How the market has changed

In mid-July of this year my buyer was the first to make an offer on a home listed at $1,599,000. The home had been on the market for 10 days with ‘“a few disclosure packets out” per the listing agent but no offers. We submitted on Monday with hopes of having the seller reply within 24 hours. Later that day the listing agent messaged me saying another offer is in and it’s higher than ours but with a contingency on the sale of the buyer’s home.

My buyer was maxed out per their loan broker but we kept in touch with the seller’s agent. Two days later two additional offers came in and the seller was in a multiple counter offer situation with the expectation of selling slightly above list. My communication with the seller’s agent was “new market out there, eh?” He replied, “Never a dull moment.”

Three months ago, under this scenario, this home would sell at least $100k over list. Buyers and sellers will now need to exercise patience and smart negotiations to win. Best to work with a seasoned agent and one that is looking out for your best interests.

I will continue to share other stories and market insights as we move into our fall market. Stay tuned.