Buyers are waiting.....for what?

November 26, 2006

Several recent news articles suggested that home buyers are sitting on the sidelines and putting off any decision to purchase a home. In a recent survey of 22 visitors to an open house, I posed the question:"What would be necessary for you to write up an offer to purchase a home?" Approximately half of those surveyed said that they would need to find the "right" house. About one quarter of those surveyed were out looking at properties but had decided that they would wait until the prices came down. Many of these cited news articles which stated homes would be less expensive in 2007. The last one quarter were "just looking."

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