Fellow Realtors and buyers, have you heard these words lately?
“We have an offer coming.”
You know? We’re going to go ahead and call b.s. on that claim. We’ve heard it five times in the last week on various properties we’re tracking, and guess what…they’re ALL still available, and the offers never came. Granted, some of the other properties we have our eye on have certainly received offers, but they’re pretty darn low and prices are being negotiated heavily.
There are also a few properties getting into contract in a price range we never thought imaginable, but we can’t share those details, as we’re still in the mix on a few.
Interesting market we’re in, and we’re learning more every day, and it pains us to not be able to spill the beans on all the good story being made, but we gotta do we we gotta do. Surely you understand.
I have run into this too. It will make three times if this one today doesn’t actually have an offer in hand, as I was informed Friday. However, I have also seen double digit numbers of offers twice, and buyers circling a property like sharks — visiting three times and calling incessantly — only to disappear.
There is no doubt the buyers are circling. They have not disappeared, if they’re anything like my buying clients, they’re watching closely. However, if we have another bad week in the economic world, many of them will disappear. They’ll resurface again. I’m sure of it.
My favorite so far was the offer date that came and went. -17% and 500k later — still on the market. Remember the good ole’ days of getting a listing and having multiple, real offers in hand within 14 days.
Fluj, not sure of you heard man, but Sun just laid off a bunch of employees!!!! ;-)
Sadly, 2008 is actually the calm before the storm guys. I’d cautiously / aggressively get your buyers into contract at all costs. And get your sellers to sell. Can’t bail out when your underwater. SF may still be a safer haven but a lowering tide sink all ships.
I used to notice this phenomenon: a property sells for over asking even after being on the market for weeks and weeks and weeks and a price reduction or two. I have to assume a buyer comes in, is interested and then is told there’s another offer coming in and they decide to bid higher than the asking. The other offer never materializes.
“but a lowering tide sink all ships.”
Eddy, my man, you summoned your inner Ray Ratto on that one. For those who don’t know Ratto’s m.o. is the mixed metaphor as platform.
Was just sticking with the aquatic theme for housing analogy on here recently! :-) But I’ve always loved the play on words / mixed metaphor ala yogi berra.
It’s crazy – we put an offer in at asking on a property (that has been reduced several times) in the 94114 and was countered +250k. They stated they were awaiting multiple expected offers ‘over’ asking. That was a month ago and the property is still sitting pretty and my interest has waned….ah vell.