Some days it feels like the market is swinging like Tarzan on a vine as he chases Jane through the jungle. I have noticed some interesting patterns recently, but I can't say that I have an explanation for them.
Two weeks ago, it seemed as if every contract I saw was a full list, or more, and some had escalation clauses. Some were foreclosures, some were not.
Last week, I see lot of offers again, yet this time I see a rash of low-ball offers. Like $100,000 low on a $350,000 property. Someone has been watching too much TV.
Sometimes it feels as if buyers have a collective consciousness as they go about the process of finding their next home.
Bottom line though: There seems to be buyers out there, and we are seeing multiple offers on some properties.
Coldwell Banker Elite - Fredericksburg VA
"Selling Homes & Foreclosures In The Fredericksburg Virginia Area"
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The Wallace & McGrath Team - Selling Homes & Real Estate In The Fredericksburg, Stafford, and Spotsylvania Virginia Areas. Inexpensive Homes Available In All Areas ! www.fredva.com
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Buyer's do seem more aggressive these days especially with all the media hype
WOW! I have one buyer now that makes me want to cringe! He low-balled a property last November (against my advise) for $102K less than the asking price that was over $75K below appraisal AND assessment. Now, he wants me to submit an offer without a named Lender, pre-approval or any proof that he is ready, willing and able to buy! Luckily, I have others that are much more reasonable and actuallly LISTEN!!
There will come a time again when the asking prices and the offers are more in line with each other. Until then, it's a crap shot as to how reasonable offers will be. We'll get there!
Have to love it. That is part of the reason I stay in this business - The constant change. One day, One week - never the same thing. LOVE IT.
We're seeing some more multiples here, but not necessarily with escalator clauses. If you're lucky, one will be pretty good and the other will be better!
Patricia - Glad to hear about the multiple offers! I like to hear about it happening in different areas.
Vincent - I too like the every changing world in which we work.
Jim - I agree on getting there - I think the market has a way of shaking itself out.
Bonnie - Sounds like this buyer has been watching too much TV, or listening to too many "helpers".
Kay - I agree - aggressive can often be the word of the day.
Thanks to all for posting - I really appreciate the comments.
Kevin - I think the low ballers are the first to come back. The market is moving back to a more normal environment, and I'm sure the press will never say that.
Yep - The low ballers are always first... Things are starting to pick up here again
I just received an offer for $150,000 less than list price (and comparable sales). I called the selling agent to ask if her buyers were "real buyers." She played dumb. Didn't know what I was talking about. I also asked if she had signed her buyer to a buyer broker because this same buyer was working with a different brokerage last month. I know that because I had previously spoken to his former agent. (She hadn't signed him.) Sometimes, though, buyers just want to see how low a seller will go. We countered at full price. The agent now tells me her buyers might accept the counter. But in the event they don't, we gave them five days to think about it -- and I'm hoping we receive another offer in the meanwhile, because then we can put both of them into multiple counters! And may the best offer win.