TOO SLOW and TOO LOW
Those are the words I used with a potential buyer today. We've been TOO SLOW and TOO LOW. After writing on 6 properties and losing out on every one of them because of PRICE (low), we are hoping today that we won't lose out because of TIMING (slow).
We submitted an offer on a property TODAY (slow) that we should have submitted YESTERDAY. Why do I say this? Because this morning I received an e-mail saying the seller had lowered their listing price. That means the seller had no acceptable offers in hand YESTERDAY, and they want to renew buyer interest TODAY. We were already interested, darn it!
COMPETITION. When you are a home buyer, your competition is every buyer out there who is looking for a similar house in a similar area. We didn't have any competition YESTERDAY. But with a lower listing price, you can bet we have competition TODAY. Have I said "darn it" already?
So if you are a buyer who is currently looking for a home and it seems that your agent is prodding you, it may be because you're moving a little TOO SLOW for this market. Whether or not you are TOO LOW, well, that's more complicated. Your agent can only help you with your offer price, they have no control over your competition.
This is no time to hem and haw ... if you find a home you like, write an offer ... TODAY!
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