From my email this morning, Phoenix-area Realtor and weblogger John L Wake offers this advice:
I recommend that anyone who has been waiting to buy or who was considering buying with in the next 6 months, that they now seriously consider buying within the next 6 to 8 weeks.
The argument is based in a statistical analysis of listings history, and John’s audio explanation of his charts is worth listening to.
I thought yesterday that a podcast with Russell Shaw would be a wonderful thing, and here’s another case where I’d really like to explore John’s numbers in detail. I’m going to have to do something about this…
Technorati Tags: arizona, arizona real estate, phoenix, phoenix real estate, real estate marketing
Jeff Brown says:
Very interesting. I thought I might have been the only buyer in the forest! Turns out it took a Swann to find more. 🙂
Seriously, I’ve been telling my clients that if they haven’t bought by the Super Bowl many more may already be on the hunt. I wonder if Buckeye will be too far to drive to show homes? 🙂
November 16, 2006 — 8:36 am
Jim Cosgrove says:
You’re right, it is a great time to be a Buyer. But, what Sellers need to realize is that most Buyers were just Sellers. They have adjusted to the new market price levels because they just sold. And as soon as the Sellers still on the market adjust, they too will know success. This market is not about gimmicks or extra advertising, it’s about PRICE.
As Brokers we need to help our clients understand this new market. Those Brokers who are “buying” listings at last years prices are doing their clients a serious dis service.
November 16, 2006 — 9:47 am
mike says:
John L Wake says: Buy
A realtor advising people to buy?! Gee, what are the odds?! Remind me again… how do realtors make money? Oh yeah, now I remember.
Just for grins, I Googled Mr. John L. Wake and could not find one single time, EVER, when he stated publicly that it was a bad time to buy.
Hmmm. How about that.
November 24, 2006 — 12:21 pm
Jeff Brown says:
Mike – I don’t know who Wake is, but in general I’m not sure I’d disagree with your point. However, there are some facts in which you might be interested.
I’ve seen, and participated in every good, great, cartoonishly great, fair, bad, and brutally bad market since the fall of ’69.
There are indeed times in which buying definately is ill-advised. I can even point them out for you. The end of the years 1979, 1989, 2005. “Why?” you ask.
Because the one thing those years had in common was the last year of an up-cycle. Of course, 20/20 hindsight shows us that clearly, right? But, you may be wondering, when WAS the right time to buy?
Plenty of times, and more times by far than not. But seriously? Is now the time to buy?
Thanks Mike – you’ve inspired a post.
November 24, 2006 — 12:42 pm