It may be a seller’s market, but buyers still have choices.
Take a look at the market report for Park City. You will see a trend that the prices of the homes are moving up slightly every month. This is because of supply and demand. Supply is low, and the demand is high, and the sellers are taking advantage of the demand. This all said and done, buyers still have choices.
What choices might you have? Let’s discuss a few.
- Don’t Buy the property.
- When you find a house you love, put an offer in that day.
You still have the power to negotiate. That being said DON’T LOW BALL. Since it is a seller’s market, there is enough demand that the sellers will reject a low ball offer. But, yet that does not mean you have to offer the listing price. Go through the home and look at any potential repairs, upgrades, and calculate them in your offer. Listen to your Realtor, and present your offer. Especially, let them know why you offered what you did.
I know, I know. This is very obvious. Sometimes, you will have sellers that think they have all of the leverage. The buyers will put in an offer, that is just underneath the listing price. They countered with the listing price. Buyers, you can walk away.
We had a buyer come in with an offer to our seller’s. It was $10,000 under listing price because they needed to upgrade a couple of things. Our sellers did not like the offer and they countered offer with the listing price. Well, the buyers walked away. Their house is still on the market, and even lowered the price below what these potential buyers offered.
We had a realtor whose buyers wanted to purchase one of our listings. They took three weeks going back and forth about what to offer, even though they loved it. Then we heard of another offer coming. It was a cash offer. So, we told the prior realtor, if your buyers want to put in an offer now is the time. The realtor told us that the buyers wanted to put in an offer. Well, the owner of the property didn’t care for an offer that never arrived before the cash offer. She quickly accepted the cash offer as soon as she received it. The prior potential buyers were not happy but there wasn’t anything we could do especially when people wait three weeks to put in an offer. It will most likely go under contract before that offer comes in.
In today’s market, waiting can cause a lot of heartaches. It almost feels like the “one that got away” scenario. So, the best thing to do is to act quickly so when you love what you see, put an offer in. During the due diligence, you can find out about the flaws, shortcomings or whatever you would like to call it and cancel the contract if it outweighs your love for your potential future home.
What Can You do?
Always remember that Buyers have choices even when the supply is low. and use the expertise of your Realtor, you are going to end up with a property that you love.