Anyone aware of Washington DC real estate market over the past 4 years, has noticed a rise in the number of days DC properties for sale have stayed on the market. There is a significantly different perspective of this topic between first-time homebuyers and homeowners.
From the purchasers viewpoint:
Buyers in the Buyer's market are invariably looking for a deal...sometimes NOT based in reality. I've had clients just search for residences more than 150 days on the market, and firmly insist on offering the original price the seller paid 5 years ago. This doesn't seem sensible if the comparables in the neighborhood do not support their valuation. I recommend my clients to look at the properties' days on the market as a point of negotiation. Presuming your offer is "reasonable" and based on current market valuation, there should be no excuse not to compromise.
From the sellers' viewpoint:
Most sellers in this Buyer's market are aware that if they want to sell their home fast, the home should be priced competitively. Along with market conditions, sellers weigh their pricing options based on their bottomline. This mindset can somtimes lend to the increased number of days the property remains on the market, simply because the seller is too stubborn to lower the price.
According to most "stubborn" homeowners, their reasoning for not reducing the price is that the "right" buyer has not viewed the property to place an offer. I recommend homeowners to be flexible when pricing their property because the neighborhood markets are constantly changing. I think it is important to price the home with a pricing cushion to negotiate with potential offers.
The real estate transaction can be overwhelming, but I think it is important to develop a flexible plan to make homebuying and homeselling a smooth and hassle-free experience.
From the purchasers viewpoint:
Buyers in the Buyer's market are invariably looking for a deal...sometimes NOT based in reality. I've had clients just search for residences more than 150 days on the market, and firmly insist on offering the original price the seller paid 5 years ago. This doesn't seem sensible if the comparables in the neighborhood do not support their valuation. I recommend my clients to look at the properties' days on the market as a point of negotiation. Presuming your offer is "reasonable" and based on current market valuation, there should be no excuse not to compromise.
From the sellers' viewpoint:
Most sellers in this Buyer's market are aware that if they want to sell their home fast, the home should be priced competitively. Along with market conditions, sellers weigh their pricing options based on their bottomline. This mindset can somtimes lend to the increased number of days the property remains on the market, simply because the seller is too stubborn to lower the price.
According to most "stubborn" homeowners, their reasoning for not reducing the price is that the "right" buyer has not viewed the property to place an offer. I recommend homeowners to be flexible when pricing their property because the neighborhood markets are constantly changing. I think it is important to price the home with a pricing cushion to negotiate with potential offers.
The real estate transaction can be overwhelming, but I think it is important to develop a flexible plan to make homebuying and homeselling a smooth and hassle-free experience.
About the Author:
Looking to find the best deal in logan circle, then visit www.facebook.com/dcrealestate1 to find the best advice on dc homes for sale for you.
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