You Missed Your Chance to Steal!

Great to hear.  However in our area, although prices aren't dropping, it is a very slow climb upwards, but at least it is changing for the better. As for multiple offers, it has been so long, I've forgotten what they are!!!!!!!!!

Some people just don't understand what the market is doing right now.  Those buyers would have been better served if they were working an agent so that they could move from home buyers to home owners.

Even where the inventory is high, coming in at 25% less than asking is still not going to allow a steal of a house. High inventory means the sellers price to the market, not the buyer's wish list

Hi Tom:

My market is at its bottom now.  Naturally, buyer prospects are still making offers that are 10-30% below current asking prices and/or they are expecting perfection.  We're beginning to see missed opportunities among those who are still convinced that there is another level below the current floor. When does the switch flip in their brains that there is a new market dynamic in play?  I haven't yet found the right persuasive words.

Tom...

Prices are still great, and interest rates are super. While the bottom has long since passed this is still a great time to buy!

Same thing here Tom.  It is NOT a buyer's market anymore.  By the time people realize this, it probably will be again.  :)  

Here in Palm Springs California it is no longer a buyers market.  It's still the smart buyers market, but definitely not a "buyers market"  inventory is low buyer numbers are high.  Good blog!

Tom, this buyer and agent didn't get the memo that it is now a sellers market. The fence sitters need to get off and do something if they want to purchase. As you stated, interest rates are low and so is the inventory.

Finding something is most of the battle...Getting it requires focus and determination. Cutting the price is the least skillful maneuver one can play....Theres the boat and theres the ocean, but not everyone can sail...is what we learn

It is going to be tough for buyers to wrap their brain around this.  I can show buyers the information in black and white how 2011 & 2012 in some subdivisions show an increase of 1 to 2%.  They look at me with blank stares on their face and I know they are thinking somehow I made this up.

You're absolutely right, the tide has turned. We have seen prices rise here in Northern Virginia and now battling low inventory. 

Clients don't realize that the market can change very quickly, and also that looking a houses just a few miles down the road can make an immense difference in price and availability.  Our "deals" sold out last spring and it's been very tight ever since.    

Any window shoppers are going to spend a lot of time looking at "SOLD" notices because they aren't ready to make their move.  Any good house will sell quickly here.  Even the ones with a few scuffs and dents are priced much higher than last year.

Buyers are going to have to buy their own carpet and paint this year.

Many buyers still hold this mindset but once they spend more time looking and lowballing they come to the realization that it is no longer the buyers market they envisioned - they may be back! Regards Dave

Many buyers still think they can do this. As their Real Estate agent I spend a good deal of time showing and eduating them that this is no longer happening.

Tom, that is crazy to think they could offer so low!  Yes, they may have missed their 'ideal' price to buy, however, with the low rates... they would be stealing!

I feel sorry for their agent, who has the honor of taking low-ballers to view property that will never amount to an offer and a closed deal.  I sold some new construstion in Fall.  They are now selling at about $15,000 more!

Tom -- not sure which rock they were hiding under.  But as Christina (#21) points out, with the low rates today, they are still getting a steal. 

Prices are still great, and interest rates are still historically low!  Get those buyers out there to buy!

Man that's the truth! It's not the season of the "Steal" but you can still get a "Deal" but probably not for much longer!

I supppose it doesn't hurt to try right. it is all in the numbers and it is good for you that you can turn them away