It Might Be A Buyer's Market, But The Sellers Can Still Say "No!"

One of my listings sold after about a month and a half on the market.  Unfortunately, the buyer lost her job about a month before settlement, and it all fell apaet!  So my beautiful listing is back on the market.  And this time, with the help of the economic meltdown, selling it is proving to be have additional challenges.

It's a really appealing house in a popular DC neighborhood.  You can walk to Metro, fine dining and the Uptown Theater.  And the first couple to see the house the first time it was on the market came in with an offer last month. 

But it was low.  Very low.  And it was contingent upon the sale of their current home at a quite optimisitc price.  And the would-be buyers were stunned when my sellers chose not to give then a counter offer. 

After I had several conversations with their agent, they came back offering to accept a counter that with the home sale contingency removed and a six-month settlement.  But wait!  There is no way the could get financing without selling their current home! So I sent a carefully worded email to the listing agent explaining that this was not acceptable.  In order to get the sellers' agreement, the buyers' house would need to be sold and they would have to raise price in their offer to a number much higher than these buyers said they were willing to go.

But Wait!  Wait! Isn't this a buyers' market?

Yes, it is.  And maybe if the house was in a different location, needing renovations or smelling like cats, and if the wolf was at the door, my sellers would actually consider this offer.  But it's a great house in a great location, fully renovated, and priced pretty close to the recent comps in a neighborhood that hasn't seen price deflation - at least not yet.  And this is a situation where the sellers would like to downsize, but they don't really have to. Oh, and it's in a cat-free zone!

A couple of weeks ago, I'm told that one of the buyers came to the house, and knocked on the door.  I guess she was planning to plead her case directly to the sellers.  But they were out of town, so she got to whine at the house sitter instead.

So, yes.  The market in much of Norhwest DC is not exactly hot, but neither is it frozen over, like the Potomac River -  at least not for good homes in popular neighborhoods. And even if you are planning to get through a low-ball offer, you still have to make the terms pretty clean.

The weather is indeed icy cold, though!  And I have to go out to show a house in a few minutes - I can test out the thermal underwear for next Tuesday's parade duty!