Thursday, March 05, 2009
Two Real Estate Markets
In our real estate business, it seems like there are two real estate markets.
The first real estate market is the "distressed" market - foreclosed homes, REOs (real estate owned) and homes being sold under a lender short sale.
The second real estate market is the "normal" market - home sellers who are selling.
We have home buyers who are specifically looking for homes in the first real estate market. Basically, they are hoping for a bargain price. But, buying such property at (hopefully) a lesser price comes with risk (depending on where the property is located, such risk can include "as is" home condition, no guarantees, and minimal or no seller disclosures) and may require patience while waiting for decisions to be made by the seller.
We also have home buyers who want to stay away from the first real estate market, and concentrate on a more "normal" sale. These home buyers are more comfortable with the "normal" home buying process - the face-to-face home seller, including seller disclosures.
What type of home buyer are you?
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