Negotiating in today's market
Over the past several years, many home sellers and their agents became accustomed to a style of negotiating that differed from most past markets. The seller had such power that the definition of success for a buyer would be whether or not they ended up being selected by the seller to buy the house, everything else was dictated by the seller. It had to change at some point.
Now our market dynamics feature lower volume (40% lower unit volume), lower inventory (2.4 months), and longer market times. We also know well located homes nicely prepared for sale sell for good amounts of money in short periods of time.
Two factors among many that contribute to a more successful negotiation for the seller are Preparation and Patience. Preparation was a frequently skipped step during the height of the seller's market. The added perceived value of thoughtful preparation leads to easier negotiations later.
Once the home is on the market sellers often need a little more patience. Buyer interest in today's market can take a little longer to develop. While very acceptable offers can occur the first weekend they often don't, so pouncing on the first offer may be tempting but is often regrettable in hindsight.
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