Customers that bought at the peak of the market are taking a big hit to their wallet...

Real Estate Agent with William RAVEIS Realty

Currently we have multiple customers that bought at the peak of the real estate market a few years back and have come to us to list their house. A majority  of these customers are moving down south, some due to a company relocation, and unfortunately we had to list their houses significantly below what they had bought the house for originally. Because these customers are already taking a HUGE loss if they get full asking price they are less flexible negotiating however buyers are convinced it is a buyer's market right now. We have many LOW offers on some great houses and I think this is mainly because buyers feel that there is a lot more wiggle room in the prices these days.

Is anybody else noticing that even though the list price of houses has declined, that offers are coming in lower than before?  I did have a new listing that was on the market for 1 week and we received a full price offer but those sales seem to be few and far between...

Comments (3)

Clint Miller
Real Estate Pipeline, Inc. - Missoula, MT
There was a big article on this same subject on CNN this morning.  It was saying that the biggest hit areas are California, Arizona, Las Vegas, and Florida.  Somehow, I dont think that is any major surprise.  :-)
May 06, 2008 01:09 AM
Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

This is why they call it a "Buyers market!"  It is a national trend.    Does anyone get excited when someone tells you they are only going to pay you $2.75 for the Lucent stock you purchased at $83 a share?  Real estate prices can go down, and they are dropping big time.  Chances are they will drop for many years to come...that usually happens after bubbles break.

May 06, 2008 01:14 AM
Gary McAdams
GMAC Schwartz Property Sales - Key West, FL
I have a few sellers like that too.  One gentleman bought 14 properties in 2004 when we were at the peak of our market.  He is loosing millions.  OUCH!!!!!!!!
May 06, 2008 01:40 AM