Are buyers just too demanding now?
Some sellers here in Greater Boston contend they are being abused by pushy buyers.
My post yesterday - My home is worth more than that! - got some pointed responses from sellers.
One commenter in particular, Temporarily, offered up a compelling defense of sellers who have done everything right, only to wind up getting walked all over by buyers who want it all, and then some.
Temporarily bought for $625,000 in 2004 and then put another $80,000 into various renovations. The bathrooms were gutted, new windows put in, not to mention a new patio and some nice landscaping work as well.
Even so, Temporarily listed at $629,000 and would have bargained down to $615,000.
Instead, Temporarily got just one offer - for $599,000.
That was too low for Temporarily, who has since pulled his home off the market.
Let's go right to the source:
Current buyers believe they can bid 20,40,60k or more under what is likely already a reduced price, believing people are desperate and will sell at any price.
If you won't accept the low-ball offers they aren't negotiating, (they) will walk away and move on to the next one. They also feel they can make all kinds of demands along with the lowball offer, I want you to throw in flat-screen TV's, Washer/Dryer, etc.
I think sellers are very realistic about the market by now, however if they don't have enough reasons to take a 30, 40 or 80k+ hit, they aren't going to do it.
If I wasn't realistic when I put my house on the market I would have been asking 60k more than I paid, just to cover my upgrades.
Homes are worth what a buyer is willing to pay BUT also what a seller is willing to sell for.
Temporarily's comments triggered some darts, but also some fan mail.
Here's MissOpinion:
To all you would-be buyers out there who think sellers are unrealistic, just not facing up to the facts, greedy, etc. I guess someday when you become the seller you will happily price your home for below market value, gladly take a loss, and consider a ridiculous (not reasonable, ridiculous) lowball offer just part of the game, not an affront.
(By the way, we put 30% down on our dream home in 2005, had great credit, can afford our mortgage payment and have no plans to sell for the next 15 years, at least. Yet we are still underwater with the mortgage and therefore have no equity and no way to sell without a loss if we needed to. It's the economy, stupid, not greedy sellers.)
So what's your take? Are buyers at fault here as well? Are pushy buyers starting to become a big problem now as well?
