In this market where we're all telling everyone on the fence that "Now is the time to buy," I finally took my own advice.I found a great deal on a condo in Fairlington, VA (A super-cute, friendly, dog-friendly community here in Arlington) on a 1 bed, 1 bath condo.
The average days a condo in Arlington spends sitting before it goes under contract is 65 days.
So, wouldn't you think receiving an offer after only 3 days on the market would excite the sellers? Apparently not.
Without giving the exact details of the offer, it was basically a "no strings attached" offer - no contingencies, 3 weeks to close, and a very solid offer all together. Again, after only 3 days on the market. After 48 hours, I get a call from the listing agent -
"They've decided to reject your offer. They want to give it more time on the market."
MORE time on the market? These people want to pay for another month worth of condo fees and taxes? AND mortgage payments?
Luckily, i'm a professional and haven't taken this personally :) I am just STUNNED that in this market, where getting an offer after less than a week is unusual and should be a pleasant surprise, these sellers wouldn't counter - at the very least.
Usually, I recommend that any offer you get within the first month the property is on the market, is one you want to at least "play ball" with. The longer your property sits on the market, the more harmful it is to your bottom line.
I can understand if they're not in a hurry to sell it, in order to give it an opportunity to attract a full price offer..but with the holidays quickly approaching, and the typical seasonality of this business kicking in - I would have suggested to them to at least counter the offer!
The take-away for today: How NOT to sell your house? Let it sit on the market, indefinitely.