Buyer’s Beware!
The market has begun to change and the buyers are the last to know. Great homes are moving fast- clever agents are pricing them below market value which draws a feeding frenzy of multiple offers and bidding wars. The final selling price is likely higher than anyone would have previously thought. However, a good portion of buyers are laboring under the mistaken impression that prices are continuing to drop in all market areas and they can name their price. Educating these buyers as to the reality of the market is proving difficult and sellers and agents alike are getting frustrated with ridiculously lowball offers. The tide has begun to turn and a home in good condition in a desirable area is under contract before some buyers are even able to view it. So many homes that can’t be shown because of a renter or some other situation, have multiple offers before anyone has viewed them based solely on the listing details, price, and location. Watch out for the bottom- if you are diving in to the market now you might strike your head on it.
