A few weeks ago, we posed a challenge to Bankrate readers to rename this stubborn housing market, based on a call to action from a gentleman named William, who wrote, “If this is a buyer’s market, where are the buyers? Shouldn’t this market be called something else?”
Well it sure is something else, William, just as you suspected. Dozens of reader submissions — and a market showing nearly a year’s worth of home inventory — corroborate that fact. So let’s take a break this week from agonizing over this bear-ly there market to review some of those clever naming suggestions.
J. Rainer gets right to the point with “buyerless market.” A similar sentiment comes from the lonely Frank Z. with his “nobody’s market.”
Noting the ruthless negotiating stances of some buyers, Renee W. dubs this a “predator’s market.” And notes M. Hughes: “Because there’s so much inventory that nobody wants unless you’re practically giving it away, how about ‘flea market?'” Another retail analogy comes from M. Nelson with his “blue-light-special market” suggestion.
However, Mr. P. Green is adamant that “buyer’s market” be retained. “Just because you don’t see them doesn’t mean buyers don’t exist,” he says. “Seriously, adjust your price expectations and the buyers will come.”
Jon V. concurs, but offers an alternative suggestion. “I call it an ‘idiot’s market,'” he says. “If people trying to sell their homes will lower their prices, a buyer will magically appear. Duh!”
Jennifer F. appears to be on the same page. She vents: “My husband and I have been calling this a ‘you-gotta-be-kidding- me market.’ There are houses in our area that have been on the market for 200 to 300 days with serious flaws and the sellers are not decreasing their inflated prices at all!”
But R. Moore says he’s run through every imaginable selling gyration in an effort to move his home, hence declaring this a “glass housing market.” He explains: “When buyers look at a house for sale, they may as well be looking right through it.”
While we’re at it, wonders Priscilla L., why not include some of those frustrated sellers in this name game? But try not to get caught up in this ‘seller’s quicksand market,'” she advises.
Gladys L. offers up a more sprightly term, “buyer’s-bonanza market.” Other reader suggestions include “straw market,” “domino-effect market,” “last-man-standing market” and “perfect-storm market.”
Out of the myriad suggestions we received, no two were alike, so we have no consensus, I’m afraid to report. But amid the many clever responses, I laughed most heartily at R. Strauss’s doubly edgy “flip this market” suggestion.
But homeowner Noah C. gets the final word on the subject. “As someone who bought in mid-2005, I find myself thinking that we’re now in a ‘crier’s market.'”
Hang in there, readers!