After taking several weeks to clean out, paint and then carefully style my most recently sold property, the marketing plan was carefully executed to reach as many people both here and around the globe – in 48 hours.
The result was a buyer frenzy at the one and only open house. We received multiple offers almost immediately, countless showing requests (too numerous to accommodate), and an acceptance within days – all at a price the seller did not anticipate.
Unless you are out there buying or selling, it is almost impossible to know just how hot this market has become. The shortage of inventory has a lot to do with the surging prices.
In this market, normal practices of looking at comps (comparables) can really mislead a buyer when making an offer. The buyers who win today are those who are willing to go above and beyond. You may think the’re overpaying, but they at least have their property, and others have to keep spending time trying, while prices continue to rise. Often those people look back, realize they missed out, and wish they’d stepped up.
If you are looking to buy or sell in this market, you really need to have a serious professional assist you. Having a friend, who lacks experience, help you will not serve you in this market.
In the multiple offers I received, there were terms that were, simply put, silly and deal-breakers. Knowing there will be multiples, you should NEVER make the offer contingent on the sale of another property – such as your current home – for example. You should NEVER make the down payment lower than customary, since in this market, you have to assume you will be competing with an all-cash offer.
These were just some of the terms I received and I can only assume the buyers’ agents did not know the market.
Good luck out there. Be smart, buy smart.
If you need any assistance feel free to give me a call. If I can’t help you, I can put you in touch with a true specialist in your area.