I've had the unfortunate experience lately of having to explain to many of my clients that they would have to pay the full asking price in order to buy the home they were looking at. We find ourselves in strange territory at the moment. Numbers and statistics indicate that we are in the heart of a buyer's market, but reality tells a far different tale.
THE LAST 8 OFFERS I HAVE WRITTEN WITH MY BUYER CLIENTS HAVE FOUND THEMSELVES COMPETING WITH MULTIPLE OFFERS!
What is this all about? Basically it boils down to quality. We have a false sense of over-supply right now in the market due to bank owned properties, short sales and, for lack of a better term, DOGS! It seems that an overwhelming majority of the homes currently available are just plain UGLY or at least in need of some kind of visibly obvious repair. You know the type of home I'm talking about, they sit on the market for countless days and undergo multiple price reductions only to get a still lower offer.
The flip side of this is much different and I think a better indicator of the true health of the real estate market (at least locally). Homes that are well kept, presented in a way that is inviting to buyers, and priced within reason are typically selling VERY quickly and for TOP DOLLAR!
As an agent you can usually pick these listings out fairly easily. You walk in these homes and just know that they will not be available by the time the weekend is over. But HOW do you convice your clients, who are so influenced by the negative picture being painted by the media, that it is still OK to pay full asking price for a nice home?
Comments(4)