Insight and Happenings on the Near West Side of Madison
Wednesday, October 26, 2016
Why are Buyers and Sellers Nervous??
2016 has been an unusual year in the Real Estate Market. For buyer's it's been especially tough.
Buyer's are becoming disillusioned because the market is so tight; low
inventory and lots of buyer's. Many have tried to purchase and
have been "beat out" by other offers on the same house, which only
adds to their disappointment. In some cases, these buyer's have been trying to get into a house for more than a year! So why all the cautious behavior?
Here's my two cents on why buyer's and seller's are nervous:
When the market fell apart a few years ago, homeowners hunkered down and
remodeled or refinanced rather than move. Now, they either want to
stay because of the remodel or it doesn't pay for them to move after a
With the uncertainty in the upcoming presidential election, buyer's and
seller's are unsure what the next few years will bring for interest
rates and for the economy. That reasoning has buyer's wanting to
get into a house before any unusual or drastic changes happen.
It's the same reason seller's want to stay put; all are
uncertain about the future.
Despite all that, it's still a great time to sell a house; seller's are in the driver's seat. And we haven't seen a slow down in buyer's searching for their perfect house.