I’ve been noticing two very odd words appearing more and more often lately. What words you ask? I’m sure you can guess.
Just today I received an email from a reader with a link to this NY Times piece:
And a quick search of the newswires finds these:
“For Sale” signs have been popping up all over our area.
Real estate agent Desni Crock says that’s because it’s a buyers’ market.
“It’s great for buyers, not so great for sellers. Sellers are tending to hear in the media there’s this huge increase in the value of their homes, which is true. However, it’s not in this area so much. We’ve seemed to level out.”
Wait a minute.. Just wait. Less than 5 months ago we were at the peak of the hottest sellers market in history. You expect us to believe that in 5 short months the entire balance of power has shifted to the buyers? No, sorry, I don’t buy it.
Oh no, we are not in a buyers market, but yes, the market has indeed changed. How? The greater fools have evaporated from the marketplace, but it is not a buyers market. The realtors are counting on the buyers market battle cry to reignite the speculative mania again. It won’t happen. Not this spring, not this summer. There is no buyers market. Don’t fall for it.