While bemoaning the idea that none of my buyers want to buy right now and we’re hearing the “we’re holding off buying for now…” (By the way, never – NOT ONCE did I hear that when prices were headed up two years ago. Heard it from sellers that wanted more for their home – their houses are still on the market. Do we see a similarity here? Hmm… buyers?)
… That sentence got too long, so let me begin again. While talking about our potential buyers, Huck – my preferred mortgage consultant – and I got into an email commentary of the Sacramento real estate market and how it will end eventually. Here’s a direct quote:
“Here’s what will happen: Without [the buyers on the fence] constantly in (watching) the market, inventory in a neighborhood of interest will drop, then some house will sell
for a comparatively high price, it will then become “the comparable” for
everything selling subsequent, and we’ll be off on the upswing again. I’ve
seen it happen over and over…
“There’s one almost identical to mine that did just that and it closed about
2 wk ago, driving mine from about $850,000 to $900,000 in one shot. Now
there’s another one like mine pending for $895,000.
“Truly savvy investors are willing to buy BEFORE that happens, and are
willing to see lower prices for a short time before the rise…”
Something to think about!