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Nope. There are actually plenty of buyers out there in this market. There are, however, very few willing to pay the over-inflated asking price of many sellers.
The reality is there are very few realistic sellers on the market.
We don’t have a lack of buyers. Rather, we have a lack of realistically priced properties for buyers to choose from.
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Tyler’s right. Every appt I go on comes with the same frustrations and confusions from the seller. Sellers are growing weary of seeing their neighbor’s homes sell at rock bottom in a month yet theirs remains. They believe its the economy and the shadow inventory to blame. As long as we are honest in sharing the market conditions and urge our sellers to be the price leader in every instance, we will be successful in helping our clients and getting our job done right. As far as there being plenty of buyers…Not sure about that since buyers are now more cautious and their process of selecting has completely changed. Things are picking up however!
Thanks Michele.
I still think there are plenty of buyers out there ready to buy but they are waiting for the aggressively priced properties to hit the market. A lot of the people who are buying now have been looking for 6-12 months, waiting for the right ones. Affordability in CA is near 70%. Compare that to 20% a few years ago. That’s a lot of people.