Buyer/Seller LogjamOctober 1, 2007
In a recent article by Diane Hyman, she states that “Home Buyers are less willing to Compromise in Today’s Market.” She goes on to state that Sellers should drop their prices and be realistic. While I agree with her in principle, I don’t think all the blame can be placed at the seller’s feet.In today’s market I am weary of everyone blaming the market on the seller’s unwillingness to compromise. Recently, I had a home listed for $699,000 and it was at or below “fair market value”. One buyer insisted on repeatedly offering $600,000 for this home. The home was beautiful, in model home condition, great location, and well -priced but the buyer felt that the sellers should accept his ridiculously low offer. I now find myself telling buyers, “I do not think is the right home for you”. This was done after obviously consulting the sellers who were outraged at the offer.
All too often sellers are expected to price their homes at below-market prices, and buyers still insist on offering thousands of dollars less than list price. In Orlando real estate, the average home sells within 95% of list price. I am not sure who has informed buyers that this statistic has changed and the sellers will accept ridiculously low-ball offers. It rarely happens.
Most Sellers are not hardship cases. Most Sellers can afford to wait till the market turns. Most Sellers are willing to compromise but not to extremes. It is time for everyone in the real estate world to start acting like adults and quit trying to take advantage. For the record, many banks will no longer accept short-sales and will complete foreclosure to maximize their profit. Times sure have changed.
I look forward to the day when we all treat each other with respect, courtesy and fair-mindedness. It’s time to quit taking advantage and become people who are responsible buyers and sellers of real estate. The market is great. Home prices are the lowest they have been in years and great deals are out there. I can only hope that we can return to a time where reasonable offers are tendered and everyone works to the better good of all parties.