I’ve been thinking a bit about our cliche Realtor statement that now is “a great time to buy”, and I’ve come to a conclusion:
Now is not necessarily a great time to buy, as prices may continue to fall, credit is likely to continue to dry up, and the global recession only looks to be getting worse instead of better (poor Obama inherited a big mess didn’t he, and my iPhone continues to see red), but it IS a great time to be a buyer.
When I started in this business only 6 years ago, I never in a million years thought I’d see homes get into the “affordable” level again. Every single client I worked with could expect, without a shadow of a doubt, to have to offer way over asking price on a home, compete with at least 10 other buyers on every property, and strike out at least 5 times before the home of their dreams (usually only 80% of their dreams, because perfection was not to be had) became a reality. True, “affordable” is a relative term, but for the buyers that thought owning a home in San Francisco would only ever amount to pipes full of dreams, your day may soon be here.
I’m hearing from buyers that are literally coming out of the shadows (they’ve been reading sfnewsletter for quite a while), and they’re licking their chops. New developments are slashing prices, offering incentives, literally telling me “make an offer”, and prime homes are starting to trade for much less than anyone expected, and some are getting downright stale.
No, now might not be a “good time to buy”, but it sure as hell is a good time to be a buyer, and I think you’d have to agree.