Time Is Money In Real Estate II
This is a continuation of my earlier post on this, where I am refering to this article.
When and IF my buyers do continue shopping for property after being disappointed; (please reference my earlier post on this.) If we get to the higher priced listings, they may be wondering if they’ve picked the wrong area, and may be thinking It almost doesn’t matter if they get this one or not, unless they can get it for a GOOD price. So they make a low ball offer. I have to present all offers, and now the seller may have been waiting to sell for way too long, and has to decide how desperate they are to sell. This probably isn’t where you want to be.
Most smart buyers ask me right up front, “how long has this been on the market?” They understand that if the property has been on the market for a while, they have a better chance of finding someone who is desperate to sell. With some people, this is the first question they ask. I do try to explain to everyone that this market is slower than other larger areas like Phoenix or similar places, but buyers know that time is money.
It seems that when these buyers find the property hasn’t been on the market for an extended amount of time, and if they like it, they are more likely to make an offer closer to what the asking price is.
In some cases the seller may not be able to afford the taxes anymore, or are just tired of the whole process, or “life happens” etc. and they give in. Especially when they haven’t even seen an offer in a very long time, they really start to question themselves and consider that the offer may be all they are realistically going to get. Now they don’t want to let the buyer get away.
As a seller the BEST situation you could possibly put yourself in, is to have it priced right and get multiple offers. This is sweeeeeet for you, because now you have the possibility of making more than the market would normally allow. Now you have the auction effect, whoever comes in with the most, wins the prize. The only way this will happen is if it’s priced right.
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