Bernice Ross opens up on Inman News today. The first two paragraphs of her article:
“The buzz at NAR [National Association of Realtors®] is that even the most heated markets are now slowing. Inventories are increasing at a dramatic rate. Could the next buyer’s market be just around the corner?”
“A buyer’s market is our industry’s worst nightmare. Unlike a seller’s market where there is limited inventory and what is listed sells quickly, a buyer’s market is one where there is too much inventory and very little activity. Worse yet, while sellers cannot underprice their property in a strong seller’s market, in a buyer’s market, overpricing is the kiss of death. Imagine a market where prices are going down 1.5 percent per month. (This was the case in Southern California in the early 1990s.) You work hard to obtain a price reduction and then the market takes another nosedive even before you can post your price reduction to the MLS. Your sellers become increasingly more desperate and often blame you because no matter what you do, their property doesn’t sell.”
We’re expecting lots of kisses over the next couple of years…
∙ Buyer’s market puts scare into real estate agents [Inman News – $]