The news keeps trumpeting the soft housing market: “Worst slump in 16 years,” “July sales down 10%,” “Fewer buyers qualifying for loans,”………. I have predicted a shake out for a while now, and while we agents constantly portray the bright side of real estate, when the going gets tough, the cynics get going.
Here are 2 points to ponder regarding the current real estate market:
1. What would happen if all the unmotivated sellers (those who believe that prices are determined by what the seller wants or needs to get) took their houses off the market for a month, leaving only sellers that were willing to let the market work?
2. What if the hand-wringers who have been worried about not being able to get a loan, due to the “crisis” walked though the door of a credible mortgage lender and made application?
Comps may suffer for a while, but value will win out in the long haul.
Banks are making loans and are eagerly looking for qualified applicants!
- Thank You, Essential Workers - September 7, 2020
- Mid-Century Modern for sale – 346 Waring, Memphis, TN - July 9, 2013
- RE Buzz – Real Estate News Roundup – July 9, 2013 - July 9, 2013
What do you think? Leave your comments.