It’s true that some of us have short memories, but it seems none shorter than those people selling their homes. It’s been a sellers’ market in Hawaii for the last seven years and people have been really turning the screws tighter and tighter on buyers.
No doubt the buyer has been beaten up. Can’t offer over asking price? Then I guess you aren’t getting the house. Can’t come up with extra cash to cover the gap in appraisal versus purchase price? Then I guess you are out of luck. The seller won’t fix a thing when it comes to inspection? Well, I guess that’s going to be your dime and responsibility. We feel for buyers and what they have to go through in recent times just to have a place called home.
However, the seller is quick to point out that just eight short years ago they were on the short end of the stick. All the control hand swung so far on the buyers’ side that the seller was the one getting beat to a pulp. Low ball offers, hundreds of thousands of dollars below asking price. Sellers were forced to repair everything in the house to make it new when buyers finished their inspection objection. Terminating deals at a whim when the buyer did not get what they wanted when they wanted it. Appraisals coming in lower than the purchase price and sellers being forced to drop their price even further, many times just to avoid a short sale or foreclosure.
Yep, it all happened eight years ago and the opposite has been happening for the last seven years. A big word of caution here…this is a very dangerous gameplay and one that will come back and bite you. I know what you are saying, “but Dan, that’s the market and we’re just following the market!” True and I agree but there is a way to do it that doesn’t beat up the other party and make it a win at all costs. One of the things we do here at The Hawaii Team whether we are working with the buyer or the seller is making it a win-win for both parties. There is such a thing as fair compromise, unfortunately many, including agents, have forgotten what that means.
There can be a civil compromise to an appraisal that comes at below purchase price. There can be two parties acting reasonably and in good faith to resolve inspection issues and there can be a good deal without greed. If you want to know what that looks like, I invite you to speak with us at The Hawaii Team. Our clients love us because we are a different kind of real estate professional.
If you would like to speak with us about buying, selling. or investing in real estate, please contact us at team@thehawaiiteam.com or 808-913-0899.
Dan Polimino is a Broker/Owner with The Hawaii Team, Keller Williams Realty Maui LLC. Contact The Hawaii Team at 808-913-0899, team@thehawaiiteam.com, coloradodreamhouse.com
