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We've been house hunting for several months and in many cases the house is listed during the week, we make an appointment to see the house that same weekend but when we arrive, we're informed there's been an accepted offer on the house already. Very discouraging to say the least. Is this common? Are buyers so rabid that that they entice the seller with something so as to accept their offer before they show the house over the weekend and solicit multiple offers?
Any advice on how to be on the opposite end of this?
We've been house hunting for several months and in many cases the house is listed during the week, we make an appointment to see the house that same weekend but when we arrive, we're informed there's been an accepted offer on the house already. Very discouraging to say the least. Is this common? Are buyers so rabid that that they entice the seller with something so as to accept their offer before they show the house over the weekend and solicit multiple offers?
Any advice on how to be on the opposite end of this?
So do they show you the house anyway as a backup in case the deal falls thru? At the very least they should contact you and let you know not to show up because there is an offer and give you an option to view it if you still want to.
I saw a house a few weeks ago, an hour after I got home it went pending meaning there must have been an offer but the listing agent let it show anyway. Another home we knew had offers but my RE agent suggested we look at it anyway.
For others who were as curious as ne, the OP currently lives in Tampa, FL.
Assuming he/she us looking to buy in that area, I'd say part of the problem is your looking at the height of snowbird season.
Not really, most likely a closing will take 45 days so you will be into April by then and Winter will be done.
The height of snowbird season in late October when they all flock here, March is right around the corner meaning the end of winter in many areas of the country.
Also it's a bad time to buy. In Florida you can't claim homestead exemption until next January.
The main reason homes go quick is price. If you are looking at the low price range many investors are buying to rent the home out, or spruce it up and resell it.
Jason, depending on the price range many of our homes will get 5-10 offers or more. I usually put a home on the market on a Tuesday with a note that we will look at all offers the next Sunday or Monday. That gives a few days to get in all offers.
In a hot market it usually does not pay to take the 1st offer. They may have had several and taken a great offer 10-20% over the asking price with no contingencies or even cash. Many homes here are under contract by the 2nd or 3rd days.
Many areas it's Brutal to be a buyer in lower priced homes. We are seeing investors from all over the US buying up homes. One REIT (investor) has a goal of buying 600 homes to lease in the DFW market.
You apparently live in a super tight market for homes in your price range. When you see one you like, you better take off early from work and see it ASAP. Our home in CA sold in 5 days for a full price offer, as is. I wasn't waiting around to see if I could get more, I accepted immediately. Most people are the same way. You just have to get there first.
What I learned in our competitive market.....most new listings go on the MLS on Thursday, so you really must jump on Thursday night or Friday morning. Then, if you truly are in a multiple offer area, make an offer that says you want the house. Go in, guns blazing. Full price (obviously must be supported by comps) and don't ask for the seller to pay closing. If you REALLY want it, offer slightly over list price and give a limited period to respond. If the market is that hot, the listing agent will advise their sellers to wait for more offers if you offer anything less.
There are a few other things you can do to help win the contract - settlement date could be sellers choice in next 60 or 90 days (do they have kids maybe wanting to close out school year?). Or do the need to find home of choice? Give them ample time. Again, only do these things if you really want the home. But to get there, you need to be the first ones in the home. If that means taking some half a vacation day, here and there, do what is needed to make this a priority.
We've been house hunting for several months and in many cases the house is listed during the week, we make an appointment to see the house that same weekend but when we arrive, we're informed there's been an accepted offer on the house already. Very discouraging to say the least. Is this common? Are buyers so rabid that that they entice the seller with something so as to accept their offer before they show the house over the weekend and solicit multiple offers?
Any advice on how to be on the opposite end of this?
Offer cash over asking and as is. That is how most of ours(condos) sell. Usually 1 to 4 days. No investors since we don't allow renters.
If your market is that tight, then don't wait for the weekend to see a house you are very interested in. See it THAT DAY. Your agent should have their ear to the ground and know what is coming up on the market, so that you can plan to see it the first day, if not before.
Don't try to lowball an offer, and don't put a lot of conditions on the offer. Go in clean, go in fast, and hopefully, one will soon stick. A previous poster made an excellent suggestion -- there's no harm in putting in a back-up offer for one that is already under contract. Sometimes, buyers get over their rabid acquisition phase quickly and move quickly into buyers remorse, they may find a home elsewhere they like better, or things pop up on an inspection that, at full price, a buyer may not be willing to tolerate. If you have a backup offer, then you are the first person they turn to when the contract goes bad. (And having a back-up in the seller's back pocket makes them less likely to put up with shenanigans from buyers who suddenly need new carpet and a brand-new paint job after an inspecton. :-) )
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