Have you heard the old saying that "Pride comes before a fall?" I have, and I've also seen it in action quite a few times. It is unfortunate to say, but over the years in real estate it seems to be a fairly common yet avoidable occurrence. It is always too bad when real estate deals fall apart needlessly. One of the more common reasons is a contest of wills, or an inflated ego. The seller draws a line in the sand and does not want to move any issues across it. Neither does the buyer. My experience shows me that the person with the biggest ego usually wins the battle but loses the war to it, but boy did he show them whose boss! Lately this seems to be occurring more and more. Sellers are mentally stressed to the max, and buyers are nervous about proceeding further in a deal. Home sellers that would normally listen to reason and advice from their agents are in denial, and many times are irrational in their thought process. They do not listen to sound advice, and emotions rule the day. This is a market where time is money, and a sale today maybe worth more than a sale a few months form now or a year from now. Who knows what the future will really bring in this real estate market? If they did let go of their ego and pride for a brief moment they may actually minimize their losses if guided by an agent that has a lot of experience in home sales.
For those that are veterans of real estate there are some axioms that seem to ring true on a regular basis. One of them is that if homes are improperly priced to begin with (priced too high) it probably means a major loss when the final offer is finally accepted. The other one "The first offer is usually the best offer!" This seems to be very true in our current market. On the first go around the seller refuses to look at a reasonable offer that is line with the most recent comparables from recent sales. They feel at this price they are giving the home away, and on top of that have to pay commissions. So when it comes down to the nitty gritty in negotiations, an inspection repair etc...the seller's refuse to budge on minor issues, and guess what? The buyers walk.
In the Atlanta area there are loads of opportunities at the current moment, and the home buyers are well aware of it. They are not in a rush; they are looking for a real deal! That is why it is called a "Buyer's market!" When the next offer comes in many months later a repentant seller that had time to think about it...may be more likely to negotiate a deal that is even worse than the previous deal. This is a market where the seller does not have much choice given the alternatives, and the decline in home prices. The best advice I could give an Atlanta home seller? Hire a very experienced agent, ask to see all the statistics of the local market, and know exactly what has to be done before you list your home, and then price it correctly. Have good idea on what could occur in sales price on the worse case scenario. And lastly, keep an open mind, don't act rashly or impulsively, and never say "Never!"
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