When the market speaks, listen!

I recently got two written offers on a listing.  I also got a “Suggestion” of what a third buyer would pay for the house to make them write an offer on it that day.  None of these buyers knew each other.  None of them were represented by the same agent.  None of them were represented by agents within the same real estate company.   Funny thing is that they all came up with the same number.  Funnier thing is that this happens all the time.

That is just the way market value seems to work.  Sure, you may occasionally get somebody who will pay more than the other 95% of buyers who are on the same page, but that is pretty rare.  I always tell my people when multiple buyers come up with the same value, the market has spoken.  I think many sellers still subscribe to the thought that a better offer will come later.  That is a theory that may have worked when houses were appreciating.  Back then, you could hold out for, say, 6 months and get more because the house had appreciated.  That ain’t happening today.  ( I think Lexington is past the point where waiting 6 months meant your house depreciated.  We seem to be pretty stable.  Values haven’t really dropped since the tax credits expired.)

See, today’s buyers have access to info like no other time in the past.  Plus, their realtors are looking at the same comps to determine the value for their client.  That buyer I mentioned that may pay more than most is usually represented by an idiot of an agent who hasn’t looked at the comps and/or doesn’t care.  I always love it when an agent I consider to be worthless shows my listings because I know I have a chance of getting my client top top top dollar.

So, what is a seller to do when they keep hitting the same number?  They need to take it.  Sure, it may hurt.  Sure, it isn’t any fun.  But, the next offer you get is statistically going to be the same…..why wait around to find that out first hand?

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