10 Houses To Show 5 Buyers, How's That For A Market Update!

Talk about a market update you can sink your teeth into! About a week ago I was looking for homes to show to a few different buyers in Poinciana, FL. OK, five buyers to be exact. It was going to be a very busy week. They were all looking for pretty much the same type of home in pretty much the same price range. A nice 4 bedroom, 2 bathroom home in Poinciana. They were looking in the 60k-70k range. I know that might sound funny to someone who doesn't live in Poinciana, but that's what a nice newish home costs here right now. Crazy huh?!

So the fact that they are all looking for the same thing should have made my job a little easier right? Not so, not so indeed. When I looked in the MLS there were only 10 properties that matched what they wanted in a home. All they were looking for was a 4/2 for 60k-70k and there were only 10 on the market at that point in time! Inventory has dried up quite a bit as compared to last summer.

If I'm working with 5 buyers in that range, and I'm sure there are some other Realtors working with some other buyers (I can't be working with all of them, can I), with 10 houses to choose from, someone is going to lose out. It's vital that buyers take the time to educate themselves about the market. It's also vital that they take the advice given to them by a professional Realtor who works in this market and this business every day. I personally always do a quick market analysis on any home a buyer decides to make an offer on. It's quite easy to tell what a seller is likely to accept in an offer. It's all in the data.

If you offer less than the amount I recommend and the seller doesn't accept it, I won't be surprised and you shouldn't be either. If I'm the listing agent and I get 6 offers on a property and yours happens to be the lowest, my thinking is "you should have presented a more competitive offer, I'm sure your Realtor already told you that". If all the comparable properties sold for 67k-70k, your offer of 61k just isn't going to cut it. You're wasting your time.

So let's step it up and get things moving. Let's make some good reasonable offers!

Image courtesy of foto.bulle at Flickr

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