orly chen – bergen county's premier
real estate agent
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are in a position to decidedly not engage
in the type of negotiating that once favored the buyer."
In the Hands of the Seller in Real Estate
A recent survey found that
about a third of prospective home buyers are willing to make
concessions after one year of searching for the perfect home.
This coupled with a market that has less options for buyers
to choose from is building the power held by the seller in a
home sale scenario. It’s been reported that of the 42%
of responders to the same survey that actually placed offers
on homes in 2012, only 11% of those offers were accepted.
Why? Homeowners are in a position to decidedly not engage in
the type of negotiating that once favored the buyer. With more
buyers hitting the market than sellers after a dip in enthusiasm
for sellers during the buyers’ market experienced a few
years back, demand for homes is high and sellers are not as
pressured to take the first offer that comes their way. In other
words, sellers can be much less accommodating to buyers, and
buyers either need to deal with it or move on.
Searching for a home can be a long, frustrating, and emotional
process. Many that are looking to buy a home are on the cusp
of a new life experience, be it an expanding family or grown
children moving out of the home for their own homes, allowing
one to move into a smaller abode. Many buyers have no desire
to spent multiple years combing through real estate for the
perfect home. Thus, the shift from sellers who are willing to
negotiate to sellers who are not has resulted in a very different
landscape for the buyer.
What’s the effect? Buyers are becoming more flexible.
Though there was a time when repairs or less than desirable
conditions within the home meant grounds for strong negotiation
on the price, in today’s market, many homes are sold “as
is”. Buyers are more willing than ever to take on extra
work within the home at the originally stated price rather than
demand the price go lower.
Buyers are also spending more than they expected to, which is
also a new trend being detected in today’s market. In
a recent survey 29% of responders said that they would spend
more money than they had originally intended to so as to end
the search for the perfect home. Buyers are also becoming less
attached to their “musts” lists -- the list of features
that a home “must” have for the buyer to consider
the home at or near the asking price. Two car garages, a quiet
neighborhood street, and an indoor pool are common features
that buyers start out desiring but compromise on once they find
a house that suits many of their other needs.
With the power in the hands of the seller, the housing market
is seeing higher prices being turned over for less than perfect
properties. This means greater responsibility on the buyer to
make the home perfect, alleviating the pressure on the seller.
RE/MAX of Tenafly
Associates lead agents
competing companies in
specialized training and
They dominate the Accredited Buyer Representative (ABR), Certified Relocation
Professional (CRP), Certified Residential Specialist (CRS) and Leadership Training
Graduate (LTG) ranks. Read
About Orly Chen
Chen is a leading
Tenafly real estate agent
in Northern New Jersey
specializing in the Bergen
County area. Her
integrity make Orly
one of the most sought-
after agents in the
Northern New Jersey
real estate market