Home Sellers Take the Power Seat
The housing recovery has “transformed the mind-set of many buyers and sellers who grew accustomed to the buyers’ market we saw for years,” says Rick Davidson, CEO of Century 21. "Buyer confidence is building back up and demand is strong… sellers are now in a more favorable position."
Eight-five percent of 365 home buyers recently surveyed by the real estate brokerage said they are willing to make compromises when buying a home in order to get a transaction complete.
Tighter inventories of for-sale homes have prompted more buyers to get less picky and to realize that they'll face competing offers when trying to purchase a home.
The Century 21 survey found that 42 percent of home buyers surveyed said they’ve submitted an offer on a home in the past six months but only 11 percent of their offers have been accepted.
Home shoppers are realizing they may need to have to compromise more in order to get the house they want. For example, more than half of the buyers surveyed said they’d be flexible on the closing date, and 31 percent said they’d purchase a home “as-is.” Twenty-nine percent said they’d be willing to offer up more cash than they originally planned to in order to close on a deal.
Home buyers also say they’re willing to budge on their wishlists. The items they’re most willing to give up: an in-ground pool, a finished basement, and an updated kitchen or walk-in closets, according to the survey.
Source: “Sellers calling the shots on home deals,” CNNMoney (May 30, 2013)