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

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

Posted by Loreena Yeo - Broker|Realtor(R) of Frisco TX Homes (214) 783-2210 on 10/17/2008 11:18 PM

Comments (19)

Multiple Offers in Today's Frisco TX Homes Market in the Real Estate Market Channel

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Originally posted at: faithfully frisco tx homes for sale: You Say The Frisco TX Homes Market Is Down, I Say Multiple Offers

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

OCT

2008

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

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!

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

2008

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

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.

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.

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.

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:)

Loreena,

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

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!!!

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

2008

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!

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

2008

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.

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.

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

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

2008

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.

NOV

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

Motivated sellers understand that.

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Loreena Yeo - Broker|Realtor(R) of Frisco TX Homes (214) 783-2210

Frisco, TX

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3:16 team REALTY

Address: Frisco, McKinney, Allen, Plano, Valley Ranch, Little Elm, The Colony, North Dallas, Addison, Frisco, TX, 75035

Office Phone: (214) 783-2210

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For your real estate needs, this is a great opportunity to participate in the Frisco, Plano, McKinney, Allen & northern suburbs of greater Dallas. real estate market if you are financially and emotionally ready. Specializing in first time home buyers' needs, luxury homes, short sales and pre-foreclosures, multi-offer negotiations. Sellers can expect a carefully crafted systematic market approach in marketing homes. Hence work with the realtor who does it like none other. You can expect advice and opinions of a conservative perspective on this blog. There are so many things I could do, but I CHOOSE to serve your real estate needs. I couldn't think of anything else I rather do more passionately.

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