Once upon a time,
buyers would look and look until they found a house they loved. Then they'd make an offer on it, and usually we'd negotiate to a contract. That was then.
It's not uncommon today for buyers to look and look, and then say, "OK, after this weekend we're ready to start making offers. This generally means
- they're not fixed on just one house;
- home love isn't the motivating factor;
- their offers are probably going to be low;
- they're probably going to make offers until one of them is accepted.
Are these buyers predatory? Probably not. Most likely they're concerned about what they see in the media, concerned about protecting their equity in an uncertain housing market, and concerned about making a prudent investment. They're willing to spend time waiting for the right accepted offer.
What does this mean for sellers? It means they should think long and hard about whether they want to sell now and proceed with their next goal in life ... or wait. And often waiting means watching the market erode.
Just yesterday I had sellers ask me if a buyer who made an offer six months ago, when their home was new on the market, would still be willing to buy at that price. Sadly, no. They had bought another house in the neighborhood for $100,000 less than they offered on this one.
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