Just Because It Is a Seller's Market...
The level of frustration for buyers in the current Bristow/Gainesville marketplace is through the roof. So many buyers for every listing that comes up on the market means that there are often five or more buyers knocking each other out to win the home. Closing cost assistance is near impossible to get. Over list price offers are common. And now buyers are starting to waive inspections and make low appraisal guarantees that they will kick in "X" dollars above a low appraisal. Sellers have the advantage big time.
Just because it's a seller's market doesn't mean buyers will go nuts for a home in desperate need of carpet and paint and other updates and poorly marketed, listed for top of market.
A home popped up in my buyer's search area, which also happens to be my own neighborhood, for a home style she would love to get. It was priced as high as the same model that was updated to the nines, staged and professionally photographed. This latest listing screamed, "I'm a hunk of junk." Clicking through the listing photos it was one poorly lit cell phone shot after another of a home with holes in the carpet, scratches on the hardwood, and a DIY kitchen update that didn't look very well done. There was clutter all over the home. It was such a sad display. Thankfully, I'm working with a buyer that can see beyond the condition and wanted to get in IF they were realistic on price.
Within minutes of the inquiry about the listing from my buyer, I was on the phone with the listing agent. I asked him if the seller's were willing to come off the list price since there were obvious areas in need of repair. In a way only an completely confident and arrogant agent could answer, he scoffed and replied, "Why should they come off their price? There's nothing else on the market?"
My attempt at reasoning with this agent was met with the absolute confidence that they would get a full price offer by the time the day was over. Well, that was days ago and the house is still sitting there without showings. And if my gut for my own neighborhood is correct, it will be sitting there for six months or more if they don't get real on price.
No matter the market conditions, if a home is truly not worth what you are asking, buyers will wait. Professional listing agents know that you only get top of market when you SHOW top of market. Listing preparation and professional photography are a must to get to the top of those every climbing prices. You can't throw any crappy house on the market and expect to take down a record high price. Buyers aren't that frustrated.
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