Do You Really Want To Sell?
Unless you really, and I mean really want to sell, you may decide to wait the market out until some semblance of normality returns. Buyers in todays market place are buying in an atmosphere of a good deal on uncertainty. You would have to go a long way to find an agent or pundit that will tell you that home prices are going to go up anytime soon, if fact, you could find a consensus that there could still be some down side, before returning to any significant upward swing, So with this back drop, buyers who are actively looking and ready to buy now are all looking for the same thing…………… a really good deal.
We are in a market where sellers can find themselves with a great home, in a great location, asking a fair market price for the home, and yet either receive no offers at all or the offers they do receive are a long way (at least according the sellers own expectations) from a price that they are willing to consider selling at. So what is going on here?
Well it really comes down to the other sellers in your neighborhood, they are your competition, you are competing with for these folks for the hearts, minds (and of course the wallets) of those ready, willing and able buyers. When you analyze this, you can bracket the sellers of today in to 3 categories.
- Banks – Also known as an REO listing. Buyers and Agents love working with banks for one simple reason, they know the banks are extremely motivated to get that home off their balance sheets as a bad asset as soon as humanly possible. What does this mean? It means that banks who own real estate will:
A) – Price the home aggressively, so that it will be sold quicklyB) – Be willing to be creative when it comes to negotiation other terms and conditions
- Financially Distressed Owners – Once again, with this type of seller, buyers know that they have the upper hand and will look to negotiate that great deal they want to be able to tell all their friends they were able to get.
- Anyone else.
So, you can see that unless you want to truly match the motivation that the first 2 groups of sellers have, and you can afford to stay in the home for a while longer. Then this would be my advice. This is not a market for “If I get my price” sellers, it could be quite a while before we return to those days.
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By the way, historically I have rarely seen a better offer come in after the first one or two so, especially in this type of market, think twice before letting these buyers walk away.