While waiting for the "muse" to hit (and waiting and waiting . . .) I got to thinking about the waiting process altogether. Many Buyers have been playing the "waiting game," hoping to time their purchase at the exact moment the market "bottoms out."
While this strategy makes sense from a practical standpoint, it rarely ever pans out the way one plans. Here's why: You may already have missed the bottom! (Have I caught your attention? I thought so.)
This week, two major indicators point to the conclusion that the market is currently on the upswing!
The first significant indicator is that foreclosure sales are up 42%, creating real affordability in the marketplace for first-time Buyers. Keep in mind, that entry-level Buyers traditionally drive the marketplace. These Buyers become the next generation of "move-up" Buyers that keep the process healthy and strong. Cheers to the entry-level Buyer!
The second indicator is that inventory has been very scarce. While this sounds like bad news, it's actually very good. The scarcity of good homes has created tremendous pent-up buyer demand!
Here in Piedmont, homes on Sea View Avenue, Manor Drive and York Avenue all enjoyed multiple offers with terrific results in the last week alone. With fewer homes from which to choose, Buyers are competing for those that are available, but more importantly, the Buyers that have been waiting on the sidelines should be pouring into the fall market in high numbers!
Will you take advantage of this opportunity or will you sit on the sidelines and miss your chance?
Julie Gardner, has been writing The Perspective for 12 years and has published more than 500 essays. She is also a frequent contributor to the Sound Off column in the Real Estate section of The San Francisco Chronicle.