Mexican standoff, a term often used to describe a stalemate or impasse in which no party can act in a way that ensures victory, is an appropriate term to describe the situation between buyers and sellers in our current Huntsville Real Estate market.
Many sellers are holding on to the dreams of 2005-2006 and asking for peak market prices, while buyers want foreclosure prices on every property regardless of condition and many want to wait until prices to come down even further trying to pick a bottom in the local market.
Sellers you are going to have to be creative and flexible in your pricing if you want to move your home in a timely manner. As we have been advising sellers for some time now, if you don’t have to or need to sell your home in the next year …you should wait, as there is plenty of inventory on the market in most price ranges.
Buyers, it’s your market at the moment and if your family needs a home, realize it is more than an investment …so play the game, test the waters, do your home work, and make an offer. The worst that can happen is that the seller says, “No deal”! There is a saying you hear often around our house, “If a seller takes the first offer, we’ve have offered too much”!