"My Buyer Isn't Interested in Multiple Offer Situations"
Spring/summer 2018 in the Bristow, VA real estate market, particularly for attached homes priced in the mid-300K's, is slammin'. Sellers are getting offers fast. Just this past week, I listed an attached single family home priced at $349,000. The first showing happened within hours of it hitting the market. Within two hours of that showing, that agent had submitted an offer. That's not unusual.
On this particular listing, my sellers were interested in seeing the max the market would allow for their home. That meant they wanted multiple offers. So we set a time for them to review offers a few days later. Let me tell you, there are some ill-prepared buyers out there.
The first buyer didn't make her highest and best offer until another offer was in hand. By then, it was too late. The sellers collected offers and were under contract in four days with the offer that netted them the most money.
There were several buyers that had homes to sell that loved this listing, but weren't prepared to move forward as their homes were not yet listed. What a waste of their time, seeing a home that would not be available when they were ready to write an offer.
Another buyer wanted to make an offer, but didn't like feeling rushed to do so within two days of seeing the home. That buyer is going to have a hard time. The time and space they feel they need is not something that the Bristow seller's market is going to accommodate.
Finally, my favorite head scratcher, was a buyer that removed themselves from contention. The agent representing the buyer conveyed, "My buyer isn't interested in multiple offer situations." That's code for, "My buyer wants a wide open lane to lowball your seller."
Here's some straight talk on the Bristow real estate market. If you are looking to buy something priced around $350,000 and it's in good shape, odds are another buyer wants it too. The market isn't going to give you special treatment. Sellers are looking for the highest and best offers, and most of them will get multiple offers. Want to avoid multiple offers? Make the seller an offer they won't want to lose. If you think first in means an opportunity to lock in a house at list price and full closing cost help, think again. This is not the market where you are going to get everything you want. Ante up. If you don't need closing cost help, don't ask for it. Anything you want that is coming out of the seller's pocket is going to make your offer less attractive to the seller. Keep the concessions to a bare minimum.
Of course, if you are looking for a "deal," maybe come 2020 our market will have changed. But if that happens, that means mortgage rates will have gone up. So you may be able to lowball a seller then, but your mortgage will end up costing you more than if you had just sucked it up and made good offers in a seller's market.
A lot of buyers in the Bristow marketplace now are ill equipped to actually succeed. Either they are walking around with blinders on and their fingers in their ears ignoring their agent's advice on navigating the market, or they aren't getting good solid advice. If you want the best representation to navigate this seller's market, give me a call at 703-402-0037. I have been at this since 2005 and can help you succeed in this highly competitive market.