When Buyers Get Annoyed With How the Market is Moving . . . They Don't
Right now, there is a very strong sellers' market in my local area. As much as it pains me to say it.
But, this too shall pass.
I've been in the business too long and know the one constant to the many variables: markets DO CHANGE.
The continuation of a hot market makes buyers want to do one thing:
COOL OFF
Buyers grow increasingly weary of:
- Listing agents and their "coming soon" signs. Let's face it, that's a pocket listing and the "coming soon" rider is meant to get the listing agents' phone to ring . . . with the double dip setting turned on. Buyers are cooling off thinking the listing agent is working in their best interests.
- Offers made being used by listing agents to "bring in your highest and best" -- in other words bump it up. Many buyers having cooled off on the biddig wars.
- Not working on a first come / first serve basis. Buyers write up an offer and submit, only to have it WAIT for five days and "presented" when the listing agent has amassed multiple offers. Buyer are a fickle bunch. "Nope, your offer was beat out by someone else," is cooling off many buyers!
I hear about the horror stories from buyers directly.
And when buyers aren't really happy with the way things are moving . . . they don't.
This is an example of how the real estate market changes.
Another segment in the ongoing saga of "How the Market Turns" is the episode when the jilted buyer cools off so quickly, interest rates will rise, hoping that will spur the buying passion again.
Rising interest rates tend to curtail the quick paced escalation in housing prices, as well.
If the market doesn't self-correct by buyers not moving . . . the interest rates will! And it will be on the up beat.
Comments(16)