Home buyers gain clout in slowing market

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Home buyers have more clout now than they've had for years. So, they are more discerning, and focus only on the best houses at the best prices. If the seller won't negotiate a satisfactory deal, buyers would rather walk away than overpay. The incidence of failed transactions appears to be rising. Last year, buyers couldn't buy fast enough. Many paid over asking price, overlooked property defects and bought "as is." Today's buyers are cautious going into a transaction and less likely to accept full responsibility for correcting defects found on inspections. When a resolution can't be reached on an inspection issue and the buyer decides to search for a better deal, the seller is left with two options: He can either put his property back on the market, or he can wait for a friendlier market.  The second approach is risky if you want or need to sell in the near future. Although the current market won't last forever, it may be some time before we see a market that's better for sellers...