Months have gone by, where only words like HOT and frenzied, have been used to describe the housing market here. Our discussions in the sales meetings involved questions like, ‘What can we do to make our offers stronger for our buyers? What contingencies can we waive? How much above asking price should we offer? How do we make our offer stand out among the 10 or 20 others with it on the table?’
For the last few weeks, during the sales meetings at my office, the talk of the market has taken a bit of a turn. My manager has pointed out, in at least the last two weekly meetings, the fact that there are more properties on the market. We have discussed, at length, the fact that properties are taking a bit longer to sell. This is great news for buyers.
When things are less competitive for buyers, it really opens options up. For the last year or so, it has been difficult for someone who needed to finance most of the purchase price of their home to buy. Because so many of the homes weren’t appraising for what they were selling for, it became difficult to obtain financing unless you had a significant amount of cash to put down (and this is of course, assuming you even got the contract without waiving the appraisal contingency). But now this is all beginning to change a bit. People are less willing to stand for buying an overvalued property. The investors have begun to pull out and move on to less expensive areas (I’ve heard Albuquerque is the new frontier). All of this makes for a bit more comfort on the buying end. Hopefully we will again be able to ask for repairs during the 10-day inspection. Maybe soon we will even seen sellers contributing to closing costs again. Wouldn’t that be nice? A bit of a leveled playing field would make the game much more pleasant, I think.