I don't know about everyone else, but I can tell you that buyers were really on the fence this past July and August...I wasn't sure if it was the unusally hot weather we were experienceing here in the New Haven Area or the negative news about the economy that we hear every single time we listen or read the media. But anyhow the good news is the buyers that are getting married, relocating, recently divorced or widowed still have justifiable reasons to move up, move down or away! I also might add that here in the Greater New Haven Area of Connecticut we are experiencing steady closings.
Now I have to split my time and service the buyers appropriately on their schedules while not alientating some buyers because to me they are all important. I do have one crazy story that happened this past Saturday. I took a pre-qualified Veteran out to see homes and we actually found one that he and his fiance liked enough to put an offer in. We went back to my office Saturday afternoon, and I performed a Market Analysis and the bottom line is the property was lovely, listed for $369,900 but all the comp's for split levels came back with $350,000. I discussed this with my client and we decided that the home was lovely and had many hi-end amenites and perhaps we should submit the offer and see how the bank appraisaer comes in with their appraisal. We wrote the offer with 100% financing as veteran's don't have to pay any PMI and he feels he served his country and wants to take full advantage of his rewards.
Now the crazy part. The listing broker (yes broker) stated that he presented the offer and that the problem is not the offer at $360,000 but that his client recently refinanced and was concerned about the 100% financing, he really wanted to have a buyer with cash money so they could pay the difference at the closing because when the seller recently refinanced so he could purchase his next home he found out what it was appraised for. He further went to say that with all the extra's he put in he was going to advise him not to accept our offer. I didn't know whether to laugh in his face or berate him for wasting my time and any other realtor who has the lucky contract with this seller.
I don'know about your buyers but I haven't had any buyers this year in this market who want to pay more that appraised value! I feel as though this agent bought into what his sellers "wanted" not what "appraised value is offering in today's reality. I think that if I had cash buyers I would still want them to have an appraisal so that they know what the real deal is. I am glad that we didn't get more involved with this transaction and this so called "broker"
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