I have been in the business since 2003 at that time homes were selling at a top dollar and buyers couldn't make an offer fast enough to win the deal. Now the market has shifted to a bottom dollars and buyers are still not making the offers fast enough to win the deal. So what does that tell you;.... The market is what you make of it. There is a deal to make at any range of the market value, but you need to make the right and sound deal that is best for you. For the most part the market is predictable but you have to keep a close eye on it and whether you are a first time home buyer, a veteran buyer or investor, you can get what you want when the right home comes your way.
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland
There will always be a huge number of buyers who don't move fast enough to compete for a home they should have been quicker to try to buy. If it's a good house and a buyer wants it, there will often be another buyer who likes the property, wants it and started to think about it a day or two earlier than your buyer.
Whenever I have a buyer that sees and falls for a home and then want to "think about it overnight" I just hope that the home will go under contract before that buyer decides to get off the pot.
Once that has happened, it cures them of their procrastination.
Jun 07, 2009 10:18 PM
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team
Great post - I have had several incidents like this in the last few weeks --- I tell my clients --- You snooze --- You lose! Thanks for sharing!
Jun 07, 2009 11:08 PM
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally
The buyers are all waiting for the next better deal to come along and ignoring the reality that the home they just liked is already a better deal than the desires they had when they first got into the market. If you snooze, then you lose!
Jun 08, 2009 03:07 AM
Exit Realty Consultants - Modesto, CA
"Let's find your Dream Home and make it Reality!"
Thank you for your feedback Lenn! Most of the time the issue is not taking their time, the one we are having trouble with is fighting against multiple offers and for the most part the cash offers are the winning ones. In our area we have many first time buyers and FHA seems to be the preferred loan of choice for the buyers. With 3.5% down most every buyer qualifies for it.
Jun 08, 2009 06:49 AM
Exit Realty Consultants - Modesto, CA
"Let's find your Dream Home and make it Reality!"
You are most welcome Norma!
Yes I always advise my clients to choose wisely and while making the decision, timing is always of a great importance.
Jun 08, 2009 06:52 AM
Exit Realty Consultants - Modesto, CA
"Let's find your Dream Home and make it Reality!"
Ed, thank you for the feedback.
I always tell them the best deal is the one that is most available to them. We do not always foresee when the market is shifting till we are few days or weeks behind. We are always available to advise but they ultimately are making the final decision.
Jun 08, 2009 06:58 AM
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland
Our buyers are losing bids to investment cash buyers, no inspections, etc. every single day.
Even when the buyer understands that they must go over list, they want to add a couple of hundred dollars. Of course, the investment cash buyer is writing at $10,000 over and gets the contract.
Jun 08, 2009 10:39 AM
Exit Realty Consultants - Modesto, CA
"Let's find your Dream Home and make it Reality!"
I hear you. I once had $28K over asking price and still lost to $2000 more than our offer.
You don't know what teh bank will accept and other times they are depending on the listing agent to let them know which offer is the best and they will take it.
Jun 08, 2009 10:49 AM
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