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Market Changing?

Home with Multiple Offers

Home with Multiple Offers

 

Notes from Rob

After hearing for five years that the real estate market is turning around, I’m not going to be the one to say the good times are back for home owners looking to sell their homes, but I will tell you that recent experiences are good news for them.

In the past two weeks I have made three offers for buyers at or above the list price on homes, none of which were bargain priced, bank-owned properties and we did not get any them to contract. We were out bid on each. In one case, we offered above the sale

price of the last five comparable homes and above the list price, within 12-hours of the house coming on the market and we still were too low by over $10,000. In the second, we made an offer at the list price, within 24-hours, on a house that had considerable structural damage, yet were outbid by a cash offer (one of multiple offers on the home). And on the third case, we made an offer on a house that had been on the market for two-months, yet ended up competing unsuccessfully with two other offers.

On two other offers on homes where the selling agent said the sellers were “extremely motivated, make any offer” we were also unsuccessful. In both cases the offer was 15-20% lower than the list price, but were in line with comp sales this year and were happily accepted by the selling agent. Yet the owners, based on what they paid for the units at the height of the market, were “insulted” by the offers and in one case countered $900 below their list price, and in the other dropped from $500,000 to $475,000 (last comp sale was two years ago at $420,000).

Lastly we had some offers on the quick sale, bargain priced bank-owned properties. All I can say is there are many investors out there with cash in had. You need to be quick and prepared to pay above the list price if they are well priced listings. They are pricing them low to get attention and action, and it is working.

With all this said, each (most) of the properties discussed was priced well or aggressively for the market so that they would sell quickly. There are still many sellers out there now understanding their competition or today’s market value. If they do price the property well, there are many buyers out there ready and willing to buy.

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