The days of bidding wars are over for now, as buyers are seeing increased housing inventory on the market.
As more opportunities for buyers arise, it pays to be “second in line” instead of being the top offer, says Real estate broker Fredrik Eklund.
An amazing 15 percent of purchase contracts fell through last month because of buyers getting cold feet, believing that more price cuts are coming soon. The past three months have set a record for the rate of deals falling though.
“If you’re a buyer right now it’s a good position to be in — inventory is rising and you have more opportunities out there,” Eklund said. “I say to my buyers, “try to be second in line.’ You don’t want to overdo it. If you’re second in line you might even renegotiate your deal at a lower value.”
Eklund was a star on “Million Dollar Listing” on the TV channel Bravo.
Meanwhile, sellers need to be more patient. Some have taken their property off the market temporarily for the summer.
“If you have a quality house it’s not like the good old days. So patience, patience, patience.”
Inspection and appraisal contingencies are back, after a near invisibility during the past year.
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