Yes folks, it is a buyer’s market. We currently have a good supply of homes for buyers to choose from in almost every price range. This is putting buyers in a great position to negotiate. This past week I had 3 buyers and each one was able to end their day of house hunting with a first, second and third choice in homes. Thus when making an offer they were not upset if the sellers didn’t want to work with their offer as they knew they could move on to their second choice and if necessary, their third choice. They were going to purchase the home they felt was the best value, the one they could get the best deal on.
Even though it is a buyer’s market many buyers are still a little “gun shy”. They have been scared by the national media with their doom and gloom reporting about house values and difficulty obtaining mortgages. Now, more than ever, buyers are very afraid of overpaying in what they perceive as a “bad” market.
Most buyers will be working with an agent who is representing them as a buyer’s agent. It is this agent’s job to educate the buyer as to our specific market and to assist them in coming up with a reasonable offer based on solid facts and statistics, not hype!
Listed sellers also have a representative on their side, their listing agent. When an offer does come in the seller can count on their agent to educate them regarding current market values to determine whether the offer is a fair one, or if a counter offer should be considered.
Sellers often make the mistake of holding out for more money because they need a certain amount to build their new home, move across the country, or because they have put in a certain amount in renovations. Unfortunately market value is not determined by any of those factors. Market value is determined by what a buyer is willing to pay.
The bottom line is when you are thinking of buying or selling you should be represented. Don’t rely on the national news; rely on a Realtor with years of experience who knows the local market.