| Back to Articles |
| Back to
Articles |
As a partner of a Real estate company I see the opposite poles of the business every day. Its either agony or ecstasy. The past several weeks have shown me both poles in my personal business. I thought sharing several of my experiences may be of interest. The Kansas City market is experiencing a seller’s market like none I’ve seen in over twenty years.
After working with a client/buyer for over seven months I received a message on my voice mail on a Sunday stating that the couple had found a house that they were extremely excited about and wanted to make an offer as soon as possible. The following day we meet with the builder at the property with the intention of going over a few minor details. The meeting lasted three hours and the client decided to sleep on their decision to buy until the following day.
By mid day the next day my client made the builder an offer eleven thousand dollars under the asking price. The builder rejected the offer and my client made a counter proposal nine thousand dollars under the asking price. Again the builder rejected the offer. My client berated me for not negotiating more on his behalf. I suggested that market conditions determined the value of any product and that the house was only worth what he the client was willing to pay.
To make a long story short the negotiations went on for ten more days each time my client offered slightly more and each time the builder countered at full price. The following day the agent for the seller/builder called to inform me that another offer was coming in on the property. My client immediately made a full price verbal offer. My client did not buy the property because the other offer was more than the asking price. Agony.
A couple I meet on the internet from England recently contacted me by email and asked that I send them properties that meet specific criteria. There were only four that matched their needs. The couple came to my office one week later and one of the four properties had sold. By noon we had seen the remaining three properties. The client asked how the market was here and I explained it as a seller’s market. I gave them comparable sales for properties in the subject area. They bought the property for full price as it turned out because another offer was presented to the seller at about the same time. Ecstasy.
Products are only worth what buyers are willing to pay. Knowing the market can increase your chances of making your next move exhilarating and you’ll avoid the potential exasperation that comes with poor preparation and planning.
Whether you’re thinking about buying or selling or merely seeking information, rely on me to provide accurate up to date information about the marketplace today.
Send me an e-mail message and ask to be added to my Real Estate Matters e-mail mailing list. Every two weeks, you'll receive a copy of my most recent issue automatically in your e-mail.
| Back to Articles |