How Low Can It Go?

Price reductions and new listings priced according to current market values continue to generate activity in this slow real estate market. Buyers are now acting to take advantage of opportunity. Some buyers, however, are waiting to see just how low, the sellers will go.

From the buyer’s perspective this strategy could create anxiety. Here’s the risk. If you find a property you like and decide to play the waiting game you could lose out. With interest rates still low and price reductions bringing many properties into reach for more buyers, you may lose that property you had wanted. We’ve seen this lately on the outer cape. A buyer passes on a property in order to play the waiting game. Suddenly, the property sells and the buyer feels dejected having not expected the property to sell. 

Sellers on the other hand are not only reducing their prices, but are offering a buffet of enticements…some are paying condo fees for up to a year, large buyer bonuses and more. But the only thing that really matters is the listing price.

If you are in the market to buy and have identified your dream home on the outer cape, talk to your realtor about making an offer. If you are willing to make a realistic offer, it might surprise you as to what sellers are willing to do to sell their property.