We have been in a Buyer’s Market for several years. The combination of short sales and bank-owned properties have allowed many Buyers to purchase a property at very low prices. It has become the custom to look at a very competitive price and offer five to ten percent less. I believe we are seeing the end of discounting the discounted property prices. As the banks become more efficient and proficient at managing short sales and also managing their own Real Estate Owned (REO) business we are seeing fewer low ball offers being accepted by the lenders.
In fact, we are seeing more counter-offers from the lenders to the short sale offers that have been submitted. Now that the Lenders have achieved some measure of control over the entire short sale process they are working to stabilize the market. Consequently, we will be seeing less flexibility in short sale prices coupled with continuing conservatism from the appraisers when pricing a property.
The end result will be confirmation that the market has stabilized and that we will start to see prices rise slowly … but steadily. Message to the Buyers – if you see a good deal offer the asking price and get the deal. Try for a discount on the discounted price and you’ll miss out.
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