It's a buyers market..NOT

The Real Estate morons er agents think this is a great time to buy.  In a article article in Newsday the morons have advice for home buyers.  Although there might be a recession ahead, and prices will drop further, it's a great time to buy because the mortgage rates are at historical lows.

"Now that the prices have flattened, it's a great time to buy," says Dottie Herman, president and and chief executive of Prudential Douglas Elliman Real Estate.

Seriously, is there is any time that is not "a great time to buy?"  Oh yeah, all the real estate is local.

But while advising caution, many real estate experts say the time may finally be right for buyers who have been waiting to jump into the market. "In my 25 years in the business, this is by far the best buyers' market I've seen," says Steve Harney, a former owner of a large Long Island real estate firm who now specializes in negotiation and sales training.

 

There are no buyers because prices have a long way to go.  The sub-prime borrowers are out and the speculators/builders are out.  Builders used to create a floor on prices because they would buy a house in bad condition and renovate it.  Now with the prices going down, and many of them stuck with houses they can not sell, they are getting out of that business. 

 

Just because homes don't sell does not make it a "buyers market." The prices need to come down more before it becomes a buyers market.

There are six tips for buyesr.  Second tip is Buy when price is right.  I agree with that!  And it will be a while before the prices are right.

Third tip - Look at new construction.  Oh, but don't expect a big discount?  Buyers need to look for big discounts, especially new construction.

Fifth Tip - Seek 'motivated' sellers.  Duh!  I personally see the sellers motivation by their price, not by priting the word motivated seller.  There are many "motivated" sellers in LI who have been hanging onto their house for a long time.  They are not motivated sellers, they are motivated to sell at their price.

http://www.newsday.com/business/ny-bzspdn5489549dec07,0,1901551.story?page=2