My home has had many showings in the past 6 months and I have received nothing but positive feedback. However they also state that they want to keep looking. I know that price can be a factor when you don't get showings but what if you are getting them? Name Withheld - Phoenixville
Perhaps the buyers looking at your home are simply testing the waters and not yet ready to make a commitment. Take a look at other homes on the market in your price range. Are they selling? Perhaps not as quickly as they used to. Getting positive feedback is a good sign that you are doing things correctly. Just remember that you only need to sell your home to ONE buyer, not everyone who walks through the door. In this market you have more competition and I believe that you should suggest to your Realtor to take a day with you showing you the competition if they haven't already done so. Then you can decide whether to adjust your price or just wait.
Another suggestion is to have your Realtor host a Broker's Open so that all the Realtors in the area can visit your home and give their opinion. This may give you a better indication regarding condition and price.
On a positive note the media is now reporting that the recession is over and we are on our way back. This is great news for the sellers in our area as many buyers have relied on media coverage to make their decisions. Unfortunately although we had a slow down, our market did not "melt" as others did and now those buyers may be looking at higher prices in the near future.
I have watched many homes in different areas stay on the market for an extended period of time with no price reduction. I would like advice on making low ball offers on some of these homes. Charles in Chester County
I have met many buyers over the summer who wanted to purchase a home however did not want to make the commitment as they were waiting for the housing market to bottom out or they were afraid to purchase in the current economic environment. Many wanted to wait until the Spring of 2010. I am confident that those buyers are going to be caught in the return of the housing market, with higher prices, higher interest rates and multiple offer situations. Many have and are passing up one of the best buyer's markets we have seen and great interest rates as well as the First Time Homebuyer Tax Credit.
However to answer your question not every seller is in a desperate situation to sell their homes. In fact I hear it time and time again..."I don't have to sell". A very small percentage of the local market consist of short sales and foreclosures. Therefore to "Low Ball" on homes can absolutely be a waste of your time. There is not a set answer for your question. Are there sellers who need to sell and have no choice to take a low offer? Absolutely. However they are few and far between. You do not mention whether you are looking to purchase a primary residence or an investment property...both are two totally different situations. However if you are searching for a primary residence my advice would be to find the home that you want to purchase, negotiate a reasonable offer with the seller and purchase the home. The prices, the interest rates and the deals that are available will not be available for long and you will, as stated above, have lost out on one of the best buyer's markets we have seen.
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