The month is (almost) up
Absent a flurry of reporting in the next 45 minutes, we’ll have seen just ten contracts for single family houses this month. That compares to 33 last October, which was not a banner month itself. So sales activity is dormant. I think it may be an excellent time to buy, and here’s why: uncertainty.
No one knows what’s going to happen to our economy in the next year, although it’s a pretty good bet that we won’t like it. A year from now, the median price of a house in Greenwich may very well be below what it is today but it’s also possible that we’ll be beginning to see the start of a recovery. If so, sellers will be tempted to hang on awhile and resist truly low-ball offers. That’s not the situation today. I know of one buyer who waited until the close of business after that first horrendous market dump a few weeks ago and, after the markets had closed, raised his ridiculously low bid by a few hundred thousand and got the house he wanted. The seller, already unnerved by September’s goings on, just decided the Hell with it and took what he could get. If the economy had been showing signs of strength, rather than imminent collapse, that buyer’s bid would never have been considered, let alone accepted.
And you can do the same. There are certainly sellers out there determined to get their price and, if they don’t have to sell, they’ll be stubborn. But there are many more in whom I sense a great deal of trepidation and who, I think, would be greatly relieved to be shed of a house they don’t want and don’t need. And there are also, of course, the spec builders who have to get out of their projects or risk losing everything they own to their lenders. So, while the bottom may not have arrived, the peak of uncertainty may have – in which case, it’s a fine time to be out there making offers.