It’s A Buyers Market

You’ve probably heard the term buyers market.  It refers to the real estate market in particular and the mortgage crisis, foreclosures, and the decline in realty values. It refers to the fact there are a lot of homes for sale in every price category. But, it doesn’t mean that every owner will negotiate down to their cuticle line philosophically speaking that is just to unload their property.  Is this always true?  No.

ImageThere are homes that were over priced that needed to come down in price but there are others, such as the one pictured above that are undervalued that legitimately need to be sold by the owner.  What hurts this true value is other #REALTORS who say “Well, it’s a buyers market.  There are so many homes for sale in every price category that buyers can pick and choose.”  If an owner needs to sell it doesn’t mean they are going to go below what they need to collect. If they do that’s a short-sale and dealing with the mortgage crisis which this Blog is not about.  Dealing with anxious owners and anxious buyers I can tell you that the term buyers market is overused.

The true meaning of a negotiation is compromising on both sides.  If one buyer has the means to pay asking price but wants to see how much they can get away with, and the home is priced right, it becomes a game.  Sometimes buyers win and sometimes they lose. To a first time buyer who thinks they can out price an owner with thirty plus years of home ownership good luck!  Buyers that ask for ridiculous measures, such as bills for a year, and conversion costs before they even get to an accepted offer is a waste of time. In my experience, serious buyers will make the offer, get accepted and then negotiate with the contract a little here and a little there.  So, unlike #Bravo’s #MillionDollarListing negotiating a deal in three hours of the same day doesn’t happen very often at all.  It can take weeks with standoffs from both sides, and requests for kilowatt hours seemingly the pin that may break the deal.  So, if you know of anyone who has the money to buy a $700,000 waterfront home that is appraised for $150,000 more let me know.  It even has a deep-water dock that can fit 3 boats and direct access to #LongIslandSound!  Sail away on that!