You may be asking yourself what this headline means. No, it has nothing to do with people buying helicopters. Instead, it’s a trend I’m seeing. I can’t take credit for the phrase – that goes to my colleague Debbie Wood at Coldwell Banker. However the idea is ever-present in our current housing market.
It’s a term we coined to summarize what we are seeing with many home buyers right now. It’s this thought that they are hovering overhead, looking at every property but not making a move. I’ve seen this time and again the past few months: buyers who continue to wait for the next best thing. These buyers aren’t making decisions and continue to sit on the fence. And it’s not necessarily that the right property isn’t popping up – but rather a desire for the absolutely perfect home that meets 100% of needs.
Buyers right now are being very critical (perhaps over-assessing?) and very methodical. While being strategic and cautious are good, could it be that many buyers are being *too* reserved and cautious?
The interest rates holding steady also isn’t helping with that motivation; instead, it’s a contributing factor to buyers waiting and waiting for the perfect property to pop up. Will the fall market change things, and will we see these buyers jumping into the housing market with a purchase, finally, after months of looking? Time will tell…..