Where are the buyers?

Posted on July 14, 2006 by Jim Duncan

They are lying in wait … from a client yesterday with whom I have been working for several months:

“I are going to be out of the housing market for a while.  We’ve just decided that with interest rates going up, the market changing and the bank not getting the monthly payments to where we’d like them…..it’s just in our best interest to wait right now.  I know the market’s beginning to change as the article in the Daily (Progress) said yesterday.  And, we’ve seen it ourselves with 817 and 824 Harris still on the market.  But we’re going to hold off for now.  We’ll have more money saved for a down payment and hopefully prices will be down even more with the interest rates going up.”

So, I will sell them something next year (or the year after …) This is a long-term business that necessitates a long-term frame of mind. People are returning to buying houses with that mindset, which qualifies as “a good thing.”

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About Jim Duncan

A Charlottesville Realtor who tries to stay on the bleeding/cutting/functional edge of technology and real estate trends. I have been selling real estate for the past 10 years, lived in C'Ville for twenty+ and am married to one of few Charlottesville natives left.
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  • Sara G

    *giggle* Ahhh the houses of Harris Rd.

    We made an offer on 817 but the seller needs a lesson in negotiation! We have a contract on the same house with a garage around the corner, and it was quite a bit more than the guy at 817 wanted. Not a good idea to insult your prospective buyers as much as he did! We would have considered 824 if we could wait til December.

    But yeah, it is interesting that they’re still on the market…

  • http://www.realcentralva.com Jim Duncan

    This market does not allow itself to sellers who are unwilling to budge or negotiate. One of the challenges we are facing is the (now) unreasonable expectations of sellers. Time will tell …