Indy Real Estate News Flash - Buyers Control the Market!
National news reads the real estate market is now controlled by buyers throughout much of the country. As news goes, it is generally one-sided and often distorted, with a predetermined conclusion to coincide with the story line.
Since this is my news page, I get to write what I want with the conclusion I want. No distortion! The news, as I see it, is the real estate market is controlled by buyers. The truth is, it always has been. Even in the midst of the strong seller’s market of recent years, buyer’s still had the final say about how much they were willing to pay for a property. They also had the final decision about the terms of the contract they submitted and agreed to.
The seller could accept or reject the offer. While there was less negotiating room, the buyer still made the decision. Today, the buyer is negotiating from a position of strength. Some believe this indicates they can offer almost anything and the seller is at their mercy. Lately, I have heard, more than once, “the buyer should always offer and expect to buy at least 10% less than a home is listed for”. I’m not sure who is perpetuating this rumor or news. While there are many good deals around, a buyer can not expect to apply this principle to every home on the market. The seller still has the right to accept or reject any offer.
There are many homes in Indianapolis, when priced right, are selling at full price. The averages in our area indicate homes are selling for 96–98% of listed price, depending on the area. Granted, there are some which are overpriced and will never be sold, even at 10% less than listed price.
While buyers control the market, purely by fact they are the ones bringing the money to the table, the last time I researched, sellers were not giving away homes. At least they aren’t here in Indianapolis. For the record, I represent both buyers and sellers in the Greater Indianapolis area. This is an unbiased report as I see both sides of the transaction from the viewpoint of my clients.
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