Showing posts from July, 2013

Buyers Lament

Today's buyer is in a tough spot. Just a few short months ago, he had his pick of any and all available properties in his price range. He could dictate the terms under which he would purchase the home, and the concessions he expected from the seller.

Back then it was a buyers market. Funny thing is, buyers were not buying. Despite the fact that a home sold during this time could be purchased for less then it could be built for. And, that interest rates were (and still are) outrageously low.

Today's buyer has a different reality. Not only does he not get to dictate terms, he does not even get to say "yes I will pay your price" and be assured that the home will sell. In today's market many neighborhoods are seeing homes sell for ten percent or more over list price (which in many cases is over appraised value already) and they are being asked to waive their right to an appraisal contingency which when in place gives the buyer the right to cancel the transaction if t…