Let’s face it. A buyer in today’s market is going to pay top dollar for any house. There are two methods of home searching.
The way the home search usually goes for most buyers is like this: They have a search set up on Zillow alerting them when a new listing hits the market. Then they rush out to see it. Also rushing out are the 20-50 other buyers who set up the same alert. You wait in line to see it. You have 5 minutes to make a decision. You write a crazy high offer promising to do anything the seller wants short of naming your next child after them….then you lose the house in multiple offers to the buyer who was willing to name their next child after the sellers.
It is crazy out there!
Part of the reason the market is like this has nothing to do with a shortage of listings. Part of it, a small part of it, is that buyers are so focused on new listings. These days, if a house doesn’t sell immediately it is forgotten. Buyers forget about it and opt to just wait for the next round of new listings and repeat the process.
I recently had a friend looking for a house in the $250k range. We got outbid on every offer we wrote. AND WE WERE GOING WAY OVER THE LIST PRICE TOO! One house sold for $30k over the list price and got 17 offers. For that house, all you were doing was trying to outbid some crazy desperate buyer.
Know what I told my friend to do? I told her to stop focusing on new listings. I said let’s look at houses that have been on the market for at least 4 days. There are plenty of them out there. They are the ones that for whatever reason got passed over as a new listings. Sometimes it is because the presentation sucked. Sometimes it is because the price was high. Sometimes it was because the house sucked. Knowing why it was passed over is why you need a good realtor.
So, the next house we see, she decides she wants. And guess what happened? We wrote a full price offer. We put our preferred closing date on the offer. We were able to do a home inspection. It was a pleasant experience. We were also the only offer so guess what? The seller accepted it!