So Why Can’t My Buyers Buy a House?

When looking at the number of listings posted on Garden State Multiple Listing Service for Morris, Union & Somerset counties since September 1, 2008, 534 properties have been pulled off the market or expired.  They have failed the market.

Since listed in September, there are a total of 4260 active units, 511 under contract and 339 that have sold.  So why can’t my buyers buy a house?

My clients have taken my advice and have seen upwards of 70 homes in various towns; they have done their homework, are comfortable with the process and know the limitations of their buying power.  Last week, we put in a 80% offer on a house that have been on the market for 230 days without a price change, with a 30-day closing.  The sellers came back expecting their listing price from May 2008 in December 2008.  Throughout the real estate community, we are hearing the same story over and over; many sellers do not want to have a dialogue with buyers.  So when looking at the numbers listed below, you should know they could be better if a few sellers were not living in the past!