O Yeah indeed. In every market there are sellers desperate to sell. In a rising market they don’t have to wait too long. In a falling market they do. As you pointed out earlier Katy most properties are now having to wait for 2-3 years to sell mainly because they were over priced.
Therefore if someone wants to sell in a hurry – and some do – then they will need to reduce their prices below others that are selling. However when the market is bad as it is now, then they need to reduce their prices even lower because more people are trying to sell.
There are people in circumstances whereby they have to sell. One person I came across had a heart attack and would have almost given his house away to go back to the UK. He was willing to sell it at half the advertised price (which wasn’t actually a bad price even then)
Don’t believe me then a simple acid test. Put an ad in the Sur simply stating you have cash waiting for the right property and when someone calls you and gives you a price tell them you would offer half. I would be willing to bet that a couple will get back to you and say yes. Certainly in this area they do.
Also you will normally find that professional investors / ie those that research and do their homework well) will never buy in a rising market and tend to wait until the market reaches bottom or put ridiculously low offers in. If you offer 100 people silly offers, one of them will accept. As I said in my previous post, the low hanging fruit no longer is available so you have to dig to find your buyers, but whether you like to believe it or not, buyers are out there, they are just more clued up on the market, less willing to accept crap and certainly unwilling to pay over inflated prices. Therefore an owner that is willing to come down to meet them will sell.
So yes … Oh Yeah