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Beauty Contest and Price War

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Buyers want a ‘Beauty Contest’ and a ‘Price War’

Buyers are still looking for homes, but they won’t settle for anything less than a great deal, and it must be in move in ready condition, and look spectacular.  This means sellers are in a beauty contest and price war at the same time.  A few years ago, buyers were willing to take a great deal, even if it wasn’t in perfect condition.  Not anymore.   

"All the buyers across the board want everything in a house,” says Karin Batterton, a Coldwell Banker real estate agent in Baltimore. "They want it completely done. They want all the newest, trendy materials, and they want it for 2005 prices."

Regardless of buyers’ high desires these days, the homes that are selling tend to be the ones where sellers price their homes the most competitively. "When you have realistic sellers, then we have competitive bidding on houses and you might even see that price go up," Batterton told WBAL-TV. "When you have an unrealistic seller, then you have a house on the market for a long time, and it just depends."

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By: on October 12th, 2011 Category: Uncategorized