Quote:
Originally Posted by cohdane
One new thought regarding recovery occurred to me today. The pool of potential buyers is witnessing financial carnage in the current crop of owners. Families' life savings wiped out. Their belongings "trashed out" into metal containters. Stress, depression, divorce and in some tragic cases, suicide.
I think this is going to bring out a whole new brand of caution in buyers.
In some markets, the house with the "for sale" sign in front of it seems less and less like the one in The Brady Bunch and more and more like the one in Poltergeist.
Just a thought.
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I think that's why you see a lot of potential buyers afraid to pull the trigger.
Buyers are not at all confident that the financial minefield ahead of them is cleared sufficiently enough to accept any level of risk so they are overly cautious.
The problem with this is it leads to the possibility of being totally paralyzed by financial fear. A significant number may never buy as they become totally risk adverse when it comes to making big ticket item purchases.
Just like our family members who survived the great depression, the lessons learned we choose to accept today will be forever ingrained in our psyche.
Maybe that's a good thing.