Special offer

You Say The Frisco TX Homes Market Is Down, I Say Multiple Offers

By
Real Estate Broker/Owner with 3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co. #9001154

Yes, this is what I am declaring - on the transactions that I have been on lately whether it is on the listing side or the buying side, it seems that I have been working doubly or triply hard because of multiple offer situations. Important to add: these are not bank-foreclosure properties.

If a property is priced correctly, it is really "market-proof". Buyers recognize that and they will come! Whether we have a good economy or a challenging economy, the fact remains that people will continue to live in houses. No surprises there. People will continue to buy houses even though what I have seen lately are "buys" in their comfort zone instead of going out on a limb to get the one step-up, push-my-limit house. I like this much better. I can sleep peaceful at night.

I need to "massage" several deals to make them work but they are a good kind of work. I am learning a whole new game of negotiations (multiple offer situations: my client is better than yours). So, I am not letting the news pre-determine how my market (the Frisco TX real estate and greater Dallas metroplex areas) is doing. In fact, I don't have time to watch the news. Everything is too depressing while I choose to end the year strong. If you need a little inspiration, read What's Your Plan B?

I'm not a "paint-a-pretty-picture" type of person. I say it like it is. No doubt that the mortgage industry is cleaning up their acts about qualifying. In fact, they should have done this to begin with. But I am dealing (on both sides) with good credit buyers with good down payment sizes.

So, who says that the world is coming to an end? Who says that we are in a recession? Not in my multiple offer situations for sure!

Key Note: Pricing is important and no, you don't have to "give away" your house in order to receive multiple offers. If you live in the greater Dallas metroplex area, let me show you how (shameless plug for me).

 

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I proudly serve and sell real estate in the northern suburb cities of the Dallas metroplex. If you are thinking about purchasing or selling your home in neighborhoods of Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area and other surrounding areas and more importantly, want to work with a local area expert, contact me immediately.

It is a competitive market, hence it is important that you choose to work with the realtor who knows these communities like none other. I employ a systematic market approach in selling your home - an intentionally unique proposal that most real estate agents do not use. If you care to be on your way to a successful closing, contact me immediately to see how different my proposition will be.

Contact:
Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY 
(214) 783-2210       
loreena@loreenayeo.com

Copyright © 2008 by Loreena Yeo (3:16 team REALTY). You Say The Market Is Down, I Say Multiple Offers.

Comments (19)

Pat Tasker
Shorewest Realtors - Germantown, WI
Your Milwaukee Metro Area Agent (WI)

It doesnt seem fair...if there are 3 offers, why cant they be on 3 different listings we have!

Oct 17, 2008 04:38 PM
Steve Shatsky
Dallas, TX

I have encountered more and more multiple offers lately... for both my buyers and sellers.  You are right on target... proper pricing makes all the difference! 

Oct 17, 2008 04:46 PM
Sandy Fenton
Keller Williams NY Realty * Licensed Associate Broker - Mount Kisco, NY
ABR, ASP, CDPE, GRI -Westchester NY - Condos to Luxury Homes

I had buyers knocking down the door for a 1 BR co-op apartment in a popular area.  It was a great price because it was a 4th fl walk-up, had no parking, had original 1928 kitchen and bath and the living room floor was slanted.  It had some great features as well - it was large & had 8 ft ceilings, original glass doorknobs, french doors, eat-in kitchen.  It was adorable.

I had a full-price offer less than 24 hours later.  It went for almost 10% over asking with 5/6 acceptable back-up offers.  I did get a couple of people who came in with low-ball offers because of the "faults" - but there were plenty of people who recognized the value.  Cash deal.  Closing was over in 45 minutes.

I tell ya, I am still getting calls and emails on this listing and it closed over 2 weeks ago.  Keep the million dollar listing, I wish I had 10 more of these. 

I'd better savor the feeling, cause I suspect these moments will come few and far between for a little while longer.

 

Oct 17, 2008 04:55 PM
Teresa Harris
Lake Real Estate, LLC - Denver, NC
Denver . Lake Norman . Charlotte

Glad to hear that things are really looking up in different parts of the country. Is anyone having any issues of getting clients financing??

Oct 17, 2008 05:05 PM
Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

My first thought was that I am seeing the same thing with bank owned homes.  Then I read your first paragraph.

This is a great sign for your local market that multiple offers are being received on non bank-owned homes.

Oct 17, 2008 11:00 PM
Loreena and Michael Yeo
3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co. - Prosper, TX
Real Estate Agents

Pat - Give it time, it will happen.

Steve - I'm so glad I'm not the only one experiencing it. I do think it's great for our market.

Sandy - I have some of those too... Good for us.

Teresa - As a matter of fact, (just on my deals) my clients are solid and I have been lucky to get buyers on my listings that are solid too. I really watch those, it's my rice pot!

Kris - They are non-bank owned homes. It is indeed some great times. We get those too and I get involved too. But I dont like dealing with those. Sometimes it feels the disclosures the banks make you sign are just too bias towards themselves.

Oct 18, 2008 12:36 AM
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

Loreena, glad your corner of the world is doing great. Real Estate is so local, we are seeing the most movement here on forclosure's and short sales. Congratulations and keep up the good negotiating.

Oct 18, 2008 01:42 AM
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Loreena of course you are 100% correct. There will always be people that need a home and the ones priced the best are always the ones to sell 1st. It's economics 101:)

Oct 18, 2008 03:02 AM
Tony DeLuke
Markley Realty - Cuyahoga Falls, OH
ABR, GRI, SFR

Loreena,

  Your right, proper positioning on price is the key in todays market! "Price it right and they Will Come!"

 

Oct 18, 2008 05:10 AM
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Houses are selling and will continue to sell. The key of course is to have the best priced property. I too am experiencing multiple offers. But mostly on the buying side. That just means my listings are over priced!!!

Oct 18, 2008 10:47 AM
John Cannata
214-728-0449 http://TexasLoanGuy.com - Frisco, TX
Texas Home Mortgage - Purchase or Refinance

Congratulations Loreena!  Its good to read that things are going well.  I agree that pricing is HUGE.  Pricing it right should cause a bidding war.  You are right that houses are definitely selling.  Why not let it be your house they are buying??  :-)

Oct 18, 2008 01:27 PM
Rose Robinson
Coldwell Banker Wright Realty - Conway, NH

Loreena,

You are so right!  There are opportunities out there, it's a matter of perspective.  In my marketplace, there are no multiple offers but there are areas that seem to be popular no matter the market.  So I should be focusing on these areas??????  thanks for the post; your blogs are excellent!

Oct 19, 2008 04:53 AM
The Somers Team
The Somers Team at KW Philadelphia - Philadelphia, PA
Delivering Real Estate Happiness

Yes, on one of our recent listings we had 4 offers - all first time homebuyers !  Property was priced right and showed well !  It ended up being a listing to closing within 30 days !  We wrote a blog entry about it : )

Oct 19, 2008 10:26 AM
Brandon Weber
Weber Property Group - Sacramento, CA

I think you make some good points and the houses that are priced right are still selling. In fact, in our market we are selling a lot more homes. Unfortunately, many are way below what they would have sold for two years ago.

You stated that houses that are priced right are market-proof, but is it "market-proof" if it is selling for 30% below what the seller paid for it? Not in my book. Still, I agree with the gist of your point.

Oct 20, 2008 05:25 PM
Loreena and Michael Yeo
3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co. - Prosper, TX
Real Estate Agents

Brandon - Based on what I know, it does not matter how much the Seller paid for it. If in deed that the value is 30% of what it was, then that is the reality of the market. So, again, I say, pricing right is market-proof.

Oct 21, 2008 12:11 AM
Michael Wayne Jackson
Coldwell Banker - Novato, CA
Broker - Seniors Real Estate Specialist Novato

There is definetly a lot of multiple offers in todays market Loreena. Especially the homes that are in good condition and priced right.

Oct 21, 2008 05:41 AM
Jessica Bigger
Bigger Communications - Reston, VA
Freelance Real Estate Business Writer

Loreena - That's fabulous to hear - Keep em coming!  Yep, homes that are positioned well(ie: priced to move, prepared to sell - curb appeal, clean and staged home) to compete in this market will sell!

Oct 21, 2008 10:14 AM
Heather Goodwin
Licensed by the Louisiana Real Estate Commission - Shreveport, LA
Results That Move You

The right price for a home is what the market will bear - today.  And buyer's can recognize which houses those are.  The Dallas/Frisco market sound much like ours here in Shreveport.

Oct 25, 2008 01:22 PM
Anonymous
chris e

Price is EVERITHING in any market.Well priced properties (no give ways) have always sold within a day or two.

Motivated sellers understand that.

Nov 05, 2009 03:45 AM
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