It has been a while since my last blog post. I have been trying to do once a week, but this past week has been so busy, that I haven't had a chance. Again busy doesn't always mean money in this business, and so far none of this flurry of activity has generated anything concrete, but as we all know, buying a home is not like buying a loaf of bread. Especially with a second home, the idea needs to percolate and age a bit, before it comes to be. All of the new inquiries these past two weeks are new to the process. And that brings me to the topic of this post.
In my own little real estate world, it seems the fear of the "next great depression" has passed. Prospective buyers have emerged from the fallout shelters. Most of the ones who have contacted me are young urban professionals, 25-35, double income couples, (whether gay or straight), in which both parties are pretty even economically. A few have kids, but most don't.
However the "yuppie" stigma couldn't be more off. It seems anything over 2,500 square feet is too big. I have heard, "a little place to get away to." or "cabin in the woods." Heating it and taxes are a major concern. Mcmansions and anything showy is frowned upon. A new frugality seems to have emerged. Not just because of the recession, but it almost seems inherent in this generation.
The other thing is that the buyers have done their research and are well informed. Very often they already know the last sale price, lot dimensions, taxes and sometimes even mortgage information without me telling them. I love it. Working with a savvy motivated buyer makes my job much easier.
However value is the key. Gone are the days where a buyer stretches more than they had originally wanted to. Anything less then ten percent off the asking price is dismissed at hand. It really seem as though the "less is more" era has emerged.