Is the Real Estate Market Finally Getting Back to Normal?The housing market has been anything but normal for the last eleven years. In a normal real estate market, home prices appreciate 3.7%
How Buyers Can Irk Sellers
Bankrate.com recently highlighted several ways that homebuyers have been annoying some sellers recently, including:
- Disrespectful house visitors: Some buyers may not be respectful when touring a home, letting their child run wild or bounce on the furniture, cranking up the heat and air conditioning, or even using the restroom. Lisa Ramsey, a real estate professional with the The Ramsey Group, says it’s up to the real estate agents to lay down some house rules when the seller isn’t there. “I tell buyers, ‘Let’s just pretend we’re walking into the White House.” She’ll also talk to her buyers “about the trend of sellers putting [microphones and] cameras in the home. … I go into every house assuming there’s a recording device in the house. We’re not going to talk money or strategy in the house.”
- Submitting a long list of defects: Ron Phipps, principal with Phipps Realty in Warwick, R.I., and a former president of the National Association of REALTORS®, says that buyers are doing themselves a disservice when submitting an offer with a long list of what’s wrong with the house. It makes sellers question why the buyers would want this place. Instead, Phipps recommends a gentler approach: Submit a list of comparables with the offer as well as a personal letter where buyers introduce themselves and explain why they want the house. In the letter, they can mention two or three of the major issues with the house while keeping it neutral and referencing third-party, empirical sources.
- Too many visits: After buyers have committed to purchase a home, they want to make lots of visits to their future home, bringing the decorators, architects as well and entire family with them, says Mike Lubin, associate broker for Brown Harris Stevens in New York. The sellers may find the constant visits disruptive, however, as they’re busy packing and possibly doing repairs to meet a deadline. Lubin says a possible compromise could be to have the buyer arrange a visit while the inspector is present as well as another visit during the final walkthrough before closing.
- Renegotiation: Buyers may agree on the price but then repeatedly demand concessions and discounts. The home inspection can be a culprit. For example, buyers may realize the furnace has about five good years left and then make a demand for a new furnace or monetary equivalent. “A realistic buyer knows everything’s not going to be perfect,” says Matt Laricy, managing partner with Americorp Real Estate in Chicago. But signed contracts don’t often stop a buyer from trying to renegotiate, Laricy adds. Buyers may say the market has changed or that they’ve overpaid or they may even suffer from buyer’s remorse, he says. "It's extremely awkward," Lubin says. "It's violating the terms of the contract, and it's insulting."
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