Dead Market? Not in Wilkes-Barre, PA!!

By
Real Estate Broker/Owner with ADT Real Estate

Who says this is a flat market?I'm so tired of hearing about how flat Real Estate is these days!! REAL ESTATE IS LOCAL, folks. You can't take national trends and apply that same trend to every market. Here's a case in point.

Last week, we had a home come on the market. It's in a great neighborhood in the Greater Wilkes-Barre Market and is in decent shape for the price it was listed. I called a client of mine to let them know that this house was a great deal and she should put an offer in it. That was Wednesday.

She called me back the next day to let me know that she had driven by and was interested in seeing the inside. I called and made an appointment to see the house for Friday morning and was told that they already had 3 offers for the property! Slow market?? I think not.

We saw the house Friday morning and she decided to make an offer. The house was on the market for $102,900. She wanted to make an offer for $100,000, cash deal, inspections and closing in one week. When I presented the offer to the other agent, he told me that the price was too low at that point. They had 10 offers, 3 of which were rejected, and the price was now above list.

I went back to my client and she raised her offer to full price, cash, no inspections and closing in a week. I got the reponse back today....rejected with no counter. The bidding war is in full force and the price is well above list at this point. Who would have thought that this would happen?

The market's flat, right??? Yeah, right!!

 

Until next time...

 

 

My name is Andrew Trevino. I am a Realtor, working in the Wilkes-Barre, PA area, and I'm affiliated with Realty World, Rubbico Real Estate. Thanks for investing your time in reading my blog. If you're interested in contacting me, please visit my website at http://www.wilkesbarrehomesales.com/

                                                                        Realty World, Rubbico Real Estate


Comments (17)

Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life
Amen Brother Andrew!  There was also an article that came out recently that said the Lehigh Valley is the 8th best housing market in the nation and Reading was number 6!  Real Estate Markets tend to be Regional, not National.  Thanks for yet another reminder of the reality of it all!
Nov 13, 2007 03:29 AM
Andrew Trevino
ADT Real Estate - Wilkes Barre, PA
Wilkes-Barre Homes For Sale

Jason,

No problem at all. Now, I need to get back to trying to find my client another house!!

Nov 13, 2007 03:41 AM
Mike and Dawn Lewis
The Lewis Team at Keller Williams - San Diego, CA
The Lewis Team at Keller Williams in San Diego CA

Andrew,

Is it possible that this particular home was under-priced by the listing agent? Even in a down market an under-priced home "Great Deal" will get multiple offers. I don't know your market and it's "AWESOME" it's not a down market. What other factors make it not "DEAD"? I'm sure your local clients and readers would appreciate knowing your thoughts. I would.

Mike Lewis

Nov 13, 2007 04:36 AM
Rob Robinson- Lehigh Valley PA
Bertrum Settlements (Title & Abstract) - Allentown, PA

Last Year when I was crunching numbers for a seminar I was holding in NYC, to 'tell the story' of the Lehigh Valley... I was coming across some real upside numbers on the Wilkes-Barre area.

 

Nov 13, 2007 06:51 AM
Andrew Trevino
ADT Real Estate - Wilkes Barre, PA
Wilkes-Barre Homes For Sale

Mike,

It's possible, but this neighborhood commands one of the best prices per SF of our area and it's well on it's way to beat that. We saw a slight increase in our average DOM, but it's still hanging under 90 days at this point. If you want to sell your home, it will happen in our market. Thanks for the comment.

Rob,

The numbers are there. Who would think that a full price cash offer, closing in a week, would be rejected with no counter? That's all the numbers I need. Thanks for dropping by and commenting.

Nov 13, 2007 09:21 AM
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate
Wow, I'm happy your market is so strong there, Andrew. I have a third showing on a house tomorrow, they are down to number 3, pray they choose mine.
Nov 13, 2007 10:08 AM
Mike and Dawn Lewis
The Lewis Team at Keller Williams - San Diego, CA
The Lewis Team at Keller Williams in San Diego CA

Andrew,

That's awesome - thanks for the info and I believe what you're saying. I have run into the under-priced homes in a slow market that defy the market trends by getting multiple offers. This isn't one of them. Sounds like your area is doing good. Hope to hear more about your market conditions and hope your area keeps doing well. God Bless.

Mike Lewis

Nov 13, 2007 10:38 AM
Andrew Trevino
ADT Real Estate - Wilkes Barre, PA
Wilkes-Barre Homes For Sale

Missy,

Thanks! It's too bad I'm primarily a buyer agent. I'll say a few words for your offer!!

Erica,

No, we didn't ever see the huge increase of other markets. In fact, we're rated one of the most affordable places to live in the US. That's why it kills me when I hear the media-informed tell me that the real estate market is flat. Hey, thanks for dropping in. I appreciate the comment.

Mike,

Yeah, this is the 2nd house my client has bid on and lost in the war that ensued. I'm working hard to keep her hopes alive. Thanks for the comments.

Nov 13, 2007 03:16 PM
. .
no thanks - Harlem, MT
Andrew, WOW! That is the kind of story that I hear about the market here from the preceding couple of years before I got into real estate. I agree with you that the "doom and gloom" does NOT pertain to everyone across the country. While we have a higher inventory here than what may be considered "healthy," we are still seeing house values appreciate AND houses are selling. I have been very busy because I don't believe that the market or the season we are in are excuses for not doing business! Better luck on your next offer, Andrew, I hope it gets accepted :)
Nov 13, 2007 03:31 PM
Andrew Trevino
ADT Real Estate - Wilkes Barre, PA
Wilkes-Barre Homes For Sale

Bridget,

Thanks. I hope the same or I might just lose a client until Spring. Thanks for stopping in and for adding me as an associate.

Nov 13, 2007 03:44 PM
Elizabeth Nieves
The Elizabeth Nieves Realty Group - Durham, NC
Bilingual Raleigh - Durham North Carolina Real Estate Team
Like you said...it is about the LOCAL MARKET. The media just stirs people up and plants the wrong message. I wish you had gotten the deal, though! :-) Next time! GBY!
Nov 15, 2007 08:28 AM
Andrew Trevino
ADT Real Estate - Wilkes Barre, PA
Wilkes-Barre Homes For Sale

Hey Elizabeth,

Yeah, it stinks to lose with a solid offer like that, but it's part of what we do. I'm hoping to see something else soon and we'll see what we get. Thanks for stopping by!

Nov 15, 2007 09:23 AM
Gary Miljour
American Financial Network, Inc. NMLS#207208 - Southern Pines, NC
Mortgage Originator NMLS Licensed in AZ and NC

Its really is local.  Our market has been classified as a declining market.  We still have people buying, but not with multiple offers.  Thanks for sharing.

Nov 15, 2007 04:18 PM
Andrew Trevino
ADT Real Estate - Wilkes Barre, PA
Wilkes-Barre Homes For Sale

Gary,

Yes, local it is. Thanks for commenting.

Nov 16, 2007 12:37 AM
Barbara Mulcahy
Re/Max Integrity Advantage - Berkeley Heights, NJ
ABR, CRS - Your Berkeley Heights Real Estate Source

Thank Goodness someone else is singing my song!!!  I've been saying the same thing....yes, the market has changed, but the sky is not falling in my neighborhood.

Nov 16, 2007 05:05 AM
Andrew Trevino
ADT Real Estate - Wilkes Barre, PA
Wilkes-Barre Homes For Sale

Barbara,

Doesn't it just kill you to hear someone in your market saying that? The media's grip on the minds of the average consumer is astounding. Thanks for dropping in and thanks for adding me as an associate.

Nov 16, 2007 05:14 AM