The market certainly has seen some activity, particularly the part of it that was stimulated by the the first time homebuyer’s credit at the end of 2009. Based on my inventory, we are getting showings, but unless something is in perfect condition, it is difficult for the buyer to say, “Yes”.
Loans, although available, are not accompanied by the automatic home equity loan that was available in the past. This means that buyers may have to adjust to buying the best home they can find in their price range. Some of the amenities that are on their “wish list” will have to wait. Location and square footage become more important than stainless appliances and granite countertops.
We are a society that has difficulty waiting for anything. Instant gratification has become our new normal. It will be interesting to see how this will actually play out between buyers and sellers. Sellers will need to spend money on updating they did not think was necessary. Buyers will have to come to terms with the reality of living with imperfection. It will be interesting to watch.
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