From the homebuyers perspective:
Homebuyers in a Buyer's market are always looking for a deal...sometimes NOT based in reality. I have had clients solely look at properties over 150 days on the market, and insist on offering the original price the seller paid 5 years ago. This doesn't make sense if the comparables in the neighborhood do not support their valuation. I encourage my clients to look at the properties' number of days as a point of negotiation. Assuming your offer is "reasonable" and based on current market valuation, there should be no excuse not to compromise.
From the sellers' perspective:
Most sellers in this Buyer's market are aware that if they want to sell their home fast, it should be priced competitively. Aside from market conditions, sellers weigh their pricing options based on their bottomline. This mindset can somtimes lend to the increased number of days the property remains on the market, simply because the seller is too stubborn to lower the price.
According to most "stubborn" sellers, their reason for not reducing the price is that the "right" buyer has not seen the property to place an offer. I encourage seller's to be flexible when pricing their property because the neighborhood markets are constantly changing. I think it's important to price the home with a pricing cushion to negotiate with potential buyers.
Let me know your thoughts about this subject.
Hopefully you found this post useful! If you need help finding or selling your Washington DC home, please contact Jason Trotman at 301-452-4767. If you’re new to DC, I’d especially like to extend a warm welcome. I value the opportunity to help my clients find the home that meets their needs and provide them with professional, reliable service.
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