July 28, 2011
Recently, within numerous topics, the words “negotiation” and “compromise” have become very popular.
The current local real estate market contains a high level of negotiation and compromise. When urgency is reduced both Buyers and Sellers are more deliberate in the offer and counteroffer process. That’s understandable because concessions to the other party can be difficult to accept.
There are exceptions to an extended negotiation (“No, I am not interested in selling at that price. Thanks, anyway.”) but many Buyers are expecting current market conditions will allow a lower purchase price. Sellers, not surprisingly, are less enthusiastic about that fact.
Of course, not all negotiations result in a mutual agreement. The individual needs of each party, in some cases, do not overlap. But it’s typically through negotiation that this becomes known.
In the current market, the whole offer process falls into the “nothing ventured, nothing gained” category. It may be messy but, in the end, a successful negotiation can be a happy ending for Buyer and Seller.