The Beginning Of The Shift Of Leverage Between Buyers and Sellers in Westport, CT

It’s interesting being on the inside of the real estate market. After 28 years in real estate, I still find it fascinating to look at the day-to-day patterns in an successful real estate office. In 2007, we started to see an increase of listings and mild buyer resistence. Sellers were pushing the upper end of the range for their listings and buyers were showing signs on weariness in overpaying. We starting focusing on making sure our listings were priced in the bottom 25% of the comparables. Since buyers search from the bottom up, it increased the odds of reaching buyers. Buyers began talking about the investment side of the transaction versus the emotional side of buying a home. The word “value” was repeated over and over again by our buyers. All of this resistance contributed to an overall increase in “days on market” or DOM. DOM is a great indicator of the pricing “disagreement” between buyers and sellers, and the gap was widening.
All of this was a new twist for sellers, who for the most part, had the leverage for many years. Many sellers were in shock and some were in denial. They were certain that this “strange” buyer behavior was short-lived, But, buyers had other plans. They began to apply the brakes. The shift was ON.
Check back for more insight on the shift in leverage, and what we call “The Price War and Beauty Contest”. If you were at buyer in 2007-2008, I would love to know what you personally experienced.

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