Everyone is familiar with the old saying “A bird in the and is worth two in the bush”. To most modern people, this is saying is an odd anachronism about birds??? How does this pertain to real estate? Simply put, a straight -forward offer to buy or sell real estate is much more valuable than promises of an offer that don’t materialize or that may not be based in reality.
This weekend I wrote an offer on a property that had been on the market for over 40 days. The listed price was $430,000 and my client offered $420,000 after considering the projects (including central air and a bathroom remodel) that needed to be undertaken. Not an insulting offer (98% of asking). The seller countered back at his asking price – a bold move in today’s real estate market. My buyer rejected that and decided to continue their search while re-thinking the subject property’s floorplan altogether.
As the weekend progressed, I was contacted by the seller’s agent twice – to ask if we would “split the difference” and to see if our original offer was still on the table. Unfortunately, it wasn’t.
Sellers and sellers’ brokers need to understand that the market has taken a dramatic turn. Need based pricing and greed are being wrenched out of the market. Be flexible, and if your home is on the market right now, buyers will assume that the sellers need to sell!