Quirks of a Buyer’s Market
One of the more surprising things Buyer’s agents are hearing in today’s market is clients who say, “it’s too nice for us” (or at least, I’m hearing it).
What I think is happening is actually a couple things.
One, prices of bigger homes, in very nice neighborhoods, have now dropped enough that there really are some steals out there. And Buyers viewing these homes know it.
However, the home represents such a big step up for the Buyer, it would literally swallow all their existing furniture and not even burp.
So, the prospective Buyers have to factor in a small fortune to furnish and re-decorate the home.
That contemplated expense, plus the much higher mortgage payment and property tax bill they’ll be assuming, can be a deal-breaker.
“Our kids will trash it”
Another, more practical consideration is what their kids will do to an impeccably maintained, fine home (assuming it is).
I think there’s a legitimate debate about whether kids today have worse manners, or, their parents are both working so hard that they have less time to supervise them.
Regardless, my clients who have several, young kids want homes that they can “let their hair down” in.
Homes that are owned by down-sizing empty nesters, full of lots of fragile collectibles and fine art, make them nervous — really.
As objections go, that’s certainly a good one (“the location stinks” is tough).
However, I think it’s something for prospective Sellers — and their stagers — to consider.