Buyers call the shots.  Offers are low, and many buyers are hanging tough on what they are willing to pay.  With the rapid slide of prices, buyers are nervous and making their offers according. 

Some sellers are doing what it takes to sell.  While the offers are coming in low, and sellers are more than grimacing.  I experienced sobbing, yelling, and screaming.  And then, when home sellers are presented with the hard numbers of what the market is doing, they are countering and accepting offers more readily.  Just this past week, I completed a contract for an out-of-state buyer that was totally rejected by the seller two weeks ago.  The seller’s agent called back and asked if the buyer would reconsider a counter from the seller.  And common ground was found.

Buyers are asking for the moon in repairs.  As a listing agent, I’m seeing incredibly long repair requests, once the inspections are complete.  And as a buyer’s agent, I writing them up.  I used to have conversations with buyers that “you are not purchasing a new home“.  Not these days.  And, sellers are stepping up and completing many or all of the repairs, not wishing to jeopardize the sale.

More sellers are bringing money to the table.  It’s true.  Home owners have been using their homes as banks.  Either to purchase their next home, or to pay off other debt.  Some sellers have the resources to bring cash to close, while others are in negotiations with their lender for a “short sale”, selling for less than they owe.

Renters are in no hurry to buy.  I’m writing more leases than I ever have in the past. Clients who sold homes a year or two ago are holding out to buy again.  At the same time, I recently represented a buyer who sold their home three years ago and were ready to buy and settle again. 

Prices are finally starting to get more real.  I went on a John Hall broker tour last week, and was surprised at my reaction to a number of the homes.  “Wow, this is priced well.”  “Seems like a lot of house for the price.”  The pricing feedback I got on the home I was showing was equally positive.   Maybe we’ve been so numbed by sticker shock, that anything seems to be an improvement, or maybe we are getting close to true market values.

Realtors are either incredibly busy or wondering what to do next. A number of the agents that I’m in contact with are very busy.  The real estate market has changed and staying on top of these changes takes time and perseverance.   Agents who are there actively developing their business, and working with buyers and sellers, are the ones who have their finger on the pulse of what’s happening.  Find them and ask lots of questions.

I could say, “it’s a great time to buy” or “it’s a perfect time to sell”, but in this market, the reality of the situation is that you, as a buyer or seller, make those choices.  As I’ve mentioned before, life moves on, people get married, have kids, retire, invest, or just want to get a fresh start in a new town. 

Just think of it as “Real estate is local”,  right down to what is going on with you and where you want to be. 

“We’re dreading another move so soon and have been dragging our feet with leaving this cozy little apartment but it’s time to start inquiring about loans before the market gets away from us, at least just to know where we stand.”

Smart shoppers. It’s not always about the exact price of the house. Mortgage rates play into the picture big time.

Take a look at the great mortgage rate charts that Jay Thompson, the Phoenix Real Estate Guy, has just published.  Good info to consider for all prospective home buyers.