There is no such thing as average but this years typical home buyer is different than last years buyer. If you recall last year there were some pretty sweet tax incentives for buying a home and this year there are none. Last years buyer was in a hurry and so many bought starter homes.
This years buyer is not in a hurry. That means they can and will wait to see if the price goes down instead of just offering less on the home they want. They are ready to wait until next year if they don’t find the right house. I am encountering more cash buyers than ever before. They are buying the lowest priced homes on the market and paying cash and there are some bargains out there.
There is not a lot of buying going on. Maybe things will pick up on the heals of the slightly improved unemployment numbers.
I have been selling Real Estate for many years, and continue to be amazed by how little the common folk understand the real estate market.
Not that they are stupid – far from it. In fact, I think they are over-informed!
We won’t know when the exact bottom of the market occurred until three or four years after it happens. It has always been that way, and i guyess it will always BE that way.
In the meantime, buy a home to live in, enjoy, raise a family, and beccome a part of the community. If you are a market timer, try day-trading!
That pretty much sums up what I have been saying on this blog for the past five years and no we never know when the bottom is or when the recession is over or when it began until after it happens.