Often times, agents and sellers believed that selling homes is seasonal. There is a small bit of truth in that. But what the real question we need to ask--"Are we in an appreciating or depreciating market?" What is the quickest way to know? Look at the inventory that has been on the market for several months--is more inventory coming on the market than what is being sold, or is there a lack of inventory? The first scenario is a depreciating market, and that drives the prices down. When there is lack of inventory, then the prices go up. The buyer pool is almost always the same, it's the buyers' perception that drives the market up or down. If a buyer perceives value in property (the property is priced right), then they will purchase. Pricing your home right in a depreciating market will get it sold, and often times create multiple offers.
My experience in this market both as a listing agent and a buyer's agent is homes that are priced right ARE getting multiple offers and most often getting a price higher than their asking price.
I you want more information, please call or email me.
I've been a Realtor for almost 5 years. Prior to that, I had a career in legal. After my experience with purchasing a home with an unethical agent, I decided to become a Realtor and if I could help one person have a great experience purchasing their home, then it would be worth it. Since becoming a Realtor, I have had the privilege of helping several people buy their first, second or even third home. Here's my story.
About 6 years ago, my husband and I decided to purchase a home. We found a really nice home in our area and my husband contacted the agent. The home was out of our price range, but the agent assured us that the seller would be willing to work with us. We talked about it and decided to put in an offer. The agent insisted on writing up the offer for us. It was our understanding that he represented the seller, and this confused us. I then asked him who he represented, and he said he represents us. Keep in mind, we didn’t understand the purchasing process, and trusted him. The seller accepted our offer.
The next few months were such a whirlwind. The agent started pressuring us to get the deal closed. During this time, we were having trouble with our lender and needed to find a new one. Also during this time, the agent had us sign was a form that stated we would pay him a 4% commission. Again, I didn’t understand the process and didn’t know the industry practice was the seller paid his commission.
As time went on, things began to unravel. The seller was changing her mind, and the agent was putting more pressure on everyone. Our new lender was really awesome. This man not only gave us a great loan, but stepped in and stopped this agent from taking advantage of everyone. He truly went above and beyond the call of duty. When our lender saw that the agent was trying to get a 4% commission from us, he confronted the agent and the agent agreed in writing not to take a commission from us.
Okay, so now were going to close escrow. While signing documents at escrow, the agent shows up and tries to get us to sign a promissory note to pay him the 4% commission! We absolutely refused to sign the promissory note.
Well, several months later, we were going to refinance our home. Our lender contacted us and said we had a judgment against us. With my legal background, I understood the legal process and knew something wasn’t right. I discovered that this agent had recorded a mechanics' lien against our home for $15,000! This was not only unethical, but illegal! Long story short, I hired an attorney who told the agent that if he didn’t remove the illegal mechanics’ lien, we would sue him. The agent didn't budge. I also had warned the agent two times in writing that if he didn't remove the lien, I would report him to the Department of Real Estate. He didn't budge.
Before going through the expense of a lawsuit, I submitted a complaint with all the documentation to the Department of Real Estate. Once the deputy from the DRE contacted the agent about my complaint, the agent immediately removed the mechanics' lien.
There was so much I learned about this experience, but unfortunately only after we closed escrow. There were other victims in this story too, like the seller. It was about a year later that I decided to take this negative experience and use if for good. In addition to protecting my clients, my top priority for my clients is to educate them—knowledge is power. My clients cannot make a decision without being fully informed.
Although it was a bummer to go through this experience, I do believe that it has made me a better agent for my clients. Was it worth it? Absolutely!
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Well, if you have been watching the news or reading the paper, you probably feel as though the real estate market is busted. While there are a lot of struggles with this market, it's not all doom and gloom. Although the reports say the "sky is falling," now is the time to buy! We are seeing more investors coming into the market with cash. If they see the value, so should we!
From my own experience working in the market, I'm seeing lots of buyers out, multiple offers on homes and great loans/down payment assistance for buyers. Right now, we are seeing homes priced at 20% to 30% under value, with some sellers are paying the buyer's closng costs! With the many different loan and down payment assistance programs, and lots of homes for sale, a first time homebuyer can get into a home with very little money.
I saw a newspaper article on Friday (10/3/08) that stated the San Diego real estate market will continue to go down over the next two years. Yet, I'm seeing almost daily on the MLS that homes, especially bank owned properties, are selling for more than their asking price and are off the market sometimes within a week! Once a buyer gives me a list of homes that they want to see, I will call the seller's agents to find out if there are any offers. I would say that 98% of the time there are mulitple offers on that property! Sometimes these properties have only been on the market for 2 days.
So, with all that said, do I believe that the market will continue to go down, no. But, I do believe that with all the changes in lending and the "bailout," inventory will start to dwindle. What does all this say, now is the time to get off the fence and buy!