Waco Market, Leaning a bit more towards Buyers

I am noticing something here recently. More and more, the market seems to be leaning in the favor of Buyers. It's a bit harder to get buyers for homes and a bit easier for buyers to get better pricing on homes.

I am not talking about the technical statistics so much as what I am seeing in the field. Yes, statistics do tend to line up with actually happenings, but they don't always tell the whole story. Statistics can be viewed and analyzed a number of ways, but actually hands-on experience is what I find tells the best story.

Let me give you my opinion on what's taking place that is helping to cause our situation:

1. More and more, buyers are having difficulty qualifying for mortgage loans. Standards are getting stricter and in some cases, even people that are pre-qualified or pre-approved in advance are getting turned down well into the home purchase process. I am not a loan officer nor am I a loan expert; this is just my personal take on things. Please consult with a loan specialist for detailed mortgage information.
2. Another thing that I believe is impacting Waco along with the rest of the US is the constant media negativity on the housing market. Every market really is different, but it's hard to understand how we are doing OK in Waco while other markets struggle terribly. The psychological impact of constant generalized reporting weighs heavily even on those people who reside in areas that are not affected negatively by the housing market problems. I urge everyone, no matter where you live to ask a real estate professional specifically about your market and even more specifically about your neighborhood before participating in any real estate transaction. The truth may be far different from reality.
3. In addition, our US economy is having a sobering impact on just about everything. If you are having trouble affording the basics, how in the world are you able to afford the purchase of a home? People are hurting. It's hard to keep afloat. Many are losing their homes, even in the Waco area.

One thing I must caution you about is thinking automatically that you can get a great deal on any home. That's just not a correct assumption. Some areas are simply more popular and are still selling well. Some homes are already priced where they should be in this type of market. Please understand that knowledge about the market is essential. I have no idea how you can make a good informed decision without it.

So there you have it. My professional opinion only. You can agree or disagree with me, it's just my take and I cannot guarantee that my take is correct. I am just telling you like I see it. So use this information and any comments on this post or any of my posts at your own risk.