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Has the real estate market improved? I'm asked this question daily, if not several times daily! It can easily be answered with "Dear Mr. Buyer, You Are NOT Alone!"
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18 Comments on Dear Mr. Buyer, You Are NOT Alone!
I have a few times where I've had multiples on REO properties, but we still have a big supply of Lake Sinclair homes.
Thom - Home buyers in our area are experiencing the same thing.
Wow that is a huge drop in inventory. And this is the case all over. My poor buyers are in multiple offer situations all the time.
"Due diligence time period, closing costs, financing or appraisal contingencies"
BINGO!!! There's far too much emphasis on the price. Often, a quick closing, no home inspection, etc. will seal the deal even for a lower price offer. However, making an offer with no appraisal contingency is risky unless a buyer has a LOT OF CASH.
The market has improved in many cities but buyers should talk to their agent and see the statistics and get comps before making an offer on a house.
Cindy: Driving me crazy. Especailly now that my buyers have said "there is nothing we like, so we'll just have to hang out." Oh great!
Tammy: REO, Short Sale or traditional sale....multiple bids on them all! Now mindy you, if in an area or something nobody really wants, there she will sit!
Michelle: Crazy. Just plain crazy.
Jane: Ah, but are you winning any of them? We chased 5, and part of the problem is cash, or my Buyer thinking he's going to get a "deal." The only deal he got was an empty hand.
Lenn: As I have quickly learned, it is not always price. One house we offered full price, but the agent said they took an offer with shorter due diligence. We only had 10 days on ours, 5 days is pushing to get an inspection, but we'll make it happen next time! And the appraisal contingency is one I would be very leary of removing...especially since I don't know, or have a relationship with his lender FROM OUT OF STATE! It's a BIG bank, but still, I've had problems with those kinds.
Gita: We've offered at list price, and have missed out. We've offered OVER list price and Missed out. The one they really, really wanted, they would not offer full price and we lost it to.....full price.
Sounds like a great market to be in for a Realtor or a seller. Maybe a little frustrating for a buyer, but with you guiding them I'm sure it will end happily.
It is a Seller's market and buyers need to be ready for a tough fight. It is best to work with an aggressive Realtor to close the deal.
I would be weary on having to have a home at all costs or paying to much over market. We just came out of that scenario remember?
I run into "highest and best" all of the time now. Our inventory is down so multiple offers are the new normal.
Yes, Thom, we're seeing multiple offer scenarios in Kansas City daily. The market has improved.
Glad to hear and see the market in Atlanta is improving. That's one thing I really like about AR is to see how markets are doing around the country.
Thom, multiple offers are not bad for the sellers. Sellers choosing the highest price is not always the answer. If it doesn't appraise they may have to accept a much lower price.
Thom, It seems like every market is experiencing the same things. Keep working as hard as you do for your buyers and sellers and they'll be happy that they're working with you!
Thom - There are so many other ways to compete other than just price, and it is competitive.
I think this is the result of very low interest rates that home owners don't wnat to walk away from. The same thing happend in 2004, and the result was overbuilding to take up the slack. It won't happen this time because they builders can't get enough money to do it. I think we should expect some serious price inflation in the next few years.
This is a great post about the local market place. Trying to get buyers to understand the inventory, and lack thereof, is important before going out shopping. You do a wonderful job of staying current with the local market and trends Thom.