June 24, 2010
When real estate buyers are unmotivated the sellers typically become motivated.
Anxious sellers always have the option to adjust the asking price of their offered property. In the current market some sellers are utilizing that action to attract selective buyers.
Take, for example, the current list of 89 road access Lake Vermilion homes and cabins. Of that group almost half have reduced their asking price from the original offered price. Within those price adjusted listings, almost a third have done up to a 10% price reduction, slightly more than a third have reduce their asking price by 10% to 20%, and the remainder have adjusted from 20% to 30%. It would be logical to assume that time on the market is what drives increasingly greater price adjustments.
Buyers and sellers are adjusting to the current market forces. A willingness to negotiate, on both sides of the transaction, seems to be a common element of the most recent sales.
So buyers… do your homework, find a property that meets your needs, and bring a proposal to the table. Your seller is waiting.