Ed

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Home Buyer

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What is holding people back from buying?

Asked Fri May 9 2008, 12:01 by Mary Anzalone - Manchester - Market Conditions - 11 answers

Ed answered:

Multiple reasons... it's cheaper to rent right now (locally where I am). Banks now expect people to have money down, and that is keeping some people out of the market. When it was no money down, that added more people but that's over now. I know of people that are getting layed off or at risk of being layed off, which wasn't happening a year or two ago... Sellers are unwilling to drop prices, because they lack the liquidity to do so, or have a mindset that they can still get a 2005 price for their home.

If I see a home 25-30% off the 2005 peak, and it's not trashed, I'll buy it... I'm not a realtor. - Wed May 21 2008, 07:01

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