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It's sold? How can that be?

A phone call the other day illustrated to me once again how quickly
our real estate market here in Macomb County is changing.

The gentleman who called told me that he had been on my website
frequently and had his eye on a bank owned home that was on the
market. He said that he had been watching it weekly waiting for a
price drop before he would call me to ask to see the interior.

From the subject line of this article you can all guess what took place.

While I was on the phone with him I looked in the database and sure
enough the home not active anymore, but had an offer pending.

I could hear the disappointment in his voice.

The changes in our housing market is happening. It's real. I see signs that are subtle but very positive:

Homes are being priced with current market value in mind more often right from the start.
Much less "let's price it higher for a while and see.." is going on.
Bank owners are lowering their prices more often, and more aggressively.
Buyers are making offers on homes and having their offers accepted.
Private owners are making their homes more appealing to buyers and doing all they
can to have the desired result - their homes sold.

To avoid being disappointed because the home you had your eye on is sold before you had a chance to look at it, and offer to purchase it yourself, please keep in mind the following:

A buyers agent will work for you and keep an eye on the market (and specific homes) daily.

Take the time to make that initial "Get to know you" meeting with a real estate professional at
his/her office. Talk with him/her about your needs and your wants and desires. It will be well
worth your time. We don't bite. I promise.

Contact Kris Wales - A partner for your real estate needs in Macomb County MI

Search Macomb County MI homes for Sale with MLS provided data updated daily.

Want to chat about local real estate? Visit A Macomb County MI real estate blog

Posted by Kris Wales - Macomb County MI real estate blog & homes for sale search site on 02/28/2008 05:27 AM

Comments (23)

macomb county, real estate, homes for sale, foreclosures, bank owned, kris wales

This post has been included in Michigan Information Macomb County, MI Information

23 Comments on It's sold? How can that be?

FEB

2008

Kris this is what is suppose to happen! Glad to hear your market is one of the first to "GET IT!" We still struggle here in CENTRAL VA but it is better than it was. This shows there is hope for all of us. Heck if it can get better in Michigan it can get better anywhere! :-)

Kris, it happened to one of my team members on Friday, she told the agent she was writing on Monday, and to call. The agent said fine, nothing else going on. PB wrote and faxed it over, and the listing agent said, sorry my relo company already accepted an offer verbally.

Now we all Know relo companies don't work on the weekends. How would a relo company accept anyway without talking to the listing agent that they assigned this too. I smell a fish.

But, bottom lines I feel some movement.

Nannette: I felt sorry for the caller, but thrilled for "my" market area that these things are going on. Thanks!

Missy: I hate "verbal" acceptances or declines. They don't mean a darned thing except that it confuses the potential buyers who are told "All offers in writing...". Did your buyers agent ask that her offer be forwarded over to the relo company since they didn't have a binding (in writing) agreement?

I have had no less than THREE multiple offer situations on various REO properties in as many months.

Don't these darned customers understand that we are in a bad housing market? What's wrong with these people?

I have been called names by losing agents. Where is the decorum?

The market appears to be coming back with a vengence here in Minnesota. My web hits increased tenfold in mid-January ... ordinarily the DEADEST month of the year.

All that I can say is ... if you snooze, you lose.

Kris - That stinks for your buyer, but what a great sign for the market!

Scott: I'm seeing the same things (multiple offer situations). I actually like them for my buyers. A response from the lender is much quicker it seems, and they don't have to deal with back and forth counter offers. They put in their best offer and it's either accepted or not. Much less stress on them in my opinion.

I've been hearing from another agent in Minnesota (Teri Eckholm) that it is a quick moving market again for you. That's wonderful!

Decorum? Thankfully those who lack it are few and far in between.

Linda: He wasn't "my buyer" (yet). He didn't want to talk to an agent about buyers agency until the price went down on the home. Well, it went down, and was pending days later. He didn't have anyone watching things on a daily basis for him, or looking for other homes for him. I do feel badly for him. It can be an expensive lesson to learn if he ends up paying more $$ for another home.

Yes, she did. Because of the Pfizer relo's, they were accepting verbally because the pile on their desks were too much to handle. I had a verbal for 28 days before they signed and we couldn't do any inspections.

Missy: Geeez...28 days? Your buyers had patience. I had one instance in which we didn't get signed contracts back for almost 2 weeks, but I asked the listing agent to forward me an email stating that the offer had been accepted so that my buyers were comfy. I'm sorry your BA had that happen. A weekend verbal? That's a new one isn't it..

This has happened to me lately here in Georgia as well. I was even on my way to show a home one evening with a client, and the Listing agent calls and told me they just got a contract.

So what you are saying nicely is : Buyers if you snooze you lose!

Your Friend in Charlottesville!

Dwayne: Those calls are fun aren't they? Especially if it's "the one" that your buyers really wanted to see. It's happening more and more Dwayne, all over from what I'm hearing.

My friend in Charlottesville: That and it really behooves them to enlist the expertise of a buyers agent don't you think? Thanks Charles :-)

I have had some clients ask about houses they liked....sold. They just sit on the fence until it is too late.

Kris, I feel sorry for your buyer as well but if they found something they loved they should have put a bid on it. Having too much reliance and the news is truly making people lose out on wonderful properties.

Kris, I agree that the real estate market is changing. We have really been busy down here.

We've had some interesting scenaorios here too...one home that one of our agents wrote on had several offers on it. We haven't seen that type of activity for awhile. Sellers are definitely becoming more realistic overall.

We are seeing some of the same activity Kris. It shows that if you want a property you have to make an offer or it may belong to someone else! Nice update Kris. I like the buttons too!

FEB

2008

Kris, it' the old you snooze you lose thing coming back. As the weather warms up, the market will follow!

More good news from your area real estate market...that is really great! We are seeing more listings but not the upward trend in sales yet. I hope your market is an indication of things to come.

MAR

2008

Gary Waters:   I feel sorry for buyers when that happens. It's understandable with the media coverage about "waiting for the bottom..." but that is national coverage and reporting, not local reporting. Hopefully more potential buyers will pay attention to what is going on locally and take their guidance from that information and their real estate agents.

Carole: Exactly my point! (See my comment to Gary Waters above.) The local information is what needs to be reported more vigorously.

Michael:   I love to hear that other areas are busy again as well. Thank you!

Lola: That is such good news! You're right, it's been quite a while since we've seen multiple offer scenarios. Now it seems to be coming back - I like that.

Patricia:   The old "you snooze you lose" phrase did pop into my head :-)   I also agree with what you said about the weather. It has been such a lonnnnng winter here and I think that is what is holding buyers up for a bit.

Diane: We are seeing small subtle steps and that's a good thing!   Thanks so much Diane.

Kris, Why is this scenario becoming so common, or why is it so difficult for the consumer to believe us? in my County prices last year increased by 10% but the number of sales dropped by 42%. If you sold you were happy. If you bought you have a new home. I'll never understand the constant attempt to "time" the market.

MAR

2008

Andrew: My "off the top of my head" answer? The consumer daily is being bombarded with bad news about the real estate market. It's ingrained in their heads. The question they are asking themself is "How low will it go?" I can't blame them. Frankly, it's up to the rest of us (not in the media) to educate the people we encounter about the real happenings in our local area.

Your reply here is another good example. Your market area saw in increase in sales prices. However if people only listen to the national reporting they would think home sales prices were dropping in your area.

Timing the market is only natural I suppose when you are receiving your source of information from non-local sources.

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