How would you define a “NORMAL” real estate transaction in your area in the year 2010?

Reblogger Barbara Kornegay
Real Estate Agent with REMAX Essential

Original content by Richard Weisser

Downtown Newnan GAThe real estate market has experienced a paradigm shift over the last three years. The buying climate went from the hottest of the hot to an epic ice age in the same amount of time that it takes a foal to make it to the Derby.

People still buy houses, but the process is completely different than it was. Everyone is chasing the elusive “perfect” house at the “bargain” price. The anxiety over getting a “deal” overwhelms most buyers, many to the point of quitting the search.

In times past, a buyer established criteria for a purchase in a specific area, and if a property came anywhere close to meeting the needs of the purchaser it was quickly snapped up before someone else got it. And generally, the only negotiating was whether or not the window treatments remained.

These days, a buyer’s swath of location may cover hundreds of square miles, and they may look at one hundred houses before they make an offer, and they may make ten offers before one “takes.”

It’s a painstaking undertaking, and I have seen many buyers lose out on great home in the neighborhood they want because the allure of finding a better deal was just too great.

And then they spend weeks or even months trying to find a house as good as they one that they let slip away. It’s frustration for the buyer and for the agent as well, because the impossible standard has been set.

This scenario is not an anomaly in my area of Newnan Georgia. It has played out over and over again until it has become the norm.

And it is going to be the norm for some time to come!

All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate Better Homes and Gardens Metro Brokers, Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser REOS, E-Pro. licensed Auctioneer. 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park.

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Rainmaker
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Patrick White
Put our 28 years experience and technolgy to work
Home Driven Realty, Inc

Good Morning Barbara,

 

Thanks for the post. This is a paradigm shift, and in a sense a tale of two markets. One we may consider "traditional" and then the "distressed property market" each with own parameters.

June 10, 2010 06:40 AM
Rainmaker
93,009
Lorraine Sayer
Realtor ABR,CDPE,GRI - Colorado Springs,CO RE/MAX
Monument, Black Forest, Falcon, Fountain homes

Barbara: Your words sum up the market arena playing out in my area for some buyers. They are the ones listening to the media instead of the data.  They are adamant that they "deserve" to purchase a home 50 cents on the dollar, but reality is not even foreclosures are selling that cheap here unless it's something no one wants.  I've written several low ball offers this year and you would think that after missing out on home after home my buyers would start to pursue more realistic offers

Another type of buyer this market has produced is frustrated and exhausted buyers going after short sales.  Some even to the point of taking a break from the hunt until they can regroup.  The ridiculous arena of dodging double closings, having homes go to auction while under contract, and waiting 4 months to have offers denied that meet net, are all producing very exhausted buyers.                                                                                                                       

June 10, 2010 07:16 AM
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Rainer
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Barbara Kornegay

Wilmington NC Real Estate, Homes
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