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Irritating the Oyster

new milford ct real estate marketIn 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!

New Milford CT real estateOne 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

 

 Search homes for sale in Litchfield County, CT.

 

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

Comment balloon 31 commentsAndrea Swiedler • May 25 2013 08:54PM

Comments

Great analogy Andrea and so true, let's treat our customers like the pearls they are. Good luck and Happy Posting

Posted by Charles Stallions, 800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl. (Charles Stallions Real Estate Services ) over 5 years ago

Those low ball offers can be quite irritating I'm sure Dean Dean.....I like your analogy.

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) over 5 years ago

Good morning Andrea. This is a great title and the analogy is apt. The goal is to get a home not p_ss the seller off. Well written. Suggested.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) over 5 years ago

Charles, thank you. I do believe the market will get better, but it will still have a few hiccups along the way. Going in from either side like a bull in a china shop will not get the mission accomplished.

Roger, Roger, thank you! They are irritating all the way around. Buyers who make those low ball offers can find they are not well received, and sellers sometimes have other offers to work with.

Sheila, why thank you! I also believe it is not in the sellers best interest to anger a buyer either. When the deal starts off on a bad foot it is difficult to make it go any further.

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) over 5 years ago

Andrea, that is the perfect analogy!  Very well done!

Posted by Kathy Sheehan, Senior Loan Officer (Bay Equity, LLC 770-634-4021) over 5 years ago

Andrea, some of the buyers are not content with just irritating the sellers they are trying to rub their noses in it as well. Our buyer's market is going to be around for a bit longer as well

Posted by Ed Silva, Central CT Real Estate Broker Serving all equally (RE/MAX Professionals, CT 203-206-0754 ) over 5 years ago

Kathy, thank you, I do appreciate that.

Ed, it is a tough market to understand but yes, the buyers market will be around for a bit longer all over CT I think. Working together is really the way to go, irritating people is not, and I am talking about all sides! But I understand the frustrations that fuel this difficult time.

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) over 5 years ago

Good posting and sharing...yes to purchasing with eyes open and a plan of action...thank you

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) over 5 years ago

Ruffled feathers don't make the ride to the real estate closing smooth and easy. Irritation gets your attention but adds to the emotional wear and tear of the list, market, sell (repeat).

Posted by Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) over 5 years ago
Andrea, Phenomenal post! I always love a good analogy and you hit the nail on the head with that one.
Posted by Wayne and Jean Marie Zuhl, The Last Names You'll Ever Need in Real Estate (Samsel & Associates) over 5 years ago

Absolutely!  What a great post and you've inspired me.  I will quote this in my next post!  Good one Andrea!

Posted by Carla Muss-Jacobs, RETIRED (RETIRED / State License is Inactive) over 5 years ago

Yes, pricing a home at or below the value buyers find acceptable is key!

Posted by Michelle Carr-Crowe Just Call 408-252-8900 Top 1%!, Family Helping Families Buy & Sell Homes 40+ Years (Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty) over 5 years ago

Andrea, I agree.  Even though we are not there yet, I do believe the healing process has began, waiting until we heal to act will be to late and a missed opportunity. 

By the way I think I have irritated enough oyster to string a whole necklace :)

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) over 5 years ago

Andrea-Well put, buyers going into the marketplace need to understand the market climate is constantly changing. 

Posted by Adrian Willanger, Profit from my two decades of experience (206 909-7536 AdrianWillanger-broker.com) over 5 years ago

The good homes are selling fast & yes short sales are abundant with more coming. The short sale market is what is causing all the buzz about sales being so brisk. We could be in trouble though by next year.

Posted by Jimmy Faulkner, The Best Of St. Augustine (Florida. Homes Realty & Mortgage) over 5 years ago

The time has come, the Walrus said, to talk of many things:
Of shoes--and ships--and sealing-wax--of cabbages--and kings--
And why the sea is boiling hot, and whether pigs have wings."

. . .

O Oysters, said the Carpenter, you've had a pleasant run!
Shall we be trotting home again?
But answer came there none, and this was scarcely odd, because
They'd eaten every one.

See . . . there is always THAT solution, too.

Posted by Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents, Put 40 years of experience to work for you (Lyon Real Estate) over 5 years ago

Richie, thank you. Eyes wide open indeed!

Andy, no they don't. Ruffling feathers can cause some to cause things to come to a halt.

Wayne and Jean, thank you so much!

Carla, I will wait to read it, thank you.

Michelle, it is key, getting sellers to see that is still so hard at times.

George, LOL, you are too funny. And yes, if we wait to act when we heal many opportunities will be missed indeed.

Adrian, and sellers as well. Course corrections may have to be made, responding to the current climate and mood of the buyers. And buyers as well.

Jimmy, I am worried for us here in Connecticut. We are seeing a sharp rise in short sales, this comes at a time when this fragile market is showing signs of getting better.

Elizabeth, I laughed when I read that, but then I realized it is not so far from the truth. Eat the oysters, sure...and then what do we have? I do love cabbage, but a good oyster is something to really enjoy, pearls and all.

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) over 5 years ago

Such a great analogy, Andrea.  We have a beginning of a seller's market here in Fairfield County - the really good houses are having bidding wars.  

Posted by Dagny Eason, Fairfield County CT, CDPE Homes For Sale and Condo (Dagny's Real Estate) over 5 years ago

This is the world of the lowball offer. Everyone is right in terms of those are not working anymore. Reall just annoys seller. Plus in multioffer situations property will get sold to someone else.

Posted by Bill Reddington, Destin Florida Real Estate (Re/max Southern Realty) over 5 years ago

This is such a good post...it's a bit of both in my area, a buyers market and a sellers market, but price still rules for both.  Lowball (just like always) isn't going to get you anywhere and overpricing for the seller is going to have the same zero results.  Fair offers and fair prices are what is winning the day.  The good news in my market, is both buyers and sellers seem to be realizing that and homes are selling :)!

Posted by Brenda Mullen, Your San Antonio TX Real Estate Agent!! (RE/MAX Access) over 5 years ago

.....writing low ball offers. There is no chance for the investor to give these days 20% below market value cash offer and be accepted. I've been writing so many offers last 3 month. Always full price or above and still had very little change when 40-100 offers on the table( yes, inventory is still low in that price range)

I just received a request from one of the investors who said he is looking for the 'hungry realtor to work with' and gave me a list of about 10 properties he found to write offers.

Well, the realtor he is looking for, must be not just hungry but starving in order to agree to write offers on those entry level properties (he chose short sales and probates) that are the most popular among investors.

Posted by Inna Ivchenko, Realtor® • Green • GRI • HAFA • PSC Calabasas CA (Barcode Properties) over 5 years ago

Dagny, we have that in the lower end, but I am cautious to say it is the beginning of a sellers market. With all these short sales it worries me. 

Bill, yes indeed it will go to the better offer. And they wonder why.

Brenda, I am glad people are getting it, because it has been a long time coming.

Inna, here, the investors are only getting the properties that can't be financed, on the whole. Yeah, I am guessing you aren't interested in working with that guy, LOL!

 

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) over 5 years ago

What a great title and analogy.

If you want to sell, entice the buyer. Leave the irritating to the oysters!

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 5 years ago

That's a great analogy Andrea!  And you really outline the push and pull and give and take of the real estate industry!

Posted by Jay Markanich, Home Inspector - servicing all Northern Virginia (Jay Markanich Real Estate Inspections, LLC) over 5 years ago

A great analogy to explain current market conditions all over the country. In the end, if seller really wants to sell and buyer really wants to buy, it's time to make a deal and leave all the emotions behind.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Residential Brokerage | Charlotte, NC) over 5 years ago

Great analogy Andrea.  What a wonderfully written post!                                                                                      

Posted by Amanda Christiansen, Christiansen Group Realty (Christiansen Group Realty (260)704-0843) over 5 years ago

Buyers are not in total control nor are sellers. In the end, they both have to sign. Keep smilin'

Posted by Brian Schulte, SFR, Sierra Vista, AZ (Allison James Estates & Homes) over 5 years ago

Well stated post, worth reading by all looking to sell.

Posted by Kathy Stoltman, Ventura County Real Estate Consultant 805-746-1793 (Rockwood Realty) over 5 years ago

Lowball an offer enough and a buyer will lose the opportunity to even have a counter from the seller. If they spend all of their time trying to get the best deal, they might wind up with no deal at all.

Posted by Suzanne Otto, Your Montgomery County PA home stager (Six Twenty Designs) over 5 years ago

Margaret, thank you! Glad you liked it.

Jay, I appreciate your thoughts. There should be a great deal of understanding on both sides, but sadly there often isn't.

Nina, so true. I wish it were that way every time, but it just isn't.

Amanda & Jared, thank you so much, I appreciate that.

Brian, smiling is about all we can do, LOL.

Kathy, thank you, I appreciate it.

Suzanne, I tell buyers that myself. And as a listing agent I am always surprised when agents who submit a lowball offer ask me why we didn't give the buyer a chance to come back with highest and best, to redeem themelves in some way. Because my seller chose another more serious offer they liked.

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) over 5 years ago

Well said Andrea.  We are in a buyer's market right now and are swimming in short sales and foreclosures.  I see other markets are back in seller's markets and I hope we are headed that way as well.

Posted by Debbie Walsh, Hudson Valley NY Real Estate 845.283-3036 (Shahar Management) over 5 years ago

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