Home Buyer Expectation

Buyer Expectations

It is amazing of how the market has changed from a sellers market to now a buyers market and the expectations of seller and especially buyers. Just 2-3 years ago, a person selling their home was able to demand the list price, and in many cases; a price above the list. There was then a change to where buyers were very hard to find and sellers had to come to the realization that they will be lucky to get the list price for their home. Recent statistics show that the seller now should expect only about 91% of the list price for their home. (MRIS market report)

Buyers now expect that the seller should take less than the list price and also to get closing help on top of the reduction. I recently had a buyer that made an offer 24% less than list plus wanting an additional 5000.00 of seller help. This was against my recommendation but as their agent, I diligently tried to negotiate this price. After this offer was rejected, and suprisingly the sellers did counter, it died a terrible death. When asked, the buyers told me that they came up with that price from a segment on CNN.

Folks, CNN are not real estate professionals, and their reporting is a nationwide view of the real estate market. Ask any real estate agent and they will tell you that the local conditions are what matters and that your real estate professional is the person that you should be listening too.

Bottom line is that sellers are willing to help with closing in most cases, but they will not just give their property away. Discuss your offer with your agent, give a reasonable offer based on supportable facts from a market stand point, and chances are that every one will have a win-win situation.

Good luck on that next offer.

Gary and Mary Nelson, REALTOR®

Harford County, Maryland