From today’s Globe:
Michael Murgia expected to encounter desperate sellers in his search for a new home. He’s in the process of buying a house in Tewksbury for around $5,000 less than the initial asking price, but Murgia had hoped he could bargain the price down even further after some issues came up during the inspection.
“When I went to renegotiate . . . they wouldn’t budge at all,” Murgia said.
Indeed, only now, months into a soft market, are home sellers finally beginning to concede on prices — but only so much.
“I realize this is a buyers’ market, but it’s not a seller’s suicide market,” said Georgi May, a realtor based in Lowell.
[B]uyers who assume they can automatically knock thousands off the price should be prepared to not even receive a response. Georgi Mueller, a realtor with ERA Morrison in Westford, suggested trying to build a rapport with the seller’s agent to get a sense of where they’re coming from.
Meanwhile, a seller who cut the price on a house while it sat on the market may be more willing to negotiate, while sellers who stuck to their original price despite months of inactivity may be less likely to want to deal, or are not in a hurry to sell.
Complete story: Standoff in a soft housing market – By Emily Shartin, The Boston Globe