Such a funny market. All the realtors I know, and the media, are saying we have a shortage of listings. Not the case. There are a lot of listings out there in any price range. The issue is few people want them because they are not move in ready. This is the pickiest market I have ever seen. Buyers are super price conscious too. If your house is not priced right and move in ready, you might as well not even have your house on the market.
Also, your best shot of selling is……IMMEDIATELY! Yeah, if a house makes it past the first few days without at least one offer, then you should be nervous. Everybody is rushing out to see new listings like it was a 911 call.
I’ve got a theory here. Back not too long ago, a buyer had to typically sort through all the existing listings to find the handful of new ones. They might see the same house every day as they did this and eventually be like “Well, I’ve been on the fence about seeing that house for a few weeks and there is nothing else to see right now, maybe I should go see that one?” I don’t think many are doing that. Heck, I don’t think many are seeing anything but new listings. Buyers can set up their own searches now and I think most are only viewing new listings. They sort through the new listings, see the ones they like, discard the ones that don’t interest them and never look back. That makes for a polarizing market and shows how important it is to get price and presentation right from the get go.
Another reason I think this is the number houses that have come back on the market after selling immediately. There are several houses I am watching that sold as new listings but the deal fell apart for whatever reason. Then the house sits there forever like that last piece of pizza at a buffet.
And if you are a buyer caught up in multiple offers, remember what I have always said…..there are other issues more important to a seller than money. Few times do I ever see one buyer going a lot higher in price than the other buyer. Often, the difference between the highest and second highest offer is maybe $1000. So, do something like make your offer where you will inspect the house but will not ask for any repairs, or let the seller pick a closing date that works for them. Does this work? Yes. I am typing this from my home office. I got this house 3 years ago the first day on the market and beat out several other offers, one of which was cash and full price.