Buyers are confused at the lack of good deals. They are just looking in the wrong places.

By
Real Estate Agent with Benchmark Realty

YES, This IS a buyer's market. Yes, there are good deals to be had in Nashville (or just about anywhere in the country). 

NO, you CANNOT expect to get anything you want at any price you want. 

For the past few years, most of my buyers are looking specifically for a good deal. In fact, I would say that throughout the decades most agents hear the phrase "We are just looking for a good deal". This is regardless of the economy. 

I have a client who is currently looking for "a good deal" here in Nashville. We have looked at about 25 homes (10 of which he has "LOVED"). Of those 10, we have now made an offer on 2 of them. On the first offer, we came in at $40,000 under asking price (roughly 8% of asking). The sellers came back at $5,000 under asking and my client walked away. He said that he was insulted that they would not come down. "This is a buyer's market" he said "They should be lucky that I am even making an offer". In his defense, he is a cash buyer and can close within 2 weeks of binding agreement. Frustrated home buyer

We have now moved on to our second offer. Our offer consists of $20,000 price reduction and asking for almost all of the furniture in the house! We were countered with full price and the furniture can be sold separately. (outcome TBD)

I am also under contract with a client of mine who made an offer of $20,000 less than asking price AND to have closing costs covered. This buyer is also a cash buyer and can close right away. The sellers (This is an estate sale so technically the "sellers" didn't even live there) came back with a full price counter and no closing costs covered. 

Although we hear the term "Buyer's Market" everyday, I think that some people's perception may be a little off. Most of the good deals out there are from those who have not been able to make their mortgage payments (Nashville short-sales and Nashville foreclosures). Then there are the occasional desperate situations (moving out of state, divorce, etc). For the rest of the home sellers in America though, THEY ARE NOT GOING TO GIVE YOU THEIR HOME!!! You cannot always search the MLS for that dream home you are looking for, low ball, and have them hand you the keys. 

There are a couple ways to find a good deal in this current market;

1) Short-sales, Foreclosures, Auctions, etc. This takes time and negotiations are done with a bank who looks at bottom dollars. Your Realtor can be a shark with the bank. 

2) The occasional desperate situation. Sometimes this takes a little research. Ask the listing agent how bad they want to get out of the house and how flexible they are before asking for their first born children. Also, there is still new construction (built within the past few years but never lived in) that seems to be at regular market value. Ask the listing agent if the builder is desperate! I have seen some good deals through even new construction.  

If you are looking for that "good deal" in your area then call a TRUSTED local professional. They can help FIND those deals you are looking for. They aren't always the dream house down the street but they are out there. 

Stephen Strickhausen

KELLER WILLIAMS REALTY

9175 CAROTHERS PKY SUITE 110

615-480-4770

Sstrickhausen@gmail.com

nashville homes for sale  nashville mls search

 

 

 

Disclaimer:
Franklin Homes for Sale, Nashville homes for Sale, Nashville short sale, Nashville home search, Property in Brentwood TN, Franklin TN Real Estate, Franklin TN Realtor, Franklin MLS search, Nashville MLS search, Green Hills TN Properties for sale, Spring Hill TN Homes for sale, Belle Meade, Middle Tennessee, Music City, Stephen Strickhausen, and Keller Williams do not necessarily reflect any of the views or beliefs held by Active Rain or it’s employees. 

 

 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Tennessee
Groups:
Blogging & SEO
The Art Of Marketing You
Almost Anything Goes
Search Engine Optimization: An Hour a Day
ActiveSEO
Tags:
nashville homes for sale
franklin tn homes for sale
nashville foreclosures
nashville mls search
nashville short sale

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
288,231
Leslie Helm
Tennessee Recreational Properties - Jamestown, TN
Real Estate For Trail Riders

Hi, Stephen. I can sure relate to this post! I have been busy for the past year, just not productive, for all of the reasons you cited...I'm writing the offers but, when they are too low, they expire and do not get to contract.

Buyers DO believe that, because it's a "buyer's market," they should be able to make a low offer and get a good deal, especially if it will be a cash sale! Big South Fork is a destination, as you surely know, and sellers are resistant to these low offers because they know what they have.

Mar 16, 2010 06:55 AM #1
Rainmaker
107,338
The 1410 Group of Benchmark Realty, LLC
Benchmark Realty - Franklin, TN

Thanks for the comment Leslie. It almost seems as if buyers feel like they have full control of the market. 

I know many families that are upside down in their home but can continue to make payments. They all are going to sit it out for the next few years. 

Mar 16, 2010 07:07 AM #2
Rainmaker
922,313
Ginger Harper
Coldwell Banker Sea Coast Advantage - Southport, NC
Your Southport~Oak Island Agent~Brunswick County!

The deals are out there...depending on where you live...

We are having alot of short sales and Foreclosures.

 

Mar 17, 2010 12:38 PM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
107,338

The 1410 Group of Benchmark Realty, LLC

Ask me a question
*
*
*
*
Spam prevention