It’s Kevin Mann again. Today I’m going to touch on another one of the main objections that seem to be coming up lately for buyers we are working with: No Sense of Urgency.
No Sense of Urgency: Buyers in general (and not just real estate) are listening to the news, hearing about price drops, and are waiting to time the bottom of the market in order to get the best deal. This strategy is good in theory, however the giant flaw is that most buyers wait too long and miss the bottom. They react to the market changing along with everyone else, which creates increased competition for the best properties, thereby driving up prices again.
My feeling is that the bottom is here now. In recent blog posts you’ve seen us talk about increased traffic on our websites, in sales centers, and in open houses. This is proof the savvy buyers are taking advantage of the bottom and moving. We’ve seen more multiple offer situations in the last two months than in all of the 2nd half of 2008.