While Prince George’s County sellers are having trouble adjusting to the change in the market, buyers also need to realize that the market is more stable than they think. Where sellers are often unrealistic in setting their asking price, buyers are asking “how long should we wait for the prices to drop?” and, by waiting, are missing out on good houses.
I’ve found that it’s important to find out what buyers are waiting for — asking prices to drop or values to drop. Asking prices are coming down all the time because they are starting out too high. However, values are showing remarkable stability. I remember when it possible to get a “steal” and for the most part, we’re not in that market.
The following is a common scenario: A few weeks ago, there was a house on the market that was priced very well from the start and it didn’t last long. I spoke with a buyer recently who was distressed that it sold so quickly.
Buyers missed out on that house because they were “waiting”.
© 2006 Susan Pruden.