Top 5 Mistakes Buyers Make When Searching for a Home – Part 5

This is the fifth and final post in a series called Top 5 Mistakes Buyers Make When Searching for a Home. See Buyer Mistake #4 here.

Buyer Home Search Mistake #5: Assuming all sellers are desperate to sell their homes

You’d think that if someone has placed their home on the market for sale that their goal is to actually sell their house, wouldn’t you?

In actuality that is not always the case, especially in this market.

Here are 3 possible reasons why sellers list their homes even though they’re not in a hurry to sell:

  1. They’re testing the market.
    Usually they want more than fair market value for their home but are hoping someone bites anyway because, after all, they fell in love with the house at a higher price, why wouldn’t you?
  2. They don’t believe yours is the best offer they’ll get.
    You’ll see this one a lot with homes that are first on the market. If your offer is well researched and fair but they don’t accept it, they may not have come to terms with the different home values between when they purchased and now.
  3. They’re running out of options.
    These sellers are selling because they have to not because they want to or they’re trying to recover financially and save the house before going into foreclosure. Either way they have a hard time letting go and can throw up roadblocks for the purchaser.

Seller motivation is only one of the considerations when negotiating a home purchase, each transaction is different and unique for many reasons. Having a good Realtor with strong interpersonal, communication & negotiation skills will help you navigate the waters of purchasing a home in any market.