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Mid-Cape Real Estate 2008, Part 1: "The stand off"

This "changing" Cape Cod real estate market (or DYNAMIC, as Peter likes to call it) offers a new set of challenges to Realtors. Our recent favorite is the tendency among buyers and sellers alike to "hold firm" to their terms and not give in on any deal points.

It being a well-publicized "buyers market", said buyers are feeling that they have plenty of choices out there and thus are less likely to fall in love with any one property.  Rather, when they find one they like they make a "take it or leave it" offer, and move on to the next property if it is not accepted.

On the Seller's side, particularly the ones who have listened to their real estate professional and priced their home to reflect current market conditions, they feel they have offered their property at a fair price and certainly don't want to "give it away!"

The New York Times recently published an excellent article on this very topic. In a previous market, prospective buyers would write love letters to Sellers, putting forth their positions on why the Seller should sell their wonderful property to them. Although I don't think this practice ever caught on here on the Cape, it was an interesting strategy.  The NYT article offers a new take on this practice,  including fictitious letters written by buyers to sellers and vice verse reflecting the current market conditions.

As professional realtors, we understand both positions very well.  Rather than feeling trapped in the middle of these stand offs, we use our well-honed negotating skills to bring both parties to a point of agreement.  We call it "The Lomenzo Edge" and it often makes the difference between a closed transaction and a continued stand off, which ends up benefiting no one.


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