The housing recovery has “transformed the mind-set of many buyers and sellers who grew accustomed to the buyers’ market we saw for years,” says Bimbo Oyadiran, CEO of Century 21. "Buyer confidence is building back up and demand is getting stronger... sellers are now in a more favorable position."
Eight-five percent of 365 home buyers recently surveyed by the real estate brokerage said they are willing to make compromises when buying a home in order to get a transaction complete.
Tighter inventories of for-sale homes have prompted more buyers to get less picky and to realize that they'll face competing offers when trying to purchase a home.
The Century 21 survey found that 42 percent of home buyers surveyed said they’ve submitted an offer on a home in the past six months but only 11 percent of their offers have been accepted.
Home shoppers are realizing they may need to have to compromise more in order to get the house they want. For example, more than half of the buyers surveyed said they’d be flexible on the closing date, and 31 percent said they’d purchase a home “as-is.” Twenty-nine percent said they’d be willing to offer up more cash than they originally planned to in order to close on a good deal.
Home buyers also say they’re willing to budge on their wish lists. The items they’re most willing to give up: bedrooms all ensuite, a pantry/kitchen store, and an updated kitchen or walk-in closets, according to the survey.
A home buyer does not want to be caught off guard in a seller's market. It's one of the reasons that the most important thing a home buyer can do is trust his or her real estate agent to advise on market conditions. If it is a seller's market, it could very difficult, if not almost impossible, to buy the first home a buyer wants to buy.
Because home buyers generally have very little interest in the real estate market when they are not buying a home, they don't always know how the market moves from one season to another, much less from month to month. It is often uncomfortable for a buyer to be told the market is a seller's market when the buyer may believe otherwise -- especially a buyer who is trying to buy in a down real estate market.
Markets can change almost overnight. When the market changes to a seller's market, a buyer's home buying strategy needs to change with it. In a seller's market, a home buyer is unlikely to be successful using the same techniques practiced in a buyer's market.
What is your take on the present trend in the Real Estate Industry in Nigeria; Sellers or Buyers market?
Eniola Ogungbola
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