For the past six or seven years, there has been a big concern on the part of both home sellers and their agents that if a home was on the market for too long a period, it would get stale. This led many buyers that were interested in a property to wonder why so many other potential buyers passed on the listing. After all, if the property were desirable and the price right, it should have sold. The concern over making a mistake on a stale property led to a “sheeple” mentality. In other words, buyers felt that they should “follow everyone else’s lead,” and avoid the property too, because it was “safe” to do so.
Finally, there is good news for sellers. The days of having to worry about a property sitting on the market for a long period are nearly over. We have moved from a “buyer’s market” to a “seller’s market.” With housing inventory dwindling and prices increasing, picky buyers are going to have to give up on their desire to be selective and just accept the fact they will have to settle for getting a good home, even if it means they have to pay a little more for it.
The strategy being recommended above is especially true for sellers that are experiencing steady showing activity and occasional low-ball offers. It’s no longer necessary to concede that numerous low offers are proving the value of the property is less. The contrary position is more likely to apply. “Where there is smoke there is fire.” If you keep getting offers, it’s very likely that the asking price is reasonable. All it takes is one buyer that’s willing to pay more, and the seller will end up getting the price they want. It’s important for sellers and agents alike to avoid getting frustrated with new offers that are low. The plan should be to accept the fact that there may be many more low offers before the “real” buyer shows up and makes an offer.
It’s a good idea for prospective buyers to change their strategy as described above by recognizing that the rules that previously applied to purchasing a home are no longer valid. Although the days of a great home at a great price are gone, the sooner a new strategy is created by buyers that allows for more flexibility on price and the selection criteria, the more likely buyers will end up getting a good home at a fair price. That’s far better than the risk that applies to waiting to buy a home when buyers may have to pay too much to get a less desirable property (possibly even a “left-over” home that has been passed up by previous buyers and is the only one left on the market).