Overland Park KS Homes for sale & Johnson County Real Estate Blog: It's a stalemate, who will win in the Seller vs Buyer tug of war?

The year was 2005 and all a seller had to do was put a sign in the front yard and it was gone. That year marked the highest sales level for homes ever. While 2006 wasn't at gang buster pace like 2005, sales were pretty strong until about August. After August we started to see our first real slowing of the market since late 2001. But what happened at the beginning of 2007 is happening again right now. Seller's weren't willing to face the fact that their home value was falling and they dug their heels in deep and refused to lower their prices. Well a funny thing happened, the buyers who just a year or so prior that were willing to pay anything just to get any home under contract before getting outbid dug their heels in also. What we had was an old fashion stalemate.

Well we are seeing it again, seller's either unwilling or unable to lower their asking prices are digging their heels in deep and are preparing for the long haul. They seem less worried about days on the market and buyer perception than ever before. Many are prepared to wait it out for a higher sales price or take their home off the market and re-list in the spring.

While the sellers are settling in for what could be a cold dark winter for homes sales, buyers seem to be completely unfazed. Looking for a great deal, they are waiting to see what the elections and economy might bring. They are not worried about losing properties to other buyers because their are 3 more houses just like that one still available. In their mind the market can only get better for them. More foreclosures? Great, that should mean lower prices. Interest Rate, those things aren't going up until somebody around here get's a job. Why do I need to buy a house right now? Anyone, please.

So who will win this tug of war? Right now I looks like the buyers have the tightest grip on the rope. They feel like they don't have much to lose by waiting. But if you are a seller and a buyer you will probably be the biggest winner. While your house might sell for a little less than you anticipated, you could reap a big reward in your replacement home. You know it is simple math. The bigger they are, the harder they fall or should I say the higher the price the bigger the potential discount.