Gone are the days when sellers were willing to negotiate and buyers could pick and choose. In many parts of Greater Cincinnati, the market favors sellers.
Well, in general, sellers with properties that sell within days of hitting the market don’t do a lot of negotiating. They often find themselves faced with multiple offers and bidding wars are not uncommon. Poorly written offers or ones with lots of unreasonable contingencies are often ignored.
Buyers shouldn’t assume a counteroffer in today’s market. The old days of back-and-forth have disappeared along with the number of homes for sale. In many multiple offer situations, the seller only deals with the best offer. They may accept the 2nd best contrast as a “backup offer” to keep the pressure on the buyer.
It was always smart to make the first offer great. Today it is even more critical because you may never get a second chance. Great offers are not stupid offers. In my opinion, buyers should never skip a thorough home inspection. Writing an offer and withdrawing the inspection request could cost you dearly down the road.
Asking the seller to cover closing costs or other questionable expenses isn’t smart in a seller’s market.
Some areas and neighborhoods currently hold “hot seller’s market” status and buyers need to adjust quickly if they really want to buy a home or condo. Other areas have a shortage of properties for sale. In those areas, well priced new listings need to be handled like “seller’s market”. The sellers of the remaining properties may be more amenable to some negotiating.
One thing is for sure-change. Today’s hot neighborhood can be next year’s also-ran. Unfortunately, there’re no guarantees the prices paid during bidding wars will hold if buyers decide to become sellers in the near future.
Bob Dylan accurately predicted the Cincinnati real estate market ….”For the loser now will be later to win
For the times they are a-changin'”