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But I Thought It Is A Buyer's Market!

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!

 

 

Warm Regards,

Bridget McGee  Maryland Mortgage Mama  NMLS# 196068  Corridor Mortgage Group.   410-960-2061 EHO   bmcgee@corridormtg.com or marylandmortgagemama@gmail.com

 

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.

Comment balloon 5 commentsBridget "Mortgage Mama" McGee • June 23 2011 06:32PM

Comments

Bridget: I'm finding a malaise in place for both buyers and sellers. And they seem almost paralyzed at times, incapable of making a final decisions or taking a definitive action. You list but some of the "excuses" I've heard.

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) over 7 years ago

Bridget -- I had a buyer tell me that he would just take an automatic 10-20% off the list price as it is a buyer's market. Uh....yes it is, but that's not how it works.

Posted by Barbara Altieri, REALTOR-Fairfield County CT Homes/Condos For Sale (RealtyQuest/Kinard Realty Group, Fairfield and New Haven County CT Real Estate) over 7 years ago

Gene,  Everyone seems to be waiting for the bottom for home prices and interest rates.  The only way we will know where the bottom was is when the prices and rates start to climb!

Barbara,  I have heard that several times!  If that was the case, all realtors should price homes much higher than they expect to sell them for, but then that would make realtors as unrealistic as some sellers!!

 

Posted by Bridget "Mortgage Mama" McGee, Maryland Mortgage Mama NMLS#196068 (SWBC Mortgage 410-960-2061) over 7 years ago

Bridget, I think part of it is conditioning from the media that it IS a BUYERS market and a great deal of buyers expect a seller to just hand them the property.  I also work with some investors and they are truly looking for a bargain and won't settle for anything less!

Posted by Bruce Walter (Keller Williams Realty Lafayette/West Lafayette, Indiana) over 7 years ago

It depends on the area and the supply and demand. The sellers thresh-hold and motivation are also key factors. Some locations are NOT a buyers market.

Posted by Ellie McIntire, Luxury service in Howard County & Catonsville (Ellicott City Clarksville Howard County Maryland Real Estate) over 7 years ago

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