Yes...the economy is in turmoil, however not all sides of a real estate transaction are affected equally. Down makets always have given buyers the upper hand in negotiations. Just this past week, I was working with a client who is moving to the area from Oregon to be closer to her family. She is an all cash buyer.
We wrote an offer on a nice waterview Benicia home on Mills Drive. The kitchen needed to be completely redone - it still featured the sunset yellow motiff a la 1978. The list price was $499,000. Recent comps showed the value in the mid $450,000 range and zillow showed a value of just $420,000. We offered $450,000 and the sellers came back at $480,000. We countered at $465,000 and the sellers refused!
Undeterred we continued looking and found a beautiful home overlooking Solano Park that had been completely upgraded. We offered $440,000 and they took it.
Buyers...don;t let unreasonable sellers keep you down. Remember, you have to open alot of oysters to find a pearl!
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