Has anyone else out there in Orange County, CA been a ittle frustrated with buyers in this market? I have buyers in the VERY hot market of $400,000- $500,000 range of detached, single family homes that think they can still steal these listings! It is not going to happen. I actually had to have a serious meeting with one client that constantly wanted to bid on listings of $450,000 with an offer of $400,000 because he wanted his discount! My strategy was to provide them with comps of closed escrows within the last 2 months, detailing the DOM, list price and selling price. They were sold quickly, for more than asking price! I think the reality hit. Thier answer was they wantd a home in the $450,000 range....because they were much nicer than the ones for $400,000.
My next step was to explain to them what they needed to get an offer actually accepted in this price range. If it was a new lising priced correctly, they needed to offer asking price, or maybe even a little higher. Included with the offer needed to be proof of funds, current credit report, current paystubs, letter from direct lender showing they are qualified and an introductory letter from me. With REO's and short-sales still dominating this price point, typically you get one chance to make your best and final offer.
I feel that we are now primed and ready to go if I can find them the perfect home!
Anyone have some suggestions for educating buyers?