Buyer/Seller Stalemate
It’s fascinating to watch the behavior of buyers and sellers in our current buyer’s market.
Many sellers still think they’re in last year’s wild seller’s market while buyers (many from out-of-state) are making lowball offers and trying to steal everything.
The end result? A stalemate between buyers and sellers.
Advice for Sellers:
- If you really want/need to sell, figure out what the last comparable property in your area sold for and price your home a little lower to ensure that your home will be the next one to sell.
- Realize that your home is not worth what you “need” to get, what your neighbor Bob says it’s worth, or what it takes to pay off your mortgage(s) ~ it is worth what a buyer will pay for it!
- Put your home in “no apology” condition.
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If you get a lowball offer, get over it and negotiate ~ no one is offering the asking price in this market.
Advice for Buyers:
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Our sellers are not a bunch of dumb potato farmers eager to give their homes away.
- Most sellers would like to sell, but aren’t desperate enough to do anything foolish.
- Most sellers will negotiate with you if you don’t make an insulting offer to begin with.
- If you make a ridiculous offer, be prepared to NOT get a counteroffer.
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Learn property values, determine the seller’s motivation for selling, and structure your offer to give the seller enough benefits to accept your offer.
Sure is fun to be a Realtor® these days!
September 23rd, 2006 Posted in Seller Stuff
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