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3 Offers on One House…In a Buyers Market?
By Ryan Ward | January 27, 2008
That’s where I am right now with a client of mine and I’m not the only one out here with a situation like this. Attention buyers and sellers, let me tell you a secret! Seriously, you might think that a “buyers market” is very different than a “sellers market” and the truth is that they are not that much different.
As a buyer, you may think that in a buyers market, you can go out and find exactly what you want at the price you want to pay for it - or less! The truth is that there is a slight difference not a major difference and regardless of buyers market or sellers market, good houses will sell and they will sell fast. When you go look for a home as a buyer in a buyers market, it’s not like there are three times as many homes for sale at a 1/3 discount. There may be 10% more homes at a 5% discount and in the market specific to your needs, it’s possible that there is one or no additional homes for sale to choose from and therefore no reduction in price.
A perfect example of this exists today in our current “buyers market”. I have been working with these clients for over 6 months. We have searched and searched homes for sale in Alpharetta and the search has pushed us into Roswell, John’s Creek and Milton at a price point that has seen virtually no reduction in prices (in fact, they have increased) and very moderate increase in supply. So, today, after looking at a new listing we have basically found what they want. The long and the short of this is that along with our offer, they received 2 others today!
So I want to be very clear about this and I will harp on it until the mentality has shifted - Work with an agent who will help you find the house you want, understand the market with your agent and realize that this is not a free for all. What this is for you as a buyer is a fundamentally sound time for most buyers to buy, but, you need to buy for the right reasons with a sound understanding of what it actually means to be in a buyers market.
Topics: Alpharetta Real Estate |
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