Buyers be Real! (A realtor's rant)
Friday Aug 31st, 2018Share
I've been selling and buying real estate for 15 years. Never before have I felt a time when buyers are being very unrealistic. My area is primarily Newmarket, New Tecumseth, King, Caledon. I was working on a listing that was a rural property with an acre, 1 huge workshop, a pool, lovely well kept house, north of Newmarket. It was well priced at 1,090,000 (a lot of value there for the money). Every person who had a look at it and was interested, wanted me to find them the SAME THING for under $800,000. Clearly, this makes very little sense. Or a buyer who would like a home with "all the bells and whistles," a pool, and a nice sized lot, for under $800,000 (when the local area would usually see that for a million).
This is a theme I am finding in every buyer I have at the moment. It's a very strange market, where people saw prices fall $200,000 +, and for some reason feel like they will continue to fall. Are they seriously expecting them to fall another two hundred? It also occurs to me that their very own property will also fall dramatically (if it happens at all), and if they are down-sizing, that 10-20% drop will negatively affect THEIR sale more than the purchase they are considering.
I can only hope that September brings some normalicy back to things. They have been very very strange and unstable for far too long.