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Buyer's Market or Seller's Market

The whole world seems to believe it is a buyer's market except the sellers. The one thing we all know is that if it is not priced right, staged, good location, and absolutely clean...it's not going to sell. Several times lately we have writtne contracts only to find out there are multiple offers. The property may have set on the market for a year but suddenly we have multiple competing offers. One house that was foreclosed on and had set on the market for a year so we were ready to write the offer. Guess what??? The seller (bank) decided to lower the price because of $8,000 in drainage issues. Now there are three other offers on the table. Do ya think! Why do banks not listen to the realtor and the market??? It might not have costs them so much in carrying costs for over a year if they had listened....

Posted by Becky Respess, ABR, CRB, CRS on 04/21/2008 04:59 PM

Comments (5)

Post is included in group: Realtors®
Post is included in group: Marketing FISBO's Expired's and The Overpriced Seller

5 Comments on Buyer's Market or Seller's Market

I agree. It's definitely a buyer's market. I think some of my sellers are beginning to come around... Have a great week!

04/21/2008 05:07 PM

by Debi Ernst, Real Estate Broker/Agent (Ryco Realty Group)

Becky, banks a seller will be same. Carrying cost is not thought about until 3 to 6 months into the future. As far as who's market, you said it price, location and stage will be the main factors.

04/21/2008 05:09 PM

by Frank Rubi Louisiana Real Estate-Homes for Sale (Specialized Real Estate Services, Inc.)

Hi Becky, the same thing is happening here in California. We are also getting smacked by the bank when they order an appraisal review. The bank's appraiser's are using short sales and foreclosures as comps. Not fun.

04/21/2008 05:24 PM

by Connect Financial Services

Hi Becky, IF banks would listen to REALTORS they would never have made such poor decisions in giving loan approval to buyers who had no money at all. I do not feel sorry for the banks. They should have been more careful in making loans. ... and they should have worked with home owners to keep the property from foreclosure if at all possible. No the bank could have sold the house a long time ago IF they would have listened to us...the WISE ones...

04/21/2008 05:30 PM

by Kay Perry (Classic Realty/GMAC)

I agree with everyone!

Ron...I heard the appraisers are doing the same thing in Texas now. I don't think we are at the bottom of the market yet.

Debi...I am waiting for mine to come around too. It's a slow process.

Kay....You are sooo right!

04/21/2008 06:09 PM

by Becky Respess, ABR, CRB, CRS (Broker/Associate North Texas GMAC)

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