September 9th, 2009

High End Buyers Market

 These are challenging times for many high-end buyers above 1 million dollars. They are weary of making a wrong decision in this market. There is little market stability; therefore, the second home buyer is almost totally out of the market. With so many of Wall Streeters unemployed languishing and fearful continued downsizing by the remaining firms,  many of these would be home buyers are considering selling their properties or even filing for bankruptcy protection. Others are on the sidelines waiting for a definitive buy signal on recovery. Opportunistic buyers, that perceive bargains, are throwing out low bids in hopes there are willing sellers. Buyers of homes located within close geographic areas of their existing homes are upgrading to newer and more user friendly residences. Renters of vacation homes are not confident that the bottom of the market has been reached and prefer to keep renting for the next summer season and wait to see if the housing market is truly on the mend.

Stephen Drezen, Broker