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If It Is A Buyers' Market Why Do They Have To Compete With Other Offers?

Once again I have write an offer for my great buyers!

They are 1st Time Home Buyers with 10% and ready to be flexible with settlement date. I met them the weekend before Christmas and the day after Christmas we saw 9 Homes. The 1st day showed them what was really out there. They found a home and we put an offer in that weekend. The Sellers just rejected and my buyers felt if that the sellers were willing to negotiate then they weren't either (at this time.)

We found another home which was actually much better than the first home. We put in an offer and the listing agent gets 2 offers. This property just has a $10,000 price reduction after she had the property on the market of about 75 days. The property was listed before for about 280 days with another broker. We put our best offer in and find out that the Seller owes to much on the property and can't take either offer and needs to raise the price back up! The Listing Agent was a little mad since she did her job by bring 2 offers!

A few weeks go by and we are back on the real estate trail! Found a wonderful home in a great location with a great price tag on the market of 8 Days! Guess What? There is another offer. So we put our best offer together and I dropped it off last night! I met with the listing agent and she is very excited!

My Buyers do not believe it is a buyers market because they haven't gotten what they wanted yet.

The Moral Of This Blog:

PRICE YOUR HOME TO SELL FOR THE CONDITION & OFFERS WILL COME!

THE MARKET IS NOT AS BAD AS SOME ARE SAYING IT IS ... LOCATION IS THE KEY!

Posted by Marcie Purcell on 02/04/2008 09:25 AM

Comments (6)

marcie purcell, 1st time home buying, sellers, bucks county, quakertown, pricing your home

6 Comments on If It Is A Buyers' Market Why Do They Have To Compete With Other Offers?

I have this situation with buyers I am working with now. They have had this happen to them THREE times so far and they are so disappointed.

It does come down to the homes being priced right for condition! They will sell, sell, sell.....

02/04/2008 09:49 AM

by Angela Reed (Harbor Lights Realty, Inc.)

They saying goes : Location, Location, Location.... I want to amended to say : Location, Price, Condition

The market is NOT as bad everywhere as "they" (who are they? the media I think) want us to believe.

We will reach the "Bottom" of the market as soon as people think we have - or until they are all competing for a "Deal".

Good luck on your offer!!

02/04/2008 09:56 AM

by James Downing - REALTOR® - Washington DC Real Estate (Coldwell Banker Residential Brokerage)

Very good post, Marcie! I've been watching closely and this seems to be happening more and more. The tide can turn in the blink of an eye. Time to start getting ready for it!

02/04/2008 10:18 AM

by Jen Vollmer (Long & Foster REALTORS)

I agree with everything you said. The market is not as bad as the press says. I am keeping my fingers crossed that you will be able to close this one!!!

02/04/2008 12:19 PM

by Linda Tremblay, Bucks County Real Estate (Long & Foster Real Estate, Inc, PA License #AB065488)

Yep, it's happening to me too and we have a huge amount of inventory!?! I agree with Linda, it's not as bad as the press is making out to be.

02/14/2008 09:26 PM

by Amy Gerrish, Arizona Realtor (HomeSmart Real Estate)

I think about 75% of our inventory is unsellable either due to condition and/or price. The "Real" inventory is the other 25% and yes, there's competition!

02/18/2008 02:00 PM

by Tina Merritt - Virginia Beach Real Estate (Long & Foster Oceanfront - Virginia Tech Hokie)

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