This has been quite the week, another roller coaster ride. I read another blogger talking about how the phone has stopped ringing and houses aren’t being sold this week. People ask me, "how’s business?"
While it feels somewhat like we are in a state of suspension while the Washington drama unfolds, I have been busy this week. Here is a short diary of my week…
- We got word that my client’s offer from last week was not the one accepted on a foreclosure property, even though the offer was above asking price…the one accepted was even higher above asking price
- In making appointments to see other foreclosure buying alternatives, so many had just accepted offers and were no longer available that we cancelled that outing and went out looking in a different area another evening
- Two clients who were planning to list their homes for sale decided to wait
- Another client made an offer on a foreclosure property, again went into multiple offers…still waiting to hear the outcome
- Heard back regarding another multiple offer foreclosure property from about a month ago…another offer had been accepted, but the buyer backed out and my client’s offer was back in consideration
- An offer came in on one of my listings, still in negotiations
- Out looking for a new home for that seller to buy
- A client wanted to sell and move up…after crunching numbers decided to wait
- Another client is considering buying now to take advantage of the current buyer’s market but will wait to sell until the seller’s market improves, may consider renting one of them out in the meantime
- A client who was planning to relocate to the Twin Cities in the spring is looking now, thinking about buying now and selling later
The bottom line is, it has been a busy week even though no offers have been accepted yet. I have appointments looking at houses most of the day both Saturday and Sunday this weekend.
Buying foreclosures reminds me of the buyer’s market in the early 2000’s when there were so many multiple offers. People hear about the great prices on foreclosures and tend to think that they can be purchased way below list price…what they don’t realize is the list price is already a great deal, sometimes close to $100K below estimated market value from tax records. The list price reflects close to the sale price the bank expects at that point in time. Many have multiple offers, but even if there aren’t multiple offers they often don’t negotiate…they are more likely to either simply accept or reject offers rather than negotiate because they are dealing with so many and don’t have time.
That’s this week…I don’t know what next week will hold, let alone next year. I do know that homes are being bought and sold regardless of market conditions because life goes on…and this continues to be a good time for buyers. It could be we look back on this time as the best of times.
I find people are often fearful of contacting a Realtor or a lender because they are afraid they will be pressured into something they are not ready to do. I help people work through what is best for them all the time, helping provide the information they need to decide whether it’s better for them to act now or wait. It’s different for everyone, and only you can decide what is right for you but if it’s something you are considering ask for help so you make an informed decision.
