Buyers think prices should be lower....Are they right?

BUYERS THINK THE PRICES SHOULD BE LOWER, ARE THEY RIGHT?
I just wanted to make a quick video on Housing and Condo Prices here in the market because I’m getting a lot of questions (are prices going down) I’m actually getting a lot of buyer calls right now. Asking if any deals of there should be deals on there. So, I do a lot of research on this, I looked at lot of numbers this morning and there’s nothing right now that I am seeing that’s an indicator of prices have gone down or even going down at this point. Everything is holding strong, inventories still relatively low especially on the single family homes, super low inventory, there’s still a lot of demand and we can see by the online activity. Condos even are holding strong even though there’s no rentals right now their inventory is still relatively low. The number of pendings on the condo concerns me a little bit, they’re down about a third as you can imagine a little bit less demand right now because there’s no rental income out there so buyers aren’t excited about buying something and have it sit there right now without rental income. So, that’s normal. Now I am a little bit concerned about the condo market if those condos, rental condos especially on the ocean front still stay unable to rent and this thing gets extended all of a sudden you see some owners getting some financial where they don’t have income coming in, some of them have mortgages expenses, high HOA dues. If that inventory starts to climb, then then there could be or the most likely will be what higher inventory depreciation and prices. Simple rule of supply and demand there’ll be more options out there for buyers, so that could drive the prices down but I feel very confident right now at this point about single family homes holding their own, for condos, we’ll see. But right now, things are good. So nothing out there showing that and the reason I brought this up as I was doing this research, I came across this interesting stats so take a look at this. So right now, 72% (this is a national study) of sellers have not lowered their prices, but look at what the buyers are thinking, with all the stuff that’s happening right now buyers are thinking 63% of buyers are expecting lower prices. You can see that confusion there in that clash. So what does that mean for your property right? If you are not selling then who cares, it means nothing you guys, you guys are going to be fine, don’t worry about it. If you have an oceanfront condo, then we should definitely be having a conversation about your financial situation and what it’s goijg to mean for you in the long run and this is something you can hold on to or should even hold on to but we can have those conversations if you want to call me. But bottom line is right now being aligned with the right agent, with the right information is crucial because you don’t want to hear mixed messages if people are saying what prices should be lower and some people are saying prices higher. So to me, what is the truth so it’s crucial to be aligned with someone that knows the facts, knows the numbers. So anyway, just wanted to throw that out there, let you know right now things are still looking good. If you have any questions at all please give me a call, my number’s 843-360-2145. You guys take care and be safe.
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