The upcoming expiration of the home buying tax credits is definitely playing a role in both buyer and seller behavior. Some of our agents say that about half of the buyers they are working with want too buy before the April 30 deadline.
Some of the generalizations we are seeing is that “buyers want everything, and at a bargain price” especially in the Higher Price Ranges. The offers they are making are substantially below list price. Buyers outrageous demands aren’t realistic, and aren’t able to be met by the sellers. In reality it seems that every day more and more deals are going away. Cornerstone agents believe that the market has reached the peak, and the home deals are going away. The Logan real estate market below $200K is trending towards a sellers market right now. Buyers in the lower price ranges are also making unreasonable offers, and are losing them. There are many instances where there are multiple offers and bidding wars on the some properties.
At the same time, there are still a lot of overpriced homes for sale in Logan. For sellers that need to sell, their need for every possible penny, does not equal market value. Overpricing a home will not only prevent it from selling, but will also keep it from even getting shown.