The Perfect Real Estate Storm
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April 29, 2006
This is the start of the season for real estate transactions. But, where are the buyers? An enormous number of families are listing their homes for sale but there are a significant shortage of buyers. Here's what we see and ask:
- Sellers are flooding the market with their listings. Is there panic? Trying to get out at the top of a softening real estate market?
- Builders over built and their "spec" homes are sitting in the inventory for sale.
- Investors are dumping their homes on the market.
- Prices are sinking like lead weights.
- Sellers are getting desperate and are offering incentives.
- Buyers that want to buy are apprehensive about being able to
sell their own homes. Result: home sale contingencies (in this market it is the kiss of death). - Buyers are afraid they can't get the equity they need out of their
homes because of the price declines. - Are the low cost loans catching up with home owners that now may not be able to afford transitioning to a real mortgage?
Bottom line: The forming of the "Perfect Real Estate Storm!"
Is the proverbial BUBBLE bursting? Who in the $%&$# knows! It doesn't look good by the numbers. The pendulum has swung with a vengeance in Northern Virginia!See the numbers and trends in Market Trends.
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