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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: MulhollandDrive who wrote (79540)6/15/2007 7:24:44 AM
From: TradeliteRead Replies (2) of 306849
 
I'm not sure I agree with your statement about buyers simply wanting the house price reduced. The problem is that buyers smell blood and go overboard in their demands. The owner could have reduced the price hugely and offered it at a lower price in the beginning, but buyers still wouldn't be satisfied until they knew they had drained the last penny out of negotiating that they possibly could, because the market now encourages them to do so.

(If I were an agent working for the buyer, I'd do the same thing. If working for the seller, a different technique is required.)

I've worked thru some tough real estate markets.......buyer mentality will trump the seller's original list price every time, if the seller is willing to let it happen. At times, the seller and I took great pleasure in smiling at the buyer and telling him politely that if he wants a new home in perfect condition, he should go buy one and leave us alone. All we have to offer is right here on the table, and comparable recent sales support our price; if that's not enough, there are plenty of other homes out there for the buyer to choose from.

This often got the buyer to think twice about his demands. Buyers can't argue with recent comparable sales figures and expect to get very far in most cases, because if the price is right, the seller has other opportunities to sell.

Otherwise, sellers need to fix up their homes before putting them on the market and give buyers no room to complain about condition or updating.
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