Thats the quickest way to answer it without going into to much detail.
They must be ready to buy a home - some buyers are waiting for prices to fall further.
They must be willing to buy your house - this is as intangible how one picks one's mate.
They must be able - They must have the money or be able to get it.
Mortgage companies have lowered interest rates but raised requirements so there are fewer able buyers. This means there are fewer buyers looking than homes which are for sale. That makes it a soft market.
At my company we can get buyers with less than perfect credit 105% financing even in this market. This makes buyers more able to buy your home. Further we attract more buyers as we rebate 20% of our buyer's agent commission to them for closing costs.
Next of course the buyers must be able to find your home on the market. Our 201 step markeitng program and the 93 different venues in which we advertise your property makes your home stand out from the clutter. Plus we provide a risk free guarantee. Done't like what we are doing? Fire Us.
Please call me at 323.230.9775 to discuss your situation or email me at email@example.com
Maya Swamy, Broker, List! Buy! Save
I thought you might be interested in this blog post from the real estate section of the Mercury News here in San Jose. It talks about how lenders are "grading" areas and changing loan to value ratios frequently.
One of the best examples I have seen on how to explain "soft market' and underwriting changes.
It sounds like you are referring to a conversation with your lender. By "soft market" they may mean that because many borrowers are defaulting on their mortgages they lender would like to see a larger down payment.
Depending on your credit score and other financial liabilities a bank may only have you qualify for certain loan programs, some of which have different down payment requirements than others.