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Friday, September 22, 2006

Slow Markets Hatch Aggressive Buying Tactics

Daily Real Estate News September 20, 2006
Slow Markets Hatch Aggressive Buying Tactics

In a red-hot housing market, home sellers boosted asking prices and made special demands of buyers. However, in markets with weakening home sales, buyers now have the upper hand. In addition to demanding reduced prices, buyers are requesting paid closing costs, new appliances, and home improvements before they will close the deal.

Some buyers are going so far as to ask sellers to pay off their credit cards, cover their commuting costs, or agree to rent out the home with the option to buy when their credit improves enough for them to obtain a mortgage. "They have to give buyers a reason to be interested, or else they will walk away," says Mark Goldberg of Bethesda, Md.-based Long & Foster, REALTORS®.

Source: Associated Press, Rachel Beck (09/18/06)


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