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When we had a property listed for sale, our neighbor told us to let her know when we had an offer and she would go put in an offer for an amount $1000 over. I had never heard of this strategy but this was over ten years ago so it's probably even more common now.
Yes! And after we made the offer that evening, I remembered a friend of mine years ago telling me that she was house hunting and her brother was a realtor. If there was a house that wasn't selling, when a buyer came to see it, she would go see the house and then write up an offer just to shake up the other buyer. And she didn't think it was shady because she WAS house hunting. But the homes her brother was selling were really out of her budget. So she never could have bought the house anyway. How is that not a fake offer? Aren't there laws against that? Or no? Legal or not, it's certainly unethical and just drives home that you have to be your own agent.
I know my agent just wants to sell me a house. She's not going to worry whether I over paid or if it's really the right house for me. That's my job .
This breakdown of sales data from August 1-15 shows a heated seller's market throughout Southern California, except for Ventura. New listings slightly up but still at record lows, lots of properties under contract, plenty of demand but very low inventory.
All that video did was compare the first two weeks of August 2021 vs 2017-2020. How about comparing it to June and July of this year? If they were they’ll see listings up, sales down, and houses are sitting longer. That’s the real data. And for the third time I’m not disagreeing that it’s still a hot market, but it is starting to cool off. Anyone who follows the market that’s being objective will say as much. I wish it wasn’t true as it’s been a fun ride watching my two houses increase wildly, but we all knew it would slow as more people start listing.
........My realtor friend in another state told me I was getting hosed on this deal and I was nuts for going over asking on a house that was sitting..........
You will be a lot happier in the long run if you do not take housing market advice from a friend who doesn't even live in the same state, let alone in the same area. Your friend in another state has no idea what your local housing market is like.
If a house sits for a couple of months, it is possible that it is over-priced, but it is also possible that it is something else. Something that bothers the House and Garden viewers but doesn't bother you, or something that doesn't suit everyone but is perfect for you. Or maybe the listing agent sucks at their job and didn't get the house marketed correctly and you were lucky to find it. It does not absolutely mean the house was over-priced.
At any rate, you like the house and you can afford it and in this crazy housing market, you are lucky to get a house you like that you can afford. I'm happy for you.
Sounds to me like the offers are being shopped by the agent and seller, rather than being negotiated.
That is my thought. They are playing both ends against the middle, trying to create a bidding war. Otherwise, they would have just taken your higher offer and that would have been it. I don't like playing games of last man standing.
All of the waiting is giving me second thoughts honestly. If we offered below asking, yes I can see waiting. But you get above asking offer you take it! That's how I think anyway.
Anyway tell me if I'm being unreasonable in thinking that the sellers are playing a risky game and it's honestly offensive at this point.
I was told by my realtor friend in another state that I'm a fool for paying above asking on a house that's sitting this long in this market.
They think they can get more money if they hold out. In such a hot market, it's not unreasonable to have such expectations. Nor is it unethical. It's their house. They have the right. Now, they can get "punished" by the market if they're TOO ridiculous. But they don't have to be eager or grateful for a best price right now.
For anyone defending the sellers, no sh*t it's their right to sit on an offer as long as they want. I didn't say it wasn't their right. I said it was a stupid thing to do when your house has been sitting for 3 months. It makes me wonder how serious they are about selling and if they will find a way out of the deal. A valid concern as a buyer. No nobody "made" us offer that amount. But we were listening to the advice of the person who is supposed to be representing us. So I guess it's our fault for even trusting our realtor for a second.
And djohnslaw show me where I blamed anyone but myself. I let my agent scare me into thinking I was going to lose the house to this mysterious other offer. My husband and I agreed we should have offered a little under asking. Then let them come back and ask more. We thought going higher would cut to the chase and not play games. And here the other side was playing games. That's what the market is. One big game.
but this is why I never believe it when I hear about the "fickle sellers" who just suddenly "changed their mind". In fact the seller's agent said the house was under contract a month earlier but the fickle buyer got cold feet and just walked away. Yeah right. I'm sure that buyer had a different story.
Well we will see how inspection goes and then appraisal. I totally regret waiving appraisal. It was sprung on us unexpectedly. And we were told this is normal. I wouldn't agree to that again should this place fall through. I'm happy with the house but can't help but think we could have saved ourselves money by at least trying to offer lower.
And we never should have agreed to an offer right there. We should have went home and thought about it. It's not like there were other buyers there writing offers. We had time to go home and think and we should have.
And proof how duel agency is garbage. Too much incentive for a realtor to drive away a good buyer in favor of one of his own buyers. Lots of good lessons learned here. thank you for those who listened and gave decent feedback. The house hunting cumulative stress is very real
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