VIRTUALLY ALL homes I find are in “Backup Offer”

[kev374]

What does this mean?

I have found a ton of homes that have absolutely RIDICULOUS asking prices in Active status but there are also many properties now on the market that are asking what I would consider fair prices. However virtually ALL of these are in Backup Offer status.

Is there any hope of finding a home that is priced fairly in Active status?

Why are sellers just sticking to their RIDICULOUS asking prices and letting their properties languish on the MLS when they know very well they cannot get what they are asking for? If your property is not selling YOUR PRICE IS TOO HIGH!!!

The market has cooled off significantly and a sellers market is slowly turning into a buyers market but it seems that sellers have yet to get the memo!

[CA renter]

This is totally typical at turning points in the market (seasonal or otherwise). Sellers either haven’t figured out that the market has turned, or they DO know, but are looking for that one clueless idiot buyer who hasn’t figured it out yet. As much as I hate to say this, they often do find that buyer, especially if the market has only recently cooled.

Stay strong; your time will come. You want to be the one person buying when everybody else is running scared, not when everyone’s eager to buy. It might take some time, maybe years, but I think you’ll be happy that you waited until the right time to buy.

Out of curiosity, will you be having a large cash position, or will you be financing most of your purchase? This does affect whether it’s best to buy in a relatively low rate/high price environment, or a high rate/low price environment.

[scaredyclassic]

Don’t spend your life stuck in panel 8

[(former)FormerSanDiegan]

[quote=CA renter]
Out of curiosity, will you be having a large cash position, or will you be financing most of your purchase? This does affect whether it’s best to buy in a relatively low rate/high price environment, or a high rate/low price environment.[/quote]

You may not really ever have the choice as to whether you buy in a low rate/high price environment, or a high rate/low price environment.

About 6 or 7 years ago plenty of folks said they would wait for the high rate/low price environment to buy, because that would be better for their situation. Rates were supposed to go up, etc….
We haven’t had that environment for 15 years. One could spend your whole adult life or career waiting for that.

The only real choice you have is to buy in the current environment and either finance or use large amounts of cash (if you have the cash).

[FlyerInHi]

Former, actually it worked out better for those who waited for the bottom. They got low rates and low prices.

With that said, if all listing are on backup offers, the demand is pretty high.

I would buy if buying is cheaper than renting for the equivalent place.

But is both buy and rent are too expensive for what you want, then ask for a raise or move somewhere more affordable.

[CA renter]

[quote=6packscaredy]Don’t spend your life stuck in panel 8[/quote]

🙂

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