I’ve been working with quite a few buyers who are becoming more and more frustrated while searching for a new home. They have this misconception about our current market, and I believe the media is a major reason why. Most people have this notion that banks aren’t lending, people aren’t buying and buyers who can get a loan can bully sellers around and get whatever they want. Well, this couldn’t be further from the truth. Not here in Westchester.
Here’s the truth about our current market conditions. We’ve hit rock bottom as far as pricing is concerned, which has created some competition among buyers. I placed four offers last week on four separate houses, all different buyers. Three of the four turned out to be multiple offer situations. When buyers send me listings to schedule appointments, it’s been a common occurrence that approximately half of them already have an accepted offer. For some reason, many buyers expect to be able to get 10% off, or more, on any house on the market. They are shocked and confused when they are told that there are multiple offers or that it’s going to take close to asking price to get the house. By no means am I saying that it’s a seller’s market, it clearly is not. However, the days of bullying sellers around are dwindling.
The truth is, most sellers have accepted the fact that their house isn’t going to sell for what the neighbors did a few years ago. You can’t expect to slash prices any further. They’ve already dropped drastically. As for the banks, I’ve seen no problem with my buyers being able to secure financing. If you have good credit and a good job, you’ll get a loan. I don’t understand where all of this news is coming from that people can’t get loans. If you’re working with a reputable loan officer you shouldn’t have a problem.
With this little swing in the market, I’m seeing a trend that makes our job very difficult. I’m finding that it’s difficult to get buyers to present an offer that is fair. I’m talking about my own buyers that I’m representing. We’ve hit a point were sellers will now hold out a little longer because they see the increase in positive activity. The nice houses in good school districts are not staying on the market very long. It’s tough as a buyer’s agent to tell your client that they should increase their offer when they don’t want to come up any higher.
Last point to all buyers out there. Remember, it's about putting a fair deal together that is a win-win for both sides. The goal is to get a fair deal on a house that you will call your home for the next couple decades.