Survey shows sellers have the upper hand in tight market
Homebuyers are willing to accept many compromises due to the low supply of available homes; even being spied on.
A survey by Harris Poll for Nerdwallet.com found that 67% of sellers said if they had surveillance cameras installed for security purposes they would be prepared to use them to keep track of buyers touring their home.
But the good news for sellers is that most (75%) buyers said they are ok with being spied on; just 25% said it would make them lose interest in a home.
In fact, 90% of respondents thought that having cameras operating during home tours was a good thing for reasons including protecting personal belongings (72%) and seeing potential buyers’ reactions to the home (48%).
Real estate agents don’t get out of this either as 41% said that it would be a good idea to use surveillance cameras to keep a check on Realtors/agents selling the home.
Cameras are the least of the compromises|
Being spied on may be ok for buyers, but the survey highlights the power that sellers have in the current market.
Asking for higher earnest deposits that would not be returned even if the buyer walks away, is becoming more common.
So too requiring "love letters", personalized offer letters from interested buyers who are trying to convenience a seller why their offer should stand out (these often times include family photos and other details).
Seeking cash buyers and leaving out contingencies to better protect buyers are also on the increase.
“In this strong seller’s market, sellers are drunk with power,” says Holden Lewis, NerdWallet’s home expert. “They know in this competitive landscape they can force buyers to flatter them and give up protective contingencies. It happens when a house attracts multiple offers and buyers have to stand out from the crowd.”