? It might be a good time to buy. Because the market and the economy has a long term upward slope, with cycles, and because it appears that we are near the low end of the current cycle, the long term projection is good. With all the inventory of houses on the market, it shouldn't take long to find the right house.
So why are buyers hesitating? Perhaps for the same reason. It's like the kid in the candy store, who only has small change. Rather than buy a piece of candy and be happy, they stand there, looking at all there is to buy, and worry over their choice. If they wait long enough, the price will go up and they will no longer be able to buy anything! There is a very interesting article posted by Reuters this morning on the current situation with data from the MBA.
Right now, the prices have come down and the mortage interest rates are still quite reasonable. Will the prices get any lower? Look into the crystal ball and what do you see? Will the interest rates go higher? That seems more certain.
For sure, time will tell.
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1 comment:
makes sense to me
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