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Keeping It Real in a Buyer's Market - What Buyer's Market????

Reblogger
Real Estate Agent with Realty Pro, Inc. #96851

MULTIPLE OFFERS on properties in Clark County is very common right now...so is it really a Buyer's Market...or is it a Seller's Market? Below you will find Loreena's blog about this very problem. I liked Loreena's comment about buyers playing the game of "How Low Will the Seller Go?" to try to get the best deals. And also her comment about "Don't play a fool about the house you like-especially if it is packed with emotions to house your family." Loreena includes comments at the bottom of her blog that point out that other agents in other states are experiencing the same thing.

Original content by Loreena and Michael Yeo #9001154

In real estate, we call a Buyer's market when there are too many homes for sale than buyers. The news media paint the doom and gloom markets all over the country and speak very much in generalization. The public watches the news and believe what they hear.

 

However, as we have always said, Real Estate is LOCAL. One state differs from another. One city. One neighborhood. One set of price range too. No doubt that under $300K here in the greater Frisco TX area are selling like HOT CAKES.

But the buyers are hearing that the economy is bad, and the houses are going into foreclosures. Buyers want to take advantage of these "attractive" pricing. They play How Low You Will Go with the Seller and they act as if they are doing a favor for the Seller for buying their house.

 

In my experience, I have never got involved in as many multiple offer negotiations as I have been since 2003. In fact, I'm getting pretty good at it (fighting multiple offers for buyers and writing back up contracts). It's almost something I always prepare my buyers for. The "talk" about multiple offer situations. Some who may not believe me finds it surprising. They will soon find out the hard way.

With our local economy, my buyers are learning the real truth about the housing market in the area: Don't play a fool about the house you like - especially it is packed with emotions to house your family. Whenever you didn't put your best foot forward, and rather test how low the Seller will go, you may lose the house you really like.

 

But please don't take my word for it.

 

Read the comments below by real estate professionals ALL over the country on a Facebook status I followed over the weekend (mid-September 2009):

Brian Block of Northern VA & D.C. Real Estate - Is it 2009 or 2004? 3 good offers in 48 hours on a house I have for sale!

Rich Jacobson of Kitsap County Washington Real Estate - just had two come in on one of my listings...it's karma!

Chris & Stephanie Somers of Philadelphia Real Estate - Starting to happen more ! Same thing happened to us on a listing we had 2 weeks ago. It was great ! And the seller is very happy !!

Russ Ravary of Michigan Homes for Sale just wrote this hot off the press post about how busy this real estate market it.

A buyer for my listing had 3 offers to choose from in the 2nd week of listing.

A listing of mine had multiple offers in 12 days, and sold for more than asking price.

Another listing of mine sold for more than the Seller's expectation - quoted as per Seller.

 

BOTTOM LINE PEOPLE! It's happening even in a Buyer's market. What Buyer's Market???

 

If you are a real estate professional, please share your Good news here. I really do want to open the minds of Buyers the realities of losing the house you love.

 

So, keeping it real in a Buyer's market - Where's the Buyer's market?

 

 

 

 

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Contact:


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

Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.

 

 

Copyright © 2009 by Loreena Yeo (3:16 team REALTY).
Keeping It Real in a Buyer's Market - What Buyer's Market????

Comments (3)

Tisha Lawrence
Maximum One Realty-Fayette-Henry-Clayton-Fulton - Fayetteville, GA
South Metro Atlanta Agent 470-239-0330

Oh, it is real.  My clients found out he hard way. I told them homes in their price range will go quickly. Plus, the listings are trickling out. The homes in Henry County in their price range were going in two day. This not an exaggeration. They lost out on even seeing the first two they wanted to preview because it was undercontract the next day. They quickly understood what I was saying. The third house hit the market on Wednesday morning. We saw it that afternoon. I reminded her of what has happened to homes she wanted to see just two weeks prior. I also told her to place an offer that she feels it putting her money where her mouth was. If not, she was gonna be disappointed if she lost the bid when she knew she wanted to give a stronger offer.  She had an FHA loan anyway. So the appraisal would have been her saving grace. She made up her mind right then to put in an offer. We had an acceptance on Friday. We were the first offer in. They countered us and we accepted that counter.

Do not play with a house you like. You have to place an offer that you can live with knowing you put your best foot forward.

Sep 21, 2009 05:48 AM
Bobbi McKinnon
Keller Williams Group One Realty - Reno, NV
Realtor - Northern Nevada

We are seeing it here in Reno. Entry level home inventory is close to GONE!!! While we have a ton of notice of defaults still coming, the banks are very slowly trickling the inventory out, so we are seeing more and more cases of multiple offers.

Sep 21, 2009 05:51 AM
Loreena and Michael Yeo
3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co. - Prosper, TX
Real Estate Agents

Thanks for the reblog.... Thanks for spreading the word... I think it's time that buyers and sellers know what is happening in the pockets of our neighborhoods.

Tisha - Dont we feel so bad when we see the heart breaks when buyers don't get the houses they want. In the end, after losing a few good ones, realities set in.

Bobbi - Awesome news about the entry level homes. It's nice to share what goes on in the neck of our woods.

Sep 21, 2009 09:08 AM