In order for it to be a buyer's market the seller has to agree to sell.
I am working with a very nice couple, looking to buy their first home. We put offers in on, not one but, two properties this past week. (Not at the same time of course). Both offers were rejected.
The first home needed a lot of work, has been on the market for a year, on the 3rd listing agent and the seller would not work with our offer.
The second home, a little newer but, over priced. The sold comparables showed the same model home, same condition, same location, sold for 20K less than what the sellers are asking. We submitted our offer based on the comparables, but they just flat out rejected the offer.
Unfortunately in both cases the sellers are going to lose. I ran the stats for the area and YTD they are down, 38% units sold, down 12% average sale and down 13% median sale. In speaking to a local agent, the priced are definitely not going up.
I just don't get it. Confused in Naperville.
Your comments are appreciated.