The Waiting Game

Author:	Lucas Jones
Source:	Homes Discovered
Date:	September 7, 2006

Potential buyers in the real estate market are waiting for sellers to concede, and lower prices.  Sellers in the Peoria area have become too conditioned by unreasonably inflated home values and are not yet choosing to lower the asking price for their home.  Buyers are well aware of this fact and are not buying.  The only one getting hurt in all this is the unreasonable seller who stands to lose a lot of money to a mortgage if they can't sell the property in East Peoria or elsewhere.  Buyers are aware that they will eventually have to drop prices or else face losing everything. Sales are continuing to slow and prices will eventually dip.  There are a plentiful amount of homes on the market in Creve Coeur these days and buyers have their choice on all aspects of a home sale.  This is quite the stark contrast from last year's sellers market frenzy.  Buyers are sitting and analyzing the market trying to figure out the best time to get in.  They are aware this is a buyers market and they can get concessions out of sellers but they are waiting for sellers to drop home prices significantly more.  Many markets continue to be overpriced as sellers refuse to lose the equity they thought they gained last year.

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