I seldom reblog, but Doug's post speaks to the nationwide crisis of confidence that the american consumer is experiencing. Doug is in Alexandria, Louisiana, about as different fom Westchester County as you'll find. I lived in Louisiana in 1993-94 and it was a different world from New York, and indeed, much of the south as well. But that's the point- all real estate is local, and what is occuring in Miami and Las Vegas does not translate to White Plains or Yorktown Heights.
My comment was as follows, and it is worth repeating here:
I think the operative word for buyers hese days is "caution." More time to decide, seeing more homes, bringing more relatives on 2nd and 3rd visits, bringing their contractor friend through, checking title, and then more speculatively lower offers. It is a sign of the low ebb in consumer confidence.
It is also a sign that the media does a poor job of reporting local data. Some people in Louisiana or New York read about the issues in the sunbelt or southwest and assume the issues are local- they aren't.
Perhaps it's the stress of the Holiday Season, but my buyers seem a little "jumpy" lately. This fall I have noticed extended home searches, a less willingness to negotiate, and look out if the inspection report comes back with anything other than flying colors...
I can't stand pushy sales people. Provide the facts, then let me select the pair of Docker's pants to purchase. As such, I run my real estate business the same way I like to buy Dockers. Much research and little pressure.
Maybe the negative media attention is getting to folks. And with this being an election year don't expect any improvement on this front. But in 2012 I expect to be doing plenty of buyer hand holding. No Worries, all part of the joy that is real estate sales...
Bayou Properties Realty