A very common statement you hear in the real estate market today is… “It’s a buyers market”…is it really?
Traditionally the High Desert real estate market sees three types of market conditions: A Sellers Market, a Buyers Market and a Neutral or Flat Market. Looking at the big picture you might think we are in a Buyers Market although when you look closer it really is “A Bank Owned Market.
What is a Bank Owned Market? When the market itself is impacted sufficiently that a substantial or majority amount of the real estate sales are sold by financial institutions, without emotional involvement and sales are dictated by rules and guidelines rather that traditional seller motivation you have a "take it" or "leave it" attitude on the sellers behalf. The actual sales process that most sellers and buyers have become use to is transferred into a set of rules and guidelines laid out by the institutional seller in a very stringent fashion (very short time frames, minimal or no contingencies and minimal consideration for the buyer).
A question that is asked frequently in this type of market is “Why are the banks so inflexible?” Look at it this way… If you where selling your own home, the final financial decision rests with you, but if you appointed a third party to arrange for and negotiate the sale, I’m sure you would give them some pretty tight guidelines. Remember, no one loves your money more that you... and banks are even worse!
Questions About The High Desert Real Estate Market?
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