Is there even such a thing in this market at all? Well, I guess that would depend on where you live and that would determine the market you experience. Atlantic County, NJ may be experiencing a true buyer’s market with homes that were once out of reach in places like Cape May County where houses were up to $354,000 now more affordable at $280,000 representing a 21% drop in price. This is also changing the age of the residents from more mature to younger buyers in their 30’s and 40’s. (1)
On the flip side, in places like Redondo Beach, California or Seattle residents looking for bargain homes are being priced out of the market by investors with cash. (2)
But these buyers seeking bargain homes are willing to hold on and keep looking because they know there is a bargain price with their name on it and they’re willing to wait it out. So no matter what market you’re in, patience may be a virtue.
(1) It’s a buyer’s market on the Jersey Shore by Teresa @MSN real estate.
(2) Is the buyer’s market a mirage? by Nick Timiraos of the Wall Street Journal.