Wednesday, March 25, 2009

Yes, it is a buyer's market, however . . .

It wasn't all that long ago that agents were having difficulty convincing the public that the Seattle real estate market was transitioning from a seller's market to a buyer's market. At the time, it was difficult to convince buyer's that it was sometimes appropriate to submit a lower-than-list-price offer. e.g. when a home was over-priced.

Now that everyone is firmly convinced that we are in a buyer's market, it's even more difficult to help buyers understand that it is not always appropriate to offer LESS than the listing price. Don't assume that every house on the market is over-priced and can be had for less. Some homes are actually priced appropriately from "day one". Your agent should help you determine the fair market value of a home you are considering by providing you with a list of comparable properties.

Why is this important information? Because when you find the home you like and it is fairly priced, you risk losing it by submitting an unreasonable or low-ball offer. Of course, you want to ensure that you get the best price you can, but you also want to get the house you've chosen. Make sure your agent does his/her job in helping you assess the fair market value of the property you've chosen and then submit an offer that will make it yours.

Need to know more? Give me a call for a no-hassle, no-obligation consultation. 206-708-9800.

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