In theory, slowing sales and the prospect of further weakness after the banking meltdown on Wall Street should mean it’s a buyer’s market at the moment.
The reality though is a bit different. Mortgages are proving difficult to get so that enterprising bargain hunters are finding that although the time should be right for them, it is sometimes impossible to leap into action.
Banks are rejecting those who do not have near-perfect credit or long credit histories. Buyers are finding that no matter how much they have for the down payment, they seem to need more.
There are definitely buyers today that are being forced to either downsize the property that they want to buy or simply wait until they have the credit and cash to qualify for a mortgage today.
And even when the perfect buyer comes along, with good credit, a sizable deposit to put down and a pre-approved mortgage (yes they are out there), we have had a vendor that has pulled out of a deal even after an increased offer (by more than 10%) was accepted, verbally and in writing.
Give me a break - is it a surprise agents can have such a bad reputation when the people we deal with behave in such a fashion.
That's my rant for the day done with!!! Have a good one.
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