Hey! It's Not 2005 Anymore!

By
Real Estate Agent with Evers & Company Real Estate, Inc. AB95346

Last week, a nice house came on the market in Woodley Park, a favorite neighborhood of mine.  It's also a favorite for some clients, and the day the house was listed, I called to arrange to show it to them.  Sorry, the agent said, no showings until the broker's open house (6 days later).  OK, I am a patient woman, and I knew that no one else can get in, so last Tuesday I finally showed it.

The house shows very well.  It was also very well priced, which was a good thing because there are two very similar houses for sale on the same block.  My buyers liked it and we were discussing maybe possibly writing an offer.

The agent decided to help me out.  She told them she expected the place to sell for way more than the asking price and that she was pretty sure there would be three other offers. She even speculated that they expected to get about $70,000 over the asking price.

Whoa!  Pricing for that much less than your sellers want to get is a strategy that went out of style here about two years ago!

These buyers are what you might call motivated.  They live in an adorable doll house in Georgetown, and baby number two is due very soon.  But they are also being very smart about this move, and the thought of getting involved in a bidding war in this market did not appeal to them one bit!

This listing agent is an old pro.  I really like her a lot and have enormous respect for her.  But even the best of us have breakdowns of the old brain-to-mouth filter mechanisms.

And I think her listing will sell quickly, it just won't be to my buyers.  Ah, what might have been!

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Topic:
Home Buying
Groups:
Realtors®
Tags:
buyers market
washignton dc real estate
patricia kennedy

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Rainmaker
91,345
LaShawn Norden
REALTOR, (321) 377-0157, Your Real Estate Advocate in Central FL
Keller Williams Heritage Realty

Patricia~I believe that less is more. The less you say, the more you may receive. I'm sure you'll find your clients the perfect house!

 

December 13, 2008 07:39 AM
Rainer
256,188
Debi Ernst
GRI, e-PRO, Broker/Sales Associate
St. Charles County, Missouri - Prudential Alliance Realtors

Patricia - Wow! I'd like to know what the house actually sold for.  Please keep us posted...  :)

December 13, 2008 10:28 AM
Ambassador
1,651,071
Barbara-Jo Roberts Berberi
Palm Harbor Florida Residential Real Estate
Charles Rutenberg Realty

Pat - I don't know ANYONE right now that is offering MORE than the asking price - they are all low-balling everything!

December 13, 2008 06:26 PM
Rainmaker
306,108
James Downing - Metro DC Houses Team REALTORS®, CRS, GRI, ABR,MRP, MilRes
When Looking to Buy or Sell - Make the Right Move
Real Living | At Home

Thats a bit nutty.  Not to mention the fact that; isn't not having a property in MLS and NOT being able to show it a violation?

December 15, 2008 05:32 PM
Rainmaker
312,527
Carol Culkin
Overland Park
Reece & Nichols

Pat - I agree with you, buyers prefer to feel like they got a fair shake in this market instead of feeling pressured by a bidding war to pay above and beyond the list price, especially by 10's of thousands. 

December 18, 2008 12:04 AM
Anonymous
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Patricia Kennedy

For Your Home in the Capital
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Additional Information

Pat Kennedy -- author of The Irreverent Guide to Real Estate -- gives you a look at life on the streets as a real estate broker in our nation's capital. And her blog is peppered with great advice combined with humor!