Buyers dominating negotiations as market struggles
It’s easy to understand why so many real estate agents are frustrated with homebuyers these days. It seems that buyers want everything from sellers: lower prices, closing dates that meet their schedules, repairs, help with getting a down payment, you name it.
They know sellers are desperate to move their homes. Consider it a bit of revenge: During the many years that the residential real estate market was booming, sellers controlled the transaction. I remember transactions being done without home inspections because buyers worried they’d lose the home they wanted. And how about those days when sellers would receive multiple offers on their properties, and many of them would be above asking price?
Well, those days are over. If I was a buyer, I’d be thrilled.
But what if you’re a seller. The best thing you can do is to price your home fairly at the start. If you price your home too high, you’ll get no offers, and your house will sit on the market for months and months. Make sure you work with a real estate agent who knows the local market and can set the right price. Fix your home’s problems before you put it on the market. Keep it spotless. Maybe hire a stager to arrange your furniture and artwork to best show off your residence. It takes a lot of effort these days to move a home.
That’s also why I’d never try to sell my home by myself in this market. In my own neighborhood, I’ve seen many, many “For Sale by Owner” signs gradually turn into signs from well-known real estate firms. That’s because the owners haven’t been able to sell their residences without the help of a real estate agent.
Tags: buyers-market, for-sale-by-owner, housing slump, real estate boomRelated Stories
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