Home Buyers Are Losing Bargaining Power: 5 Things to Know

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Banks are holding back inventory and the offers we have made, even as much as 10% more than the list price haven't been enough. Listings in our area are receiving 30 and even 40 offers. The
list price means nothing - we have to add at least 15% to even be in the ball park. We've tried to buy a home within the December 1st deadline but I don't think we're going to make it. The banks are manipulating an artificial selling price, once again, and the list prices are increasing steadily. By the time one eliminates short sales, contingencies, sales pending and those areas with the chain link fences and cars parked on what was once lawn, there is a choice of maybe three or four decent houses in decent neighborhoods a week, and a barage of people making offers. Don't even get me started on short sales. Again the banks are acting without any checks and balances. We have had an offer on a short sale for five months and when trying to obtain a time line we have be out and out lied to by Freddy Mac, a number of times, and have no idea how much longer it may take. The powers that be have no concern at all that they are dealing with our life. They'll manage to get to us eventually if we don't pull the offer first to buy another house. So much for the government regulators - is this an example of how health care will be run??

Shelagh Barker of CA 8:15PM October 14, 2009

I think housing prices are inflating in southern CA now. Our real estate agent advise that each offer needs to be 10 to 20% more just to get "considered". I felt like we are going through the time where prices were before the market crash. I'd rather pass the 8000 credit to get a more realistic price.

frustrated of CA 12:51AM September 22, 2009

And yet, people are still not getting job's and being foreclosed on everyday out here. The banks are getting A stock pile of houses and We are getting the boot. I don't think this short fixes are going to help in the long run. "We the people" want to earn our way but we cant if we cant get a JOB to do so and if everything on the shelf at the stores are made in another country how the h...e double tooth pick are we going to !DO IT?!

PamIam of IN 12:36PM September 14, 2009

I made some offers in the last few weeks. Every offer I made is about 5-10% above listing price. This is in San Jose area. Seems the housing price is heating up once again. I heard agent said the government/banks want to release small amount of houses to the market so price can go up. And I believe this is a market be manipulated.

eric chen of CA 3:01AM September 12, 2009

i find it hilarious when i here this recession is over and housing has bottomed .they have been saying this for a couple years now . its the same fools that said it would never happened to begin with ! only a fool would believe these lies being told now ! its far from over ! housing prices WILL continue to fall despite what the obama man and government try to do !they are only making it worse and prolonging this housing crash and recession ! guaranteed 25-50% more depending on the areas ! especially in california !its time for people to take off their rose tinted glasses and start thinking for themselves ! the NAR,CNBC, JIM CRAMER CRAP is exactly that ! CRAP ! they are the biggest lieing losers of them all !only a fool would believe them now !

jc of CA 8:15PM September 11, 2009

but I'll bet there are a bunch of them who would argue that "big government is bad" EVEN as another article here at USNWR recently pointed out that 95% of the residential mortgage money is coming out of government---without which, the selling prices would be going through the floor.

Muser of NM 4:50PM September 10, 2009