Don’t feel bad for that last seller – somebody will come along and pay him what he wants. Many homes are sold to buyers who are represented by one of the new-age realtors fresh out of real estate school who work for a team.
The good veteran agents are so sick of the frustration that they’re scrambling to build a team of inexperienced agents who will do the grunt work. There isn’t much oversight on whether the price paid is fair; instead, there is more pressure to get another sale on the board.
New and inexperienced agents get so excited about showing a new listing that if it has any shiny stuff, they go berserk and puke all over the listing agent, giving the impression that the buyers will pay anything for the house. When I’m showing a house, people think that I’m just a boring old dude because I don’t say much. It never occurs to them that I’m protecting my fiduciary duty to my buyer by NOT spewing superlatives.
The problem starts when listing agents don’t properly prepare their sellers for the initial onslaught – instead, they get caught up in it too, and think that all the jumping around means that offers will be pouring in any minute.
It used to be that way, but not any more.
If lookers don’t make an offer within 24 hours, they usually don’t make one. It’s too easy to play it safe, and wait for the next one.