Say you are considering selling your real estate. Say I asked you to rank yourself on a motivation scale from one to ten. One being low motivation and ten being high.
Unless you tell me you are a 7 or higher, I wouldn’t suggest you sell right now. At least for the time being. Why?
Well because in a nut shell, we’re in a buyer’s market. We have a large inventory of properties for sale in most locations and most price points in the valley. This is driving prices down. Many are distressed properties which further drives down values. Others still are bank owned foreclosures which really drives prices down.
The challenge I am finding is that when a seller who is not a 7 or higher lists thier property , it tends to not sell. So what does thiscreate for sellers?
False hopes and frustration for sellers who struggle to attract buyers. Offers that don’t go anywhere. Properties that have been on the market for extended periods of time.
What does this create for buyers?
Unrealistic expectations and usually a huge gap between a buyer’s offer and a sellers asking price. A lot of the time a bigger price gap than can be closed. Especially if a seller is not a 7 or greater.
Buyers in this market are all looking for deals. Good deals… even great deals. Often times better deals than the market will actually offer. And I don’t blame them.
But the challenge lies within bridging the gap between today’s aggressive buyers and sellers who are not a 7 or higher.
It definately boils down to market conditons. Resonable buyers and reasonable sellers who base thier deals on current market conditons can usually come together and make a deal. If one of the two is not realistic then its going to be a tough nut to crack.