Dear Fellow Realtors
Please have your facts straight when negotiating offers.
This weekend I received an offer for one of my listings. This property had just come onto the market. The offer was substantially lower than the list price. The agent was kind enough to report to me that the market had changed and we all know it had and that prices were in steep decline and this is where I disagree.
While prices in some parts of the city have declined other areas are holding their own.
The most recent sale of a similar property took place in August of 2008. And since then, similar properties (condo apartments in this case) have increased by the end of December in MLS district E01 by 2.3% .
So to my fellow realtors, don’t buy into the hype – get your facts first! While sellers have to be more realistic about their expectations, by the same token, I would say to buyers – don’t expect sellers to just give away their property. October to December 2008 presented some unique buying opportunities as sellers who had committed to new purchases were suddenly faced with a dramatically different market and some steep price reductions took place.
Those types of opportunities will not likely be available any more as sellers will sell first before going on to purchase their next home. So buyers agents get ready for some tough negotiations ahead!
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