A seller's market?

By
Real Estate Agent with Coldwell Banker RE LLC

That's right folks.  I'm going to go out on a limb here and declare that in some market sectors we indeed have ourselves a "seller's market".

At the peak of South Florida's so called "bubble" it was commonplace for a property to sell very quickly, with multiple offers, and at above askng price.  This, of course, happened because demand was consistently exceeding the supply, subsequently contributing to the 'perception of value' for real estate.

Today, almost every offer that I've put in on behalf of buyers has been at above list price, and in 50% of those cases those buyers were out bid by someone else. What type of market would you call that?

Here are two examples:

  • West Hialeah-single family homes priced under 200K in barely acceptable condition are selling quickly and with multiple offers
  • Royal Oaks(Miami Lakes)-Here, the demand for properties remains strong, and often homes priced well in comparisn to the competition again sell quickly and with multiple offers

One can extrapolate from these two simple examples that any seller can create a buyer's market for their property, because even when the forces of supply and demand don't seem be in the seller's favor, the seller can create the all important 'pereption of value' that will always get a property sold, regardless of market conditions.  In short, the seller's ultimate weapon is the asking price!

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Rainmaker
495,818
Richard T. Dolbeare, R(B)
eXp Realty - Wailuku, HI
R(B), ABR, CRS...Hawaii Multi-Island Specialist

Please spread the wealth and send some of those surplus buyers to Hawaii!

Sep 22, 2009 01:52 AM #1
Rainer
60,311
Syreeta Saunders
Keller Williams Realty Centre - Randallstown, MD
Keys, MBA - The Keys2Day Team

Up here in Maryland we are seeing multiple contracts.  However, many of those are below asking price.  So the ones that are ultimately accepted still have not been bid up beyond asking price.  I like it that way - it's the speculative exuberance that got us into this mess.

Sep 22, 2009 01:53 AM #2
Rainer
118,327
Ginger Moore
Wilkinson & Associates Realty - Gastonia, NC

Hi Carlos,  In North Carolina right now, we have soo many sellers, and it does not appear that we have enough buyers.. Send us some buyers!! grin...   thanks for sharing!

Sep 22, 2009 01:53 AM #4
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Rainer
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Carlos Lobato

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