Today's buyers have a bargain mentality. Everyone wants to make a deal. If something is $800,000 they want to pay $725,000 for it. If something is $700,000 they want to give you $600,000. And don't get me wrong there are deals out there, there are deals to be made in every market. But this mentality has become a plague. Home buyers need to examine a property thoroughly, sit down with an agent, and look through the numbers, like what other similar homes have sold for or are currently listed at and then decide if the home is a good value, not if it's the best deal, because the "best deal" might have been terribly over priced to begin with.
For example, let's say you're going to buy a new car and one dealership has a car on sale for $20,000 and another dealership has the exact same car on sale for $30,000. Now you go to the more expensive dealership first and finagle with the salesmen and make a deal to buy the car for $22,000. Meanwhile, another person goes to the first dealership and buys the car at full price for $20,000. The first person got the car for $8,000 off of the asking price and the second person paid full price for the exact same car. Who got the better deal? The second person did. Yes they paid full price, but the price was $10,000 less than the other dealership for the exact same car. And this is exactly the issue we are dealing with in the real estate world...everyone wants to make a deal AND a lot of properties, like the $30K car, are overpriced to begin with. Homebuyers need to realize it is more important to get the best VALUE not make the best deal.
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