One week into the selling season….how’s it going? With our spectacular weather and both Tiger and Phil out of the golf tournament, the streets were flooded with home lookers this weekend.
A few experiences so far:
1. An agent selling his own house gets seven offers within the first three days on the market. He counters all with a set price that is $8,000 below his list price, and gives the full three days to respond. Less than 24 hours later, he emails the losers that he has accepted an offer. No curiosity what the others might bring?
2. A listing agent – who has no sales on the MLS – lists a house for 5% over the last model-match sale. She hopes that buyers will ignore that the comparable sale was fully upgraded and had no road noise when hers doesn’t.
We offer just under the comp’s sold price, but she won’t counter – you see, she’s had ‘lots of activity’.
3. Another agent on her first sale says she will respond to our offer last night after the weekend open house. At 9:32pm last night, she responds to my inquiry by saying that she too had lots of activity, and multiple offers – and ‘we will not be accepting your offer’.
Don’t you at least counter everyone to see what they might have left in the tank? Our offer was 5.9% under list, and at comp value.
4. Remember a week ago when we sent in our best offer and the listing agent countered it $5,000 higher? The agent, who sells a solid two homes per year, called back yesterday, wondering if I might kick in the $5,000, or if we could split it.
It’s too late now – your bone-headed grab for less-than-1%-more-on-price repulsed the buyers, and they forgot all about you by now. She also divulged that the multiple-offer bidding war consisted of an offer contingent on selling another property, and an offer lower than ours. Meanwhile, this week her sellers will be entering Month Six of sitting on their vacant house, and approximately $2,500 per month payment.
5. With no serious nibbles on my Del Mar Heights listing – and not many desirable replacements to consider – my seller withdrew the listing this week after 35 days. Another example of why the inventory is low – the best alternative for many is to stay put, rather than pay outrageous rents, take out a new 30-year loan, or leave town.
Get Good Help!