A Buyers Market … or is it ?

The information currently in the news is one of the plight of home Sellers . . . foreclosures, short sales, home loss, great drops in home values and prices . . .  all makes you think this is a Buyers market.

The underlying problem is that there are too many buyers, too many short sales, too many REO/bank-owneds, which actually makes this more of a Sellers market.

Not invaluable in this market,  Buyers have the wrong expectations going into the home buying process.

Buyers need to better understand what is actually happening :

  • they are not going to be able to go into a short sale and offer 30% under asking price, and expect the offer to be accepted¬†
  • a home which has been on the market for 200+ days is not a “desperate” Seller

It is more more likely there have been many buyer offers over that time frame and Lenders are taking their time to pick and choose, often countering with a higher selling price, to see which buyers wish to compete for the house.

The main problem Buyers have right now is that it’s actually more of a Seller’s market in some geographical areas.

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