Interesting Characteristics Of Today's Real Estate Market
August 2, 2011
In any market, there is a product that folks want to buy and folks want to sell
Sometimes there are more buyers than sellers and sometimes there are more sellers than buyers. If you check the numbers I post of listings and pendings, I believe that you would find that over the past months they reflect a fairly consistent volume of both listings and pendings. However, a characteristic of this real estate market is that there are seemingly a large number of potential buyers who attend open houses and who are working with an agent, but who are reluctant to write up offers. When they do write an offer, it will generally be lower than the asking price and will include a request that the seller pay the buyer's costs. Buyers asking the seller to pay their costs has become almost routine.
Another characteristic that sellers need to prepare themselves for is that buyers will have a professional inspection and will expect the sellers to make repairs of almost all the items called out by the inspector.
A third characteristic is that a potential buyer will generally not be willing to enter into the usual back and forth negotiations about price and terms. They submit an offer and seem more than willing to walk away if it is not accepted.
Probably all of these characteristics are rooted in "fear" rather than "desire" the two emotions that enter into a selling scenario.
In any market, there is a product that folks want to buy and folks want to sell
Sometimes there are more buyers than sellers and sometimes there are more sellers than buyers. If you check the numbers I post of listings and pendings, I believe that you would find that over the past months they reflect a fairly consistent volume of both listings and pendings. However, a characteristic of this real estate market is that there are seemingly a large number of potential buyers who attend open houses and who are working with an agent, but who are reluctant to write up offers. When they do write an offer, it will generally be lower than the asking price and will include a request that the seller pay the buyer's costs. Buyers asking the seller to pay their costs has become almost routine.
Another characteristic that sellers need to prepare themselves for is that buyers will have a professional inspection and will expect the sellers to make repairs of almost all the items called out by the inspector.
A third characteristic is that a potential buyer will generally not be willing to enter into the usual back and forth negotiations about price and terms. They submit an offer and seem more than willing to walk away if it is not accepted.
Probably all of these characteristics are rooted in "fear" rather than "desire" the two emotions that enter into a selling scenario.
posted by shirley harry at 8:43 AM
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