Monday, December 20, 2010

House Hunters are too Scared to Buy Despite Low Prices

CNN Money
By Les Christie, staff writer

NEW YORK (CNNMoney.com) -- Despite some of the best home-buying conditions in years -- affordable prices, low interest rates and lots of choices -- fear of buying has infected the market.

It has paralyzed house hunters, making them unable to pull the trigger even on attractive deals. Some are worried about making the payments, while others are convinced they'll save even more if they wait.

It's perfectly natural that they should feel that way in the wake of the housing bust, said Lawrence Yun, the chief economist for the National Association of Realtors. "It's like when the stock market is crashing," he said. "People are waiting to see if deals will get better."

In fact, home sales are down by about 25% from last year, which means a lot of people are sitting on the sidelines. And real estate agents are having to get used to the fear of buying trend..............
full article at: http://money.cnn.com/2010/12/02/real_estate/home_buying_angst/?iid=MPM

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3 comments:

  1. It is a scary time over the entire Country. Low prices in NY are high prices in the rest of the USA...for the most part. At any rate, if all individuals had been more conservative before the fall, we might not have been in our current situation. Yes, spending keeps the economy up but when individuals spend or buy more than they can pay back...it nothing but disaster to come. That is what happen in the year prior to the mortgage meltdown. Everyone deserves a home but everyone cannot afford one over the long term, especially when they do not even have their first payment in reserves.

    Great article...by the way, I do not believe that the wraparound mortgage will come by; it not a conservative measure...just my opinion. People need to be able to truly qualify with the guidelines that are in force.
    Mortgage Loan Facts

    Thanks,

    ReplyDelete
  2. This is all because of the global real estate crisis and people are so much scared to invest in property despite of the fact that it is the best time to invest in real estate. I think that serious investors will certainly try to inve3st despite of all the apprehensions.

    ReplyDelete
  3. There are bargains in the home market that will make you smile for a long long time. If you are looking for a house in Warwick NY, gives a call at Warwick NY Real Estate contact information or visit our web site and explore all the local multiple listings at NY Metro market
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