Paul Slaybau…, Real Estate Pro in Scottsdale, AZ

Is there pent up buyer demand in today's market?

Asked by Paul Slaybaugh, Scottsdale, AZ Thu Aug 16, 2007

This is a blanket generalization to even ask this question, but I'd love to hear from prospective buyers. I, like many of my colleagues, believe that there is pent up buyer demand in the market. Many surmise that fear of falling values or new difficulties in obtaining financing are the culprits in keeping buyers at bay while inventory has climbed. Enough with the conjecture, though. Let's hear it straight from the source. Sellers are looking to us for answers. Buyers: What's keeping you on the sidelines?

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A 1/2% rise in rates will cost the typical buyer $25,000 to $35,000 in purchasing power. I think buyers are confused about the rise or fall of rates. Wall Street is hoping the Fed drops the rates by September. But Bernanke will most likely stick to his guns. I am a buyer right now and locked in my rate a few weeks ago. I think there are a lot of people waiting on the sidelines because of how the media is sensationalizing the mortgage market. I would recommend helping your Sellers by educating your potential buyers on the negatives of waiting. Start by helping them decipher the newspaper headlines. In our market, prices are climbing although number of sales is slowing. Usually the press focuses on number of sales and doesn't highlight the fact that prices continue to rise for both single family homes and condos in our market. Hope this helped.
0 votes Thank Flag Link Thu Aug 16, 2007
I do see pent-up demand for well-priced properties here in Scottsdale. My clients were interested in a property new to market to find out that the agent already had 14 offers on it. The home had been priced about 10% below market value and a bidding war ensued driving up the price. The home was spacious, well located and well priced. Yes, there is pent-up demand for these type properties. Homes in disrepair or in poor locations continue to languish. The good ones are snatched up!
0 votes Thank Flag Link Wed Jul 6, 2011
that pent up demand has caused another 20% down in prices! go pentup demand!
0 votes Thank Flag Link Sun Mar 1, 2009
Prices have dropped about 30% across the board since this question was posed. So, what was keeping buyers from buying? Apparently some of them aren't as dumb anymore. Buy when buying is about the same monthly price as renting.
0 votes Thank Flag Link Thu Jul 24, 2008
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