A New Twist in this Seller's Market

By
Real Estate Broker/Owner with House to Home, Inc. - Denver Real Estate - 720-231-6373 DRE# ER40011786

OK, this is a new one!    This week I showed a home that went on Tuesday evening, and not accepting offers until Sunday evening!   Wow!    But then my buyers said they found another home they may want to see, but a bit skeptical, it has been on the market for 15 days.

 

After I looked a bit more, because being on the market for this long is an anomaly, the listing agent says they won't look at offers before 5/2.  This is 15 days on the market!!!

 

As REALTORS, we are to advise our clients not to write on more than one home when you cannot buy more than one home.   How do you explain this one???

 

Comments (22)

Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Joan- Larry has a saying- pigs get fat, hogs get slaughtered. I have no idea what the heck is going on with these strategies

Apr 30, 2021 06:28 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Michael, but we used to only have to wait thru the weekend.....

Apr 30, 2021 06:29 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Bill, what's a weekend, I usually have to work non-stop from Thursday on!  

Apr 30, 2021 06:30 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Kathy, I know many buyers won't want to wait for almost a week to get an answer!  

Apr 30, 2021 06:30 AM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Good morning Joan! You just have to wonder what some people (and their brokers) are thinking

Apr 30, 2021 06:59 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Joan -  this is really a crazy market.  Anything goes.

Apr 30, 2021 07:21 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Joan... in New York where there was no signed contract until attorneys had prepared and issued them and had them signed, there was no contract sometimes for at least a week. People made offers on multiple properties all the time. I believe they do that in New Jersey, as well. In NC where we are a due diligence state, you can terminate a contract for any reason or no reason so long as you are willing to forfeit your due diligence fee. So if someone ended up with two contracts they could easily terminate one of them, albeit with a financial penalty. But these days with getting a contract accepted is like winning a lottery, it might be worth the financial penalty to a buyer to ensure getting a contract accepted.

Apr 30, 2021 07:37 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Rocky, I agree, and who wants to wait a WEEK for a response!

Apr 30, 2021 07:48 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Grant, it definitely IS crazy! 

Apr 30, 2021 07:48 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, we have a 1% EM, but no due diligence fee.    Not many are willing to lose $4-5,000 especially my first-time buyers.

Apr 30, 2021 07:50 AM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

Joan, I am seeing a bit of this "strategy" and I think it is a very bad one for the seller. Agents seem to be so confused as to what they should do, they are chasing their tail. A good deal is one that is under contract for the highest deal you can get from a buyer. Waiting may help the buyer find another home.

Apr 30, 2021 09:39 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Jeff, that is what I think, but what do WE know???    This was a new one for me.

Apr 30, 2021 09:48 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Joan 

have never seen a market like this. Write both deals what do you have to lose .Mostly you will not get either house 

Apr 30, 2021 11:16 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Hannah, attorneys in our area advise us NOT to write two offers unless the buyer can BUY two homes.

Apr 30, 2021 11:53 AM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Selling agents here us they won't review for 3 days but often they will accept good offers earlier, depends on the agent Joan Cox 

Apr 30, 2021 10:24 PM
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.

How about Open Houses that due to covid will not allow agents w/ clients 

May 01, 2021 03:36 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Paul, that is typical around here too.

May 01, 2021 05:16 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Charles, ok, that is weird too.

May 01, 2021 05:16 AM
Cathy Starkweather
La Rosa Realty, LLC. - Celebration, FL

Crazy times! I've had this same exact situation when trying to send an offer immediately being told the seller won't review any offers until a certain date.

 

I'm exhausted writing 10+ offers for buyers and they still may not win them! Even with extremely strong offers - over list; plus an additional escalation clause and willing to bring additional money above appraisal (figure based on their budget), no inspection contingency and still not winning deals. 

May 01, 2021 05:23 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Cathy Starkweather I cannot agree with you more --- it is EXHAUSTING, and at the end of the week, you have NOTHING to show for it.    I have only buyers right now, and sad to see our REALTORS treating others so badly.

May 01, 2021 05:52 AM