Wednesday, May 7, 2008

Remember how everyone said the Seattle Market was "Special" and the Price would never decline

Seattle Sellers Forced to Lower Prices

With home sales soft, agents like Windermere's Mark Corcoran say most sellers must make concessions to be competitive.

Corcoran, whose main territory is North Seattle, recently represented the seller of a $700,000 home that quickly attracted two offers. Both were at least 10 percent below asking price, and his client declined them.

But with the real-estate market in the doldrums — April sales and prices were down from last year, according to Northwest Multiple Listing Service figures released Monday — buyers are driving hard bargains. Turning down an offer could leave sellers waiting a long time for another.

After about a month, with no buyers in sight, Corcoran's seller agreed to drop the price 5 percent. That brought a buyer who wanted the house fumigated and the hardwood floors refinished. Again the seller declined.

Finally, a fourth offer came in. It was for 2 percent below the lower asking price. But that wasn't all: The buyer also wanted the roof cleaned and repaired, a garage door replaced, a trench dug in the crawl space and several minor repairs.

This time the seller didn't dicker. She hired a handyman to complete all the tasks, and after 44 days on the market, the house was sold.

"It was quite an ordeal," Corcoran said. "The key is not to get insulted and be upset and not want to work with buyers. They're going to ask you for closing costs and fixes, and that's minor stuff once you agree on price."

Considering the number of homes on the market, sellers must be willing to negotiate.

Read Full Article Here

In true Housing Fear fashion I will sum up this article in 5 words to everyone out there who just can't understand why no one wants to buy that "special home" they are trying to sell.

...The price is wrong Bitch!


Gray said...

Hmm, maybe the price is right for this interesting real estate development:
Thinking about moving, Chris?

Chris said...

I would love to move there. The problem is my beautiful fiance' is not a fan of Ron Paul. lol

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