So here in Laguna Niguel, and South Orange county, there has been a big hint pointing that we’re in a buyer’s market. Not a problem, markets are cyclic.
The problem comes when the buyer who is in the drivers seat (as is the definition of a buyers market) decides that all homes are overpriced by 10 to 15%. ALL HOMES? Really this has to be taken on a case by case basis. Otherwise a slippery slope quickly presents itself, giving the buyer all kinds of opportunity to slide down it.
Ok, so my buyer is sliding down the slippery slope of frustration when all these home sellers he expects to be over priced reject his offers. This is where it becomes my turn to say, do you mind going back over some of the facts of the market. While the newspaper may say that homes are 10 to 15% overpriced, does that mean that if you lowball the seller 10 to 15% and then some, that they will except the offer? NAAAH.
It means that since you’re dealing in statistics, that you have painted a picture with a very wide brush. It takes no account for the individual cases properties, buyers or sellers involved.
I keep coming back to this, the most important thing that agents can and should blog about is the status of the market. Otherwise the loudest voice they hear comes from the newspapers and mass media, which just have more presence that you do when it comes to your client’s time.
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