Keeping It Real in a Buyer's Market - What Buyer's Market????
This is a good post from Loreean Yeo and thought I would share it with you, in case you are not following her.
In real estate, we call a Buyer's market when there are too many homes for sale than buyers. The news media paint the doom and gloom markets all over the country and speak very much in generalization. The public watches the news and believe what they hear.
However, as we have always said, Real Estate is LOCAL. One state differs from another. One city. One neighborhood. One set of price range too. No doubt that under $300K here in the greater Frisco TX area are selling like HOT CAKES.
But the buyers are hearing that the economy is bad, and the houses are going into foreclosures. Buyers want to take advantage of these "attractive" pricing. They play How Low You Will Go with the Seller and they act as if they are doing a favor for the Seller for buying their house.
In my experience, I have never got involved in as many multiple offer negotiations as I have been since 2003. In fact, I'm getting pretty good at it (fighting multiple offers for buyers and writing back up contracts). It's almost something I always prepare my buyers for. The "talk" about multiple offer situations. Some who may not believe me finds it surprising. They will soon find out the hard way.
With our local economy, my buyers are learning the real truth about the housing market in the area: Don't play a fool about the house you like - especially it is packed with emotions to house your family. Whenever you didn't put your best foot forward, and rather test how low the Seller will go, you may lose the house you really like.
But please don't take my word for it.
Read the comments below by real estate professionals ALL over the country on a Facebook status I followed over the weekend (mid-September 2009):
Brian Block of Northern VA & D.C. Real Estate - Is it 2009 or 2004? 3 good offers in 48 hours on a house I have for sale!
Rich Jacobson of Kitsap County Washington Real Estate - just had two come in on one of my listings...it's karma!
Chris & Stephanie Somers of Philadelphia Real Estate - Starting to happen more ! Same thing happened to us on a listing we had 2 weeks ago. It was great ! And the seller is very happy !!
Russ Ravary of Michigan Homes for Sale just wrote this hot off the press post about how busy this real estate market it.
A buyer for my listing had 3 offers to choose from in the 2nd week of listing.
A listing of mine had multiple offers in 12 days, and sold for more than asking price.
Another listing of mine sold for more than the Seller's expectation - quoted as per Seller.
BOTTOM LINE PEOPLE! It's happening even in a Buyer's market. What Buyer's Market???
If you are a real estate professional, please share your Good news here. I really do want to open the minds of Buyers the realities of losing the house you love.
So, keeping it real in a Buyer's market - Where's the Buyer's market?
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Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.comSuper-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.
Copyright © 2009 by Loreena Yeo (3:16 team REALTY).
Keeping It Real in a Buyer's Market - What Buyer's Market????
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