Market Madness – the real story.
If you ask a group of realtors “what’s going on out there in the housing market” you would likely get the answer, “craziness”.
Here are a few examples.
One of my listings had a 60 day close of escrow. There was a 4 day delay and the buyer asked the seller to reduce the price by $12,500 due to expenses the buyer incurred for the delay. The seller agreed. The next morning the buyer cancelled the contract.
A very nice home hit the market and the buyer’s agent told the seller’s agent “We are bringing in an offer. My clients love the home.” The next morning the buyer’s agents communicates to the seller’s agent “They are out. Not enough bedrooms.” Two weeks later the seller drops the price $100k.
Buyers are asking for concessions from $12,500 (per above) to $30k and even $75k. I know this first hand. Hopefully your agent is a skilled negotiator with a proven track record.
Surprisingly, today’s real estate market still shows signs of “March Madness” that we experienced early this year. There are homes that are receiving 7 offers, preemptive offers that are significantly over list price and properties that are pending within days. Homes that are priced correctly and delivered in show-ready condition are the winners. We are doing this for our clients who listen to our advice and they are the winners!
Please let me know if I can be of assistance to you or your friends when it comes to buying or selling property.