All of which isn’t to say that the market has imploded like it did in late 2008/early 2009. But for the first time in months, I got an email from an agent with a property that didn’t receive any offers on the offer date and is now taking the offers as they come.
Before you get your hopes us as a buyer that suddenly you can start submitting offers below asking that will be accepted, there are still plenty of homes with offer dates that are getting numerous offers and going well over the asking price. In fact, I can think of a home in the Corona Heights neighborhood that went for almost $400,000 over the list price just a few days ago.
What does it mean for you as a buyer, or for you as a seller?
If you are a seller, it means correctly pricing your property is critical. Your list price needs to be realistic and grounded in comps, and preferably towards the low end of the supported value range. Price it at the high side and you’ll most likely scare off buyers who are already mentally adding a chunk of cash to your asking price…
If you are a buyer, it means that you and your agent really need to do your due diligence to determine how much interest a property actually has, and how many offers are likely to materialize. You also need to do one solid dive into comparable sales, so you can understand both what values the market is supporting and what numbers the seller and listing agent most likely have in their head.
Opportunities are out there, and as we move towards a more “balanced” market, it can create some awesome opportunities for savvy buyers!