A hearty thank you to Vicki Mabrey, Matt Stuart, and the ABC News staff for last night’s spot!

I thought it was a courageous move by them in this environment to feature anything positive about realtors.  Hopefully it’ll motivate other media outlets to keep reporting other good things about the business.

I have also been impressed with the accuracy in which stories are being reported.  Last night was factually accurate, and other stories this year have been telling it like it is.  I think the media wants to get it right, and have struggled to sort it out.  I applaud their recent efforts!

Reviewing the great news about real estate:

The market is fine, and working perfectly.  Those areas with greater number of forced sales are coming down faster in price.  Areas like Oceanside have dropped so far in price that the demand is very healthy again – there is no shortage of people who want to buy a house.  It just an issue of price.  It is the same everywhere.

Realtors would do themselves a favor by getting the word out – especially with sellers.  I’m convinced that the agents in the tonier parts of town either refuse to believe that lower prices are needed, or if they do think it, they don’t know how to cause it.  IT’S OUR JOB to have tough conversations with sellers about price – sellers want to sell their house, and buyers want to buy

The government’s actions will not make much difference, if any.  Their attemps at intervention will be forgotten by the end of summer, and the reality of natural market forces will weigh heavily on sellers.  The competition between REOs and all other sellers will be the primary driving force for the next few years.

More than anything, I’d like this TV spot to be what inspires both clients and agents to boldly pursue their real estate objectives.  There is a great deal to be thankful for, and I am very grateful to those who  continue our exploration of the marketplace here at bubbleinfo.com!  Stay tuned!

Here is a link to last night’s show:



Let’s tackle a touchy subject – multiple offers, and bidding wars.

A regular commenter No_Such_Reality said yesterday:

 “Anything over list is stupidity.”

While everyone would agree that paying more than list sounds ridiculous, virtually every quality home with an attractive price is getting a lot of interest.  The wealth of knowledge on the internet for all to see has heightened the anxiety among buyers, and the race is on to fetch the hot ones.

There was a short sale yestetday that had five offers, and the seller had decided to negotiate with two of them.  Here’s a guy who has nothing at stake, yet feels the need to negotiate with the best two?

If prices continue to improve (go lower) this insanity will only get worse.

The Dixon property is up to 13 offers, and we’re desperately trying to get Countrywide to commit to a buyer, and end the freak show.  Most of the bidders have gone a little above list price, but it’ll take the boldest (or craziest, depending how you look at it) to bid high enough to win.

Would you feel comfortable offering 5% to 10% over list price? 

It’s a question that buyers should be considering, because if you are only willing to buy that smoking deal, it is very unlikely that you’ll get a clean shot at it. 

The internet is making it virtually impossible for you to be the only offeree on the good ones.  If you kept losing out to higher bidders, would that cause you to bid higher next time? 

These questions are on the minds of anyone trying to buy today in competitive areas.  Trying to weigh the threat of global depression against seeing 5, 13, or 40 offers being made on hot listings is a burden.

What would you do?

This is a tee-up for further exploration of how to handle multiple offers.

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