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Buyer Survival in a Seller's Market
Real estate markets change and sometimes that change can be rapid. During the Great Recession, home buyers got used to the terminology of a strong buyer's market. Now, several years later the tables have turned and here in Colorado Springs, we are in a very strong seller's market.
Since home buying and selling cycles are so long, our clients sometimes find it difficult to adapt. This pertains especially to our buyer clients who are either first time home buyers or new to the area.
Home buyers are having to learn a whole new vocabulary. In the past, it was terms like a short sale, foreclosure, auction and HUD home. Now buyers are having to contend with concepts like deferred showings, highest and best offer as well as "Coming Soon".
These terms translate into tactics created by listing agents in order to drive up demand as well as sale prices in strong seller's markets. As much as we'd like to vilify them, at the end of the day they're just doing their job.
This, of course, means that home buyers along with buyer's agents need to do their jobs as well. This involves understanding how these tactics work and positioning themselves to be the winning offer. ... more

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