Renegotiating Contracts

It’s not that strong of a buyer’s market.  Recently, I’ve noticed buyer’s attempting to renegotiate contracts during the option period.  I’m not talking about negotiating repairs, I’m talking about renegotiating prices that have no correlation to the inspection report.  I’ve seen it in transactions with which I’m involved and other agents have told me the same thing.  While the scorching seller’s market is long gone, we aren’t in a market in which buyers are king.  In fact, the peak time of buyer strength appears to already be over.  Over the last four months, prices declined in one month, but were flat in another, and have increased in two others.  The number of new listings on the market is down.  But, houses are taking longer to sell so the number of active homes at a given time is higher than it's been in the past few years, but it isn’t even close to a historical high.  If you’re a buyer, don’t get the false sense that you have more power than you do.

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