Homes for sale in Prosper, Texas: So the buyer low-balled you? So what now?

Seller's: Same song, second verse - right? Buyer's are still trying to tell us that Prosper, TX is a buyer's market, even when we can prove to them in sale comps that we're a BALANCED market. I know the low-ball offers can be exhausting. We selling agents don't care for them, either. It's a lot of work for no result.

So you've gotten what you would consider low-ball offers on the house in the past? Maybe. Or, you've gotten no offers on the house to date? Don't tell anyone that - let them assume you just haven't accepted a reasonable offer yet. What now? Well, there are a few truisms that I have found in my experience in the real estate market in Dallas/Fort Worth in general, and in Prosper, specifically, that you may find of interest:

1. A home in demand stays in demand.

If you have received offers for your home, that is confirmation (regardless of the offer submitted) that your overall market strategy is working. The goal is to generate enough showing traffic to bring in offers, and hopefully, be in a position to turn just one of those offers into a contract that closes successfully. Don't think you have to give away the farm. Just negotiate with the buyer(s) who offer, and be willing to wait for the next buyer if the negotiations don't work out.

2. If the agents are showing the home, and providing positive feedback, don't fix what isn't broken.

Agents aren't shy. If we don't buy the price of the home or there is a condition issue that stands out as an obvious concern, we're going to tell you in our showing feedback. The Dallas/Fort Worth housing market can be defined as somewhat seller-lazy prior to listing. Not a lot of work goes into making the house sale-ready. Our buyer's agents do a great service - we want your home to sell and will tell you exactly what you need to do in order to overcome objections. Prosper agents have it a little easier. Our homes tend to be newer, which should mean they show well with minimal make-ready.

3. No showing feedback does NOT equate to no interest in the home.

Yes, it's true that not every agent is good about giving feedback. But, cut the agents a little bit of slack. Some are being advised by their broker's to ONLY invest their time in activities that generate income. Sitting down for an hour to give feedback from a showing tour that lost them a full day out of the office is the professional thing to do, but it isn't an income-generating activity. Any good listing agent has experience with home listings that had 30-50% of the showings fail to give feedback, but one of those agents ended up bringing the buyer who ultimately purchased the home. Never give up on those showings as prospective buyers. There was an agent in Dallas who used to say you stay with a buyer until they 'buy or die'. That's a bit harsh, but a good listing agent definitely keeps following up until they know that buyer purchased some other property.

4. Until we reach a win:win, there is no chance of a successful real estate transaction.

There has been no worse year in real estate than Summer 2008 to Summer 2009 in the DFW Metroplex, in my opinion and in the record books. But, moreso than having slower sales figures, the behavior of buyers has been the most appalling on record. Buyers ran around going for the jugular on listed homes all over neighborhoods. Buyer's jumped from one home to the next, looking for the most desperate sellers. What used to be a cooperative industry became a competitive industry. I am personally so glad to see balanced market conditions return to Prosper, and sellers standing their ground based on factual sales figures. People are holding on to the equity they earned, and are no longer just giving it away to make the sale. It's a sign of strength and recovery that took almost a full year to regain. Until a buyer can offer a normal seller a win:win, the seller still maintains the right to sell the house or wait for the next buyer. In a balanced market, both parties must work together to negotiate a fair market value. And, that brings the skills of the real estate agents back into the forefront.

5. A low-ball offer is still an offer. Counter-offer if you don't like it.

The state of Texas has no requirement on a seller that forces an answer to an offer within any timeframe or at all. Sellers have the right to simply ignore an offer. But, quite frankly, that's just stupid. Every offer is worth a counter-offer. It doesn't take any time at all to counter to an offer. About 20 minutes to knock out the paperwork. There are lots of buyers out there who have to be educated on the value of the homes. They aren't necessarily from here. They may have to throw out everything they ever thought they knew about real estate (sorry, Californians - I had to learn the Texas market when I moved from California in the 1970's and the same is true today). Without a counter-offer, you don't allow the buyer to learn how to buy real estate here in Prosper, Texas. Take 24-hours to cool off after a low offer. Pitch a fit. Get offended. Rant and rave about how horrible the offer is. Then, sit down and draft a fair counter-offer based on the actual 90-day sale comparatives in Prosper, and educate the buyer. Don't swat them away like a fly being a nuisance. Help them understand the seller perspective in Prosper, Texas, and they may just come up to meet you. The worst they will do is walk away.

It's Texas-OU Weekend. Be safe and have a blessed day! GO LONGHORNS!!

Ronda