I just got off the phone with Susan Freedman, real estate attorney extraordinaire in White Plains, NY. She interviewed me for a monthly letter distributed to Realtors.

 

The Realtors have been crying that nothing is selling because people cannot get mortgages.  That is not entirely true because we are getting plenty of people mortgages.  The banks are being more selective and are taking longer, but it is happening.  So, why Sue asked me is the market DEAD?

 

People are scared to death to do anything, buy anything or make a decision….so they do nothing.  Deals are falling apart left and right because people are simply pulling out of them.  A client had a perfectly bona fide offer on their home and then the buyer lost their job.  Another client finally sold a home but had to take 20% less.  Others simply sit with the house on the market at a high price because that is what they owe on the mortgage and cannot take a penny less.

 

Unless someone has to sell their home and move, they are not. So as a buyer, the best seller is one involved in death, divorce or dismemberment! Only those that have to sell are willing to slash prices to rock bottom. On the flip side, only those buyers that have the down payment, good credit and a job can qualify for the financing.  Both sides of the deal should understand the situation of the other.  Buyers and sellers need to be prepared and ready for anything including disappointment. 

Dale Robyn Siegel