In the mind of a buyer…

There was a great house on tour today: 748 Elm in El Cerrito. 6 bedrooms, 3 baths, partially updated, nice neighborhood, 2100+ square feet, $645,000.

So WHY is it still on the market?

It has been on for quite some time and has seen numerous price reductions. I spoke with the agent today to get a glimpse into what he was seeing, or wasn’t.

He has had two buyers interested, but as soon as they saw the disclosures decided that the $15,000 of foundation work needed wasn’t worth their time. They both felt this way. I am sorry, but $15,000 in foundation work is nothing, especially when the tradeoff is a 6 bedroom home!

So what are buyers looking for in today’s market? One buyer I spoke to said that he is looking for a deal, something that doesn’t need work, and something in a good neighborhood.

Aren’t we all?

I think what it is really coming down to is that buyer’s are waiting for the “bottom” to happen. I so wish I had a crystal ball and could tell you when that will be. Unfortunately the only way to know is when we start heading back up.

There are some really great deals out there now. Rates are the lowest they have been in 4 years and inventory is high. And just because it needs some work doesn’t mean it isn’t a good deal.