After looking at over 30 properties, writing offers on three and not getting them accepted because someone else has offered more, this morning I received the follow statement from my Buyer, "It seems that this is not a buyers market at all".
So what is a Buyers market? A general definition of a Buyers market is when the demand for property is less than the supply of property.
The opposite would be a Sellers market, when 
the demand for property is greater than the supply of property. It's all just the old supply and demand rule.
So what are the advantages for the Buyer in a Buyers market? First of all, there are more properties to choose from, you don't have to just "settle" on a property because of lack of choice. And secondly, sellers are more willing to negotiate price and terms. A Buyers market does not mean properties are being given away.
When you are looking for a property and want to pay less than market value; you're looking for a steal! This has nothing to do with it being a buyers or sellers market; each market sets it's price.
So Mr. and Mrs. Buyer we will keep looking, I really do enjoy your company; but to find you a home I think you will have to increase your budget or scale down your requirements - or who knows, we just might get lucky.
Marie Story
Broker Associate, ABR,CIPS,GRI
Coldwell Banker Residential Real Estate
12651 South Dixie Hwy., Pinecrest (Miami), FL 33156
(305) 776-0010
I like the long-distance buyers who don't want to visit, won't contact a lender, hardly like to share any information and yet say...if you see any real steals, give me a call. Umm, no. I'll be calling a prepared and qualified buyer, thanks anyway.
People, ya gotta love 'em! Hope you do find a lucky steal for these buyers. If not, you can always take the property information you gained from carting them around and use it to sell those homes to someone else.
Judith, I just had to smile because a few days ago a man from Texas called to tell me he was interested in foreclosed properties in Pinecrest (a very desirable area); if I came across one to let him know. Contracts on these are usually presented on the first day of listing!