Radio shows, newspapers, even national news are all touting the hot Austin real estate market. There is no doubt the market here is a seller's market and has been running strong.
But as Realtors, we all know that the word "local" is of great importance in real estate. Local meaning not just Austin... but each suburb, neigborhood and even down to the street! Let's face it, a house in a hot neighborhood, with an active train line as a neighbor and over priced, is not so hot.
The past few months I've been noticing a pattern. A pattern I call GO FISH. Here's how it goes...
Day 1 Active, multiple showings
Day 1, Listing Agent calls for feedback. Claims they have another offer and if we'd like to make an offer they will give us until tomorrow morning.
Day 2, Home still shows active in MLS.
Day 3, Home still shows active in MLS.
Day 4, Home still shows active in MLs.
Day 5, Home still shows active in MLS.
You get the picture.... Day 15 when the home status has yet to change I assume your other offer never existed. I know sometimes we have a phone call saying an offer is coming and it never materializes. I am not ready to convict every agent who this has happened too. Sometimes patterns are hard to overlook though. I thoroughly appreciate listing agents who call with the heads up of an offer on a home I recently showed. If my clients are even slightly considering the home I immediately call the listing agent. So, their call preempts my call and it is helpful.
However, it is not so helpful and erodes trust in all Realtors, when this call is less than truthful.
I continue to provide my clients with the best advice I can. If they want the house and are told there are multiple offers, we analyze the situation. How much do they want this house? How easy will it be to replace? How is the price? And in the end, what is the maximum price all of that is worth to you. Not how much is it worth to beat out another offer - how much will you feel comfortable paying and not regretting the decision. I don't want my clients to cancel contracts during option periods because they have buyers remorse. That is happening way to much in this market. This is their largest investment and home. A complex combination that requires much thought.
For listing agents who are fishing for offers, I understand your sellers hear its a hot market and you should bring offers the first day. You could be turning off potential buyers who simply don't want to get into a bidding war. Or better yet, don't like your listing price, and now won't even make a reasonable offer.
Brought to you by Ranee Bray of TCP Realty; your North West Austin & Cedar Park real estate professional. Thinking of buying or selling? General real estate questions? I am here to help save you money, time and reduce stress. Please call, text or email me, raneebray@tcphouses.com.
(512) 270-9750, www.RaneeBray.com
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