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Home Buyer's Market

Buyers Asking, “Should I Buy Now?”

Chuck Marunde by Chuck Marunde
October 29, 2008
Reading Time: 2 mins read
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Buyers are asking if they should buy now or wait, whether we are at a bottom in prices or have further to drop.   It’s a logical question, one that investors in the stock market are asking with great fervency lately.

In an earlier article entitled Distinguish the Market and One House I wrote:

When a Sequim or Port Angeles homeowner wants to sell, they have one home to sell.   When a buyer from California or Arizona is shopping for their next home in Sequim or Port Angeles, they have one and only one home that will become theirs.   This is much more than just a play on words, and the implications for both parties is significant.

Each home is unique, unless it is a crackerbox in a Vegas subdivision, and we don’t have those here.   Each buyer is unique.   The seller is unique.   The match of a buyer, seller, and a home is unique.   Do buyers care how many houses are on the market, or what the state of the economy is, or how many DOM (days on market) a house has been listed?   No, except indirectly if it helps them get a better deal.   But even when we talk about a better deal, for each buyer, there is one house they expect to fall in love with and that is the only house they will buy.

For each house that is for sale in any market, including our current market, a seller only needs one buyer who is qualified and finds the home to be the ideal home for them.   For each buyer, they are looking for that home that has the precise features they most desire, in an area they find appealing or perfect, and at a price with terms they can afford.   All of this makes the general market conditions irrelevant.

Will prices of single family homes drop further?   The average price of homes will see a further   small decline, but that is not really the issue for an individual home owner.   The issue for an individual buyer will be, “Will the ideal home I want to buy still be available if I wait, and will the price of that home drop further?”

The best homes in the best areas will not necessarily still be available, because those are the homes that will sell in this market.   And the prices of these homes are stable.   The listing prices of these homes has already been reduced and reduced.   For the qualified buyer with good credit and the funds for a down payment and closing costs, this is most certainly a good time to buy the right home.

Last Updated on October 29, 2008 by Chuck Marunde

Tags: Buying Real Estate in Port Angeles and Sequim
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Chuck Marunde

Chuck Marunde

Chuck grew up in remote Alaska, graduated from the University of Alaska with a degree in Economics and Teacher Certification, and after teaching high school for two years, went to law school at Gonzaga University in Spokane, Washington. He served four years as a Captain and JAG in the USAF at Nellis AFB in Las Vegas. After practicing real estate law for 20 years in Washington, Chuck founded iRealty Virtual Brokers covering Sequim and the beautiful Olympic Peninsula. He is the author of 2,200 real estate articles and a dozen real estate books, and he produced over 100 real estate videos. Chuck combined his love for real estate and technology to create a massive Internet presence, and his articles and videos and books have been viewed by millions. Chuck is a well recognized real estate expert and his counsel is sought by other brokers and practicing attorneys around the country. Buyers from New York to Hawaii and from Florida to Alaska seek him out to retain him as their buyer's agent, and home owners around the State of Washington seek him out because of his new Flat Fee Listing Service.    Privacy   I hope you'll join our community and leave comments from time to time. Please realize that comments, if approved, will be public, so do not use any personal information you don't want broadcast to the world, and definitely don't leave a phone number. Comments are not the place to ask Chuck Marunde for help in finding a home. To do that, call or text Chuck. Privacy Policy   If you'd like to view how we protect your privacy, see our Privacy Policy.

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    14 years ago

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  • Home
  • Search MLS
    • Sequim MLS
    • Sequim MLS Map Search
    • Port Angeles MLS
    • Port Townsend MLS
    • San Juan Islands MLS
    • All Islands MLS
    • How to Search the Sequim MLS
  • Videos
    • Sequim Videos Q&A
    • Buyer Videos Part 1
    • Buyer Videos Part 2
    • Buyer Videos Part 3
    • Buyer Videos Part 4
    • Living in Sequim Video Channel
  • Books
    • Sequim Real Estate for Buyers (Free eBook Updates Forever)
    • Sequim Real Estate: A Buyer’s Guide (Paperback)
    • Escaping California to The San Juan Islands
      • Menu Below
    • Buying & Selling Real Estate in The Rain Shadow
    • Real Estate From Bricks & Mortar to High Tech Virtuality
    • The Seven Myths of Selling Your Home
    • Buying Your Retirement Home
    • The New World of Marketing for Real Estate Agents
  • Agents
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