In order to get pearls, you irritate the oyster and voila, there is the pearl! But it doesn't work that way in real estate. You can't irritate the buyer, you can't irritate the seller and get the pearl.
In our real estate market in New Milford, CT we are experiencing new things daily. We are seeing more sales in the lower end market, unfortunately more of them are short sales, which is irritating enough. (Certainly not the type of pearl making irritation.) If these short sales don't sell, we may well see them sit vacant after foreclosure, deteriorate, only to become homes investors with cash will be able to purchase at some much later point in time. This does not help the neighborhoods in any way, shape or form. This may be our next real estate hurdle here in New Milford.
We can see multiple offer situations on CERTAIN homes in that lower end market. (Usually in the $200-250,000 range). But it depends on the house.
- Priced at or below the value buyers find acceptable
- Priced according to its condition
- Usually NOT a short sale
This does not a sellers market make! It is not all homes in this price range, just those that buyers find desirable. Buyers are aware that it has been their market for quite a while now, and they are still driving the bus. Sellers need buyers, and they are in short supply as evidenced by the fact our sales are still far below what it is going to take to change that fact. It is going to take a better local economy, better local job market and more confidence in the future. If you want to sell, entice the buyer. Leave the irritating to the oysters!
Buyers for homes in higher brackets are in even shorter supply, but they seem to be peeking their heads out just a bit more! Again, this does not a sellers market make.If you want to sell, entice the buyer. Leave the irritating to the oysters!
One of the hardest pills to swallow is what the past few years has done to the psychology of the real estate market. Buyers were angry that they perceived sellers did not understand they were in control. They were also not willing to over pay for a home, and most homes were dropping value on a daily basis! Enter the low ball offers.
Sellers were angry that their homes were dropping value faster than they could comprehend. Many needed to sell and couldn't, they were faced with the fact they could lose everything they had worked for. And they were not happy with the idea that a buyer would come in and drop these low ball offers right and left. Low ball offers can send a seller into a total tailspin.
If a buyer is looking to purchase a home now, especially those that are priced well according to the local market, according to its condition, forget the low ball offer, make a fair offer and get it over with. Most likely if you are looking at the $200-$250,000 price range, others are looking too. The one who gets the prize will be the serious buyer with the best offer. Entice the seller with your real intent to purchase their home, leave the irritating to the oyster!
I believe we are starting a healing process, but we are in uncharted waters here. Not fully understanding just how fragile healing can be can set you back, and going back is not an option for so many, many people.
Andrea Swiedler, Realtor, Southern Litchfield County Real Estate
2017 President, Greater New Milford Board of Realtors
2017 Connecticut Magazine 5 Star Realtor
Coldwell Banker Residential Brokerage
Litchfield County Regional Office,375 Danbury Rd, New Milford, CT 06776
© Andrea Swiedler 2009 - 2017
Always do right. This will gratify some people and astonish the rest. - Mark Twain