There is a scene in the recent comedy Date Night where the real estate broker Claire Foster, played by Tina Fey, is showing a Tuscan-style mansion to a couple of prospective buyers. Claire tells the couple that the mansion was originally listed at $1.8 million, but the listing price has been reduced to $320,000. The couple reply that they think the price will probably come down more. Claire responds with disbelief, “Good call, better to wait it out.”
In this market, and continuing into 2011, the majority of buyers will demand “instant” equity and be attracted to properties they believe are undervalued or have great upside potential. Buyers will stay on this course until there is a general belief that either distressed properties are no longer available for purchase at will, or the economy has corrected itself and much of the available inventory has been absorbed. Where does this leave homebuilders in the interim?
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