Edge Blog

Not a day goes by without someone asking me...."How is the market right now?  I hear it is pretty bad."  I love getting this question because I want the chance to set the record straight.  A "bad" market would be one with no buyers, no demand.  Nothing would be worse than that.  That is not what we are facing right now.  So, we definitely are not experiencing a bad market.  What we are experiencing is a time when buyers are much more cautious and more patient.  And in many cases qualifying for less than they would have a few years back.  So although they want to purchase a home, they are in a different bracket or just not willing to pay what sellers are asking.  We are seeing offers come in on homes but they are substantially lower than the asking price.  Sellers are facing the realization that they may not get what they hoped for their home.  And in most cases, the home is reasonably priced to begin with.  In my opinion the market is self correcting from the boom in the early 2000's.  Nothing to be concerned about.  All markets and economies are cyclical and the real estate market is no different.  If you are a seller: be thankful there are plenty of qualified buyers out there and price your home to compete.  If you are a buyer: be thankful the rates are still historically low and the inventory is still high.  Now is your time....but don't wait too long.  These conditions will not be this favorable forever!