I’m not sure why this is…but for a long time now, when I’ve had clients talk to me about their desire to purchase a place, their perspective at the start is that they want to make sure they get just the right place, not feel rushed into making a rash decision. They essentially feel like they have some leverage over the marketplace. I’ve been doing this awhile now and it’s been my experience that folks generally need some time to absorb just how little leverage they have as buyers in this marketplace. A phrase I hear every once in awhile is…We’re not in a hurry.
I’m honestly not clear what that means? I’m not sure what to do with that either? What I think it means (from their perspective) is ” We think the market is going to cool off and we’ll wait until the time is perfect for us”. It could also mean “We feel like we need to see plenty of homes before we feel educated enough to make a serious decision here”.
Now, from MY perspective I think it means “we’re too scared to jump in right now and we’re hoping a miracle happens where market values are stable, but nobody pays any attention to the perfect home in a perfect location and we sneak in and get a fabulous deal without any competition”. There’s another word for this thinking…Fantasy Land.
There’s even a third perspective, and it’s the truth. The longer you wait the more money you’ll lose. I’ve said this before…the market is not a yo yo. It doesn’t go up and down during the same year and you can jump in during the downswing. Not being in a hurry just means you get less choice. At the beginning of this year I predicted townhouses would all be selling over $1,000,000 in FC. I didn’t think they would all be selling for over $1,100,000 and up to $1,315,000…as the 4 bedroom on Marquette just closed at. “We’re not in a hurry” really means “We’re OK paying a higher price later than we can right now”.