buyers market: How the "Buyer's Market" Mentality is Hurting Buyers
- 01/27/12 12:24 PM
I have written before on what a buyer's market is and what a buyer's market isn't. Westchester County and our surroundings are a sought after destination; even if a home has been on the market for a year, once the price is right it will sell. I wish I could impress this upon a few buyers who have lost opportuntities when more motivated people came along and outbid them. We recently listed a newer build in a desirable subdivision. While it was a short sale, it was also upscale. Not long afterward, an offer came in almost 15% below asking … (25 comments)
buyers market: Why Tons of Buyers Are Screwing Up
- 11/08/10 12:42 AM
Price and Terms. Price. Terms. I will bet you a 6-pack of Old Milwaukee that if you ask first-time buyers what the term "terms" is that a bunch of them would screw it up, maybe because their buyer agent is a glorified door unlocker who is a payment behind on his car. But that's another post. Right now, thousands of buyers across our great land are poisoning their prospective home purchase over an appliance, a repair to an electrical panel, or less than 1% of the price of the home. Because, after all, it is a buyer's market. What is a buyer's market? … (199 comments)
buyers market: You Need Your Neighborhood Agent Like a Hole in the Head
- 09/19/10 03:48 PM
Let me preface my remarks by making it clear that, all things being equal, I'd choose an agent from my own town over an agent half the county away...if all things were equal. Things are seldom equal in this market. Here are a few facts: Westchester County Home Buyers window shopped on Main Street in the 80's. Today they window shop on the Internet. This is especially the case in higher priced markets. I'll be clear: Buyers almost never drive up to your town from Manhattan, walk along your downtown, and step in to a real estate brokers office and ask … (44 comments)
buyers market: Lurkers, Lookers, and Other People Mom Never Warned Me About
- 08/08/10 03:36 PM
Chances are that if you are selling a home that has been on the market any length of time, you've had your share of showings. If you haven't sold yet, you might wonder what all those people who passed on your home eventually bought. I've got news for you: a huge percentage of them aren't buying anything anytime soon. They are working with an agent, they may be pre approved, but they might be a months or a year away from actually acting. How can this be? Right now, the buying public is in a war of attrition with sellers. The vast majority … (77 comments)
buyers market: The Herd Mentality
- 07/25/10 04:44 PM
Let's review some facts: Prices are down. Way down. Asking prices are so low, as a matter of fact, that some homes are getting multiple bids again. Rates are low. Really low. I just had a buyer close on a 30-years fixed for their home at 4.875%, and the lender was perfectly happy with the profitablity of the loan. Sellers are willing to make a deal. They are digging up oil tanks and making lots of other repairs, throwing in snow blowers, mowers and furniture, paying closing costs, and bending over backwards to pacify buyer demands. Bargains are plentiful. Abundant. Prevelant. … (15 comments)
buyers market: It is Only Buyer's Market if You Buy Something
- 12/09/09 07:33 AM
Let me preface my remarks by stating that when I act as a buyer agent I truly enjoy negotiating the best deal I can for my buyers. But make no mistake; we make a deal. I'll explain after I list a few examples of what I don't mean: On a $450,000 listing, an offer of $400,000 comes in with a remark on the cover sheet: "Buyer is unable to be very negotiable with this offer." On another listing, the buyer agent tells us that their buyer has been looking for a home for 2 years. 2 years. After I get the … (3 comments)
buyers market: What is a Buyer's Market Anyway?
- 11/19/09 02:27 PM
Now is a great time to buy real estate. I was quoted 3.75% on a 7/1 ARM today (great if you are putting a lot down and plan to move in 5 years or less), and 30 year fixed are getting deliciously close to 5%. The high inventory and low prices are all in the buyer's favor. I see homes off 25-30% from their peak in some very nice areas, and even more in some parts. Sellers want to make a deal too, and I am seeing them do things they never would have done even 2 years ago: include furniture, help with … (55 comments)
buyers market: New York Home Buyers Extremely Price Conscious
- 06/12/09 12:08 AM
As Westchester County area home sellers are finding out, there are more buyers out there; that doesn't equate to happy endings. Here is an unscientific example of the pattern I am seeing: The house is listed for a price the sellers feel good about. Not great, good. Shwings the first few weeks, then nothing. The price is lowered once 2-5%. A few calls and showings, no offers. The price is once again lowered 3% or more after no offers. Showings do not increase. Frustrated, the sellers are faced with the market changes of the past 90 days. What few sales in … (6 comments)
buyers market: Thinning Agent Herd is the Silver Lining to Slow Market
- 01/24/09 12:22 AM
With the economy in decline and the housing market more so, real estate agents are leaving the industry. This is first and foremost a sad thing for anyone who loses a job or has a business fail; I never like to see anyone suffer or have financial problems. Overall, however, there is a silver lining to that cloud for the consumer and the licensees who remain active in the industry. Not all, but a disconcertingly high percentage of the ex-agents should never have been agents in the first place. In the market run up from 2002-2005 we saw an unprecedented number of new … (8 comments)
Phil Faranda is broker and owner of J. Philip Real Estate LLC in Briarcliff Manor, NY. Since founding the firm as a sole practitioner in late 2005, the team has grown to over 80 agents & closed 1000+ transactions valued at over $1 billion. He was 2014 President of the HGMLS and a 2017 Inman Influencer. This blog commentary is geared toward consumers and industry colleagues alike. You can reach him at (914) 723-8900. Warning: *Sarcasm and irony advisory at all times.*
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I have written before on what a buyer's market is and what a buyer's market isn't. Westchester County and our surroundings are a sought after destination; even if a home has been on the market for a year, once the price is right it will sell. I wish I could impress this upon a few buyers who have lost opportuntities when more motivated people came along and outbid them. 
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