Who knows why, but it seems like every summer the market slows just a tad and things aren’t quite as crazy as they were just a few months ago. Not slow really, just slower. It’s in this slightly different market that sellers start acting a tad crazier than they did just a couple of months ago. Actually, a couple of months ago everything went every sellers way. No matter how awful the house, there were 6 or 7 buyers for it. No problem was big enough. Folks just wanted to BUY. Now, houses with obvious flaws are being overlooked to some extent…and when that happens some of these sellers don’t know quite what to make of that. They’re a little cranky…if truth be told.
Case in point. There’s a 3 bedroom house for sale in Belmont for $1,399,000. One of the bedrooms is an unpermitted garage conversion. It’s been on the market now for about 33 days. It’s gone beyond it’s opportunity for multiple offers. For those of you that are unfamiliar here…that means that it’s not (most likely) going to sell for more than the asking price. Seems sort of obvious…doesn’t it? I mean, if nobody is knocking the door down, is it realistic to expect that a house will sell for $200,000 over asking a month into a listing? Not in my mind.
Of course, my mind isn’t the same as the seller in that Belmont house. They got an offer of $1,350,000…and the seller countered it at $1,650,000! Folks…that takes real BALLS. “My house has been on the market over a month, hasn’t gotten any offers, but hey! I heard my neighbors got a $200,000 overbid…I’m sure I should have that too!”
Funny thing about this kooky, semi capitalistic free market kind of economic environment…at the end of the day the buyers decide what a house is worth. They may decide it’s worth more than a house is listed for…or less than it’s listed for. It kind of isn’t about the seller in cases like this. If the market tells you a house isn’t worth $1,399,000 that means it’s telling you it’s worth LESS than that…not more! Weird…I know.
Incredibly, this isn’t a unique story right now. Lots of sellers are all set at the table to feast on this market’s opportunities. Once those opportunities come they don’t always have an outcome that you, the seller, wants. Maybe accepting an offer under asking really isn’t such a bad thing?
It really isn’t all about you after all.