Hurry down! They won’t last!
Today, I had buyers in the middle of five-buyer competition. They came in second.
I was looking forward to a buyer’s market. I hear radio commercials about real estate services helping buyers and sellers in “this buyers market.” I am NOT pleased with what I am seeing in these hot spots. This is no way to buy a home.
As a buyer’s agent, I have to take the “hurry up” call seriously. I wish I could call a boycott of bidding wars for the duration of the recession. But I can’t; I follow the instructions of my clients.
I look at these things to determine what advice I will give to the buyer who wants a “hurry-up special”
1. Sale time on similar properties this season.
2. The price of this property compared to similar properties sold this season.
3. My perception of the number of buyers who saw it. (If it is open, I watch the expression of the other buyers.)
4. And...what has been in The Boston Globe real estate section in the past week or two.
“What if they threw a bidding war and nobody came?” Do you want to start a movement? I will track the ones I am being told to rush on. If you have been rushed, send me an email with the address. I will track these and report in monthly. If we can show that the tactic doesn’t work. Maybe it will go away.
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