Just the other day a buyer client told me she was interested in a waterfront property she’s eyed for months now, but that she was going to wait until the spring as the market was going to continue to fall. She could be right — I don’t think anyone thinks a recovery is imminent, and prices could lower in the months to come. On the other hand, interest rates are at nearly historic lows, and the dead of winter is always a good time to purchase property in Maine. (I’ll address the reasons why in my next post.) Plus, there certainly are some deals out there. So what’s the right course right now? Should buyers continue to sit on the sidelines, or should they lace up their sneakers and signal the coach?
Some people are waiting because they think they can buy at the bottom. I think it’s impossible for anyone to ever really “time” a market. It’s like trying to get on top of a wave –it’s either about to crest or leave you in its wake. So where are we now? It certainly seems from my activity and that of our office that interest in purchasing property is starting to pick up. The past two months have been slow (of course it was the holidays) but steady, but the change of year has brought a quickening of interest from people who are serious about hitting the pavement with the intent to buy. In fact, while I’ve been writing this insightful little piece, two clients (neither one of them my waterfront lady) called on my cell, ready to start looking at in-town properties in stable neighborhoods. Kind of proves my point, huh?
There are so many reasons people purchase property — retirement, second home, divorce, job relocation, or a deal too good to pass up — so your motivation may or may not mean that now is the right time for you. That’s something only you and your real estate professional can decide. I will say that here in midcoast Maine, if you’ve got the money, there are some good buys out there. Good enough that you just may want to get off the sidelines and into the game.