The phrase ‘motivated seller’ is one you see on many listings these days. It used to mean that the seller had a compelling reason to move, and needed to sell promptly – and as a result, would consider all offers.
But this is a new day in real estate.
Today you see ‘extremely motivated’ and ‘must sell’ on properties that have been listed for 3-6 months with no price reductions.
I don’t assume that we all define it the same – so I’ll ask agents what they mean. They usually mention that their seller isn’t going to ‘give it away’.
Today the word ‘motivated’ doesn’t mean must sell, even when presented in all-caps. Instead, what it means is that the seller is motivated to make $100,000 to $200,000 profit off you after 1-2 years of ownership.
You see the same kind of agent-speak when they lower the price 1%, and call it a ‘drastic price reduction’. Buyers will shrug those off, but they need to be on the lookout for the refreshed listings, which might be running at all-time highs.
I wouldn’t be surprised if we see 50% or more of the ‘new’ listings in January end up being properties that were on the market in 2014.