But I Thought It Is A Buyer's Market!
"But I thought it is a buyer's market and I could basically pay whatever I wanted for a house and the seller would take it!"
That is the lament I heard from one of my client's the other day. She has put offers on several homes that have either been countered with a much higher price than she is willing to pay and even had an offer out-right rejected.
I have pre-approved her for a monthly payment that is well within her comfort zone. Since her search began, she has lowered her "comfort zone", but is looking at homes well above that range.
What could be the reason seller's won't they accept her low (not too low, she has a really sharp realtor!) offers?
1. They have a realtor who understands the market and has priced the home fairly.
2. They have a realtor who doesn't understand the market and has not set proper expectations for the seller.
2. They have a loan(s) to be paid off and don't want to have to resort to short sale.
3. They don't really want to/have to sell.
4. They have unrealistic emotional value in the home.
5. They have already got a contract on a new home and need to net a certain amount to be able to make the purchase.
There are lots more reason's I am sure, but maybe it makes sense for buyer's to review goals and your expectations prior to putting in an offer. It is a buyer's market but seller's have goals and expectations as well!
But I thought it is a buyer's market!
If you are considering purchasing a home in Maryland and want to be sure you are mortgage ready, my brother Tony and I will be happy to help! We help to make the mortgage process a pleasure!
If you already own your home, we are happy to provide a no-cost mortgage review to help you to determine if refinancing may be in your best interest. Please contact me at 410-960-2061.