Darien Real Estate: It’s a Buyers Market not a Fire Sale

I know it has been said a million times by the “experts” that it is a buyers market. This fact I do not dispute. My concern is that knowing this, buyers are under the impression that all sellers are desperate and they can lob in any bid whether it is close to asking or not. What buyers need to realize is that when a seller is listing their home with a real estate agent, the asking price has been determined by a competitive market analysis of current market conditions. The listing price of most homes is not arbitrary but determined by the square footage of the house, size of lot, condition of house and location. Many realtors today are doing their buyers a disservice by showing them homes they can not afford and suggesting they could get lucky with a low ball offer assuming the sellers are in distress. I understand that this is being encouraged at times but this strategy has a habit of back firing. Many home sellers who receive low ball offers do not counter and discussions end before negotiations begin. I agree some sellers price their homes too high or may need to sell but many sellers are still realistic, pricing competitively and are looking for qualified buyers to complete transactions. It should also be noted that the market is stabilizing in Fairfield County, houses are trading more frequently in the last few months and inventory is beginning o decline. The first time homebuyer credit expires at the end of the year and interest rates will begin to climb again as we recover from the recession. This should indicate to buyers that although now is still a great time to purchase a home, market conditions are always changing and if a buyer really wants a particular home they may just have to pay asking price or be prepared for a biding war.

Darien, CT Real Estate Listings