The Matthews Team

William Raveis Lifestyles Realty

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Where are the Buyers?

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Ok, so the stock market has rallied, the snowhas melted, and I'm literally watching the grass get greener by the hour on my lawn. So where are the buyers? I'm working with at least 20 buyers who are all waffling, all waiting to get the best houses in the area at a 60% off foreclosure auction (where they will be the only bidder),all thinking that the market will go down forever, all convinced that they will pick the absolute bottom and be the heroes of the day with bragging rights that may go onfor generations. (We've all heard the stories about someone'suncle who bought a Park Ave apt for $50,000 in the 70s).

I do think that there may be a interested triple bottom forming here in the stock market. (I can't help continuing to utilize my former training as a technical analyst.) Triple bottoms are an important measure of finding a bottom in almost every market cycle. Also, since I haverecently confessed to my addiction to cable news, I also see a real switch in the nature of the stories about the real estate market. After nothing but negative press for over 2 years (which I'm convinced exacerbated this cycle) thetide seems to be turning a bit. Seems like I'm seeing more stories about real estate markets picking up, bottoming, statistics looking better, etc. Are you guys noticing that?

So anyway, I'm wondering when all my fence sitters will decide that the fence is chaffing and perhaps a lounge chair by the pool in their new country house might be more comfortable? Will they continue to stall, or will they all jump in and start chasing each other in a panic not to miss their favorite house (the one that they have had their eye on for overa year which they want to be kept up on every price reduction). My guess is that it will be somewhere in the middle. i anticipate the number of sales will go up this quarter but pricing will not. Many will step up this Spring and get good deals, and many will play the more conservative approach and prefer to wait until things have really really for absolutely sure bottomed. My approach is that when people are ready to make a commitment, I'm here to help them find the best deals. Call activity and inquiries are definitely picking up though.....

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