Who is Bob and why should you care what he thinks? I'll tell ya!
Buyer Bob is a client, customer, prospect or depending on how you look at it, nemesis, of one of my colleagues.
Realtor Ron met Bob 3 years, and a completely different real estate market, ago!
As you would expect, Realtor Ron let Bob know what a great time it was to be a first time homebuyer! He showed him prices were down substantially from their highs of 2005. Interest rates were at 15 year lows!
Buyer Bob told Realtor Ron that this was a huge investment and he wouldn't take it lightly. Bob felt prices still had room to come down and he didn't feel there was a great risk of rates rising any time soon.
And so began a tumultuous relationship that would span years and spur many, many, many debates and exchanges of charts, graphs and sordid emails that would make Tiger Woods blush!
Through those years, the economy continued its recession-bound descent, home prices continued to drop and the words "interest rates at historic lows" became a favorite phrase of the media.
Realtor Ron hoped the first, first-time homebuyer tax credit (loan) of $4,500 would motivate Bob. Nope, Bob felt/knew the government would have an even better incentive waiting in the wings! That Bob is one shrewd cookie!
Realtor Ron thought the $8,000 gift from Uncle Sam would move Bob. Nope, Bob felt interest rates would continue to drop AND any homes that didn't sell in time for the tax credit would be discounted to far surpass the $8,000! Such confidence!
Realtor Ron thought for sure Bob would be ready when in the late summer, Case-Shiller released data that demonstrated the market was probably at, or near, the bottom. Bob remained steadfast that there was still room for prices to drop further as the holidays loomed.
Then it happened, out of the blue. Buyer Bob sent Realtor Ron an email that simply said...
I think NOW is finally a GREAT time to buy a home."
Don't get me wrong, I'm thrilled for my friend Ron who just might finally get paid, but the takeaway from this tale is....
If it is a GREAT time for Bob, then it really must be a GREAT time to buy a home! Now if only the media would catch up!!
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Weichert Realtors - Marlboro / Manalapan
732-598-6823 cell 732-536-4400 x116 (office)