Our actions are heavily influenced by what we anticipate will happen in the future. We often act on what we perceive to be true, rather than what is true. A recent national survey regarding expectations and current conditions revealed that consumer confidence was the lowest since October 2005, the end of our last seller’s market, and the second lowest since our last buyer’s market in the early 1990s.
Pessimism has now replaced positive expectation, a classic characteristic of a buyer’s market. This is where we find ourselves today. Rather than jumping in quickly, most buyers hold back and feel there is no rush to purchase because current homes will probably still be available later and, if so, may sell for less.
As a buyer or seller, understanding your personal expectations as well as actual market conditions can be the difference of thousands of dollars to you.Read More