Meyer Rothschild, 1744-1812, the founder of the Rothschild banking dynasty, was famously quoted for saying, "Buy when there is blood flowing in the streets!" He meant, buy when no one thinks there will ever be a market for real estate again.
Many buyers is today's soft housing market seem to have bought into this frame of mind. I keep hearing from buyers, "I'm looking for a real estate investment, but only if I can STEAL it!"
Not all or even most sellers are desperate to sell at this moment. Even if they were, they have high mortgages to cover in many cases. There are more listings on the market than normal, but there is no glut on the market in most locations. For these reasons, most real estate prices have been softening, but by no means collapsing.
Greedy low ball buyers risk never finding a deal that they can recognize as a good value. They can waste many hours of their real estate agents' time. They can offend sellers to the point that no one wants to deal with them. But they're unlikely to end up owning a good investment unless they become more realistic.
Right now is a great time for buyers to find great deals in real estate. Unusually good values are available. But (thank goodness) there is no blood in the streets!
Brian Schulman offers expert real estate consultation and services in Lancaster County, PA. To contact him, visit http://www.FindLancasterHomes.com/
Brian Schulman offers expert real estate representation for buyers and sellers of homes in Lancaster County, PA. To learn more, visit http://www.FindLancasterHomes.com/
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