Buyers Market or Sellers Market right now??

Trying to buy a house... Put in an offer and waiting to hear back. Is it a buyers market now or a sellers market? Of course I am hearing stuff from the sellers real estate agent that they want what they put as the selling price. It was appraised at almost 25000 less then what they are asking.... The house needs some work... Not sure how high to go...

Buyers Market or Sellers Market right now??

Hmm- im in contract on a home but had two other homes fall through due to being outbid and another having a host of problems we found after the inspection. Both times, the homes almost sold for asking (only $30k-$50k) less than asking. We also started noticing that as soon as we liked something, we had to act extremely quickly. On the home we are in contract for, we made an offer the day we saw it. We are not paying too much below asking and are receiving no credits for any issues that were uncovered during inspection. In my personal opinion, its a seller's market.

Re: Buyers Market or Sellers Market right now??

Re: Buyers Market or Sellers Market right now??

It's all about supply and demand, and that varies. But for many areas of Long Island, there's not enough inventory to meet the demand, and houses are selling quickly, often for full asking or above (with multiple offers).

Buyers really do need to act quickly and not rock the boat with things like minor home inspection issues, or quibble over a few thousand dollars, as there are usually them buyers lined up behind you waiting to jump on the house.

How do you know what the house appraised for? When was an appraisal done and by whom? The buyer's bank will order an appraisal once a buyer is in contract to buy the house, but an appraisal usually isn't done before that. Or in a rare situation that a seller did pay for a pre-listing appraisal, the seller wouldn't share that info with the buyer, unless it helped their negotiations. So I'm curious what appraisal you are referring to. Also, even looking at comps (recent comparable sales) isn't the whole story, as that is backward looking data and the market is moving forward with rising prices/increased demand.

I wouldn't second guess what the realtor is telling you too much. I mean, how do you know they don't have interest? Nit everyone makes an offer on the spot at an open house. Maybe someone or several people from the open house are now interested. Or maybe there have been a lot of showings.

Unfortunately, I've seen (as both a listing agent and buyers agent ) that some buyers have to lose a house or two before they realize they have to jump on a house they like and out their best offer forward yo have a chance of getting it.

Message edited 5/2/2016 9:47:53 PM.

Buyers Market or Sellers Market right now??

In my area it is definitely a sellers market-two house on my block are both in contract- one house had three offers the first day on the market and five at the end of the first open house two days later- the house was on the market for three days and sold for 11K over asking--it was priced on the lower side of range the realtor suggested--the second house was also only on the market 3 days- it also had five offers at the end of the day of the open house- the house sold for 1K below asking but this house was priced at the top end of the price range the realtor (a different company and agent) gave the seller- this house has new appliances and a year old bathroom with high end finishes. The second house sold for 89K more than my neighbor's bought it for two and a half years ago.

Re: Buyers Market or Sellers Market right now??

Absolutely a seller's market. We put an offer on a house that had 9 bids after an open house that had over 100 people come through. Didn't get it. Then we had an accepted offer on a different house, did the inspection and were ready to move forward only to be told that they accepted another offer higher than ours. We now have another accepted offer and we made sure to put in a strong offer above asking. It seems like most houses are going at or above asking. It's crazy out there right now!

Buyers Market or Sellers Market right now??

Sellers!!

Re: Buyers Market or Sellers Market right now??

Sellers for sure, we bought a home which went into a bidding war with three other people. We also sold my current home in one day.

Re: Buyers Market or Sellers Market right now??

Buyers Market or Sellers Market right now??

I think it depends on the area - houses in my area are overpriced and stale.

Re: Buyers Market or Sellers Market right now??

It depends on the house. If it's nice and priced right, it will sell quick. My area is a "hot" area, however there are a few houses that have sat for a while (over six months). For those sellers, it's definitely not a hot market and the issue is with their house, not the area.

Re: Buyers Market or Sellers Market right now??

Depends on area but I believe the area I'm in- it is a seller's market.

ETA and yes it also depends on if its priced right. My FIL had listed his house 8 months ago and it is still on the market because he won't accept 15k lower than he listed it for... the house has a terrible layout and only 2 br's but it is in a desirable area/good schools

Message edited 5/3/2016 10:06:39 AM.

Buyers Market or Sellers Market right now??

depends on the area. But I think it is a seller's market. We got in several wars until we got our current house (closed a week ago).

Buyers Market or Sellers Market right now??

Definitely sellers. We Went to contract on our house last August. Houses are selling quick now by me and for the same style house- about 60-70k more than we paid. When we went to contract on our house, it sat for 4 months before we bought it. My neighbor diagonally sold 2 weeks ago within 1 day. In terms of price on my house, we got 18k off which I think was good. Our friends are looking in our area and placed an offer on a house 2 miles away and the sellers turned them down not willing to negotiate as they felt they could get list. When we offered, we offered competitive and negotiated.

Re: Buyers Market or Sellers Market right now??

I would say sellers too.

I'm doing several closings right now. The sellers I'm representing are all getting over asking price. The buyers I'm representing are paying asking, if not higher. One of them got into a bidding war on a $700K house. I still can not figure out what the appeal is of this house. There are a few others in that price range in that neighborhood that are just as nice. It's crazy. .