You've Got Mail!

Today one of my more cautious buyers emailed me several questions and comments. When he received my response he suggested I post it on my blog…anonymously. I welcome your comments and feedback:
The Buyer writes:

"I am not an economist but I think we are in for a rough year ahead. I think Real Estate is in for it too. Remember the stock market is an indicator and actually precedes the real markets (in this case real estate). I am sure you have heard this from many before me and also serve as a useful tool to rationalize for people who don't have the courage to buy at this time. (somewhat guilty as charged); but I am willing patiently to see how things evolve over next few months. "
Mark responds:

"I hear all kinds of theories and opinions from buyers and sellers and of course and I have my own. (BIG SURPRISE!)
As I have watched the Real Estate market over the past two years and I have seen some changes. The homes have come down in this area, but not a lot. More recently prices have leveled off. They have done this for a reason. Most people in this area do not have to sell. The same houses that glutted the market 2 years ago that were over priced are still on the market giving a perception of a market that is flooded with inventory.

New houses, when they do come on are snatched up in a matter of weeks...sometimes days (as long as they are priced right).

We are and will be facing a shortage of good houses to buy as the spring and summer market comes. In my opinion...with all due respect, the people that keep waiting for the next, best deal...or the bottom of the market will miss the deals they could have had.

It is hard not to be influenced by all the media bombarding us with negative information about the economy and the poor housing market. However, ALL REAL ESTATE IS LOCAL and while our area is not bullet proof we are not affected the same way as the rest of New Jersey or other parts of the country.
Since January 1, 2009 I have 9 closed sales and I have 10 more pending sales scheduled to close on or before April 15th, 2009.
People are buying real estate at the shore.
There is only so much beach!"