Are we at the peak?

It sure feels like we are approaching the peak as some houses have not received any offers this week and are “lingering” on beyond the usual 14 days on the market.  That said I have been writing offers every week for clients and have come in 2nd one too many times.  Just this week I wrote an offer $400,000 over asking price and came in yet again 2nd…. It is really disheartening for clients to keep writing offers and be rejected even when they write that much over the list price.  Is the list price way too low?  Yes in some cases but the market is such that buyers expect to overbid 10%-20%. If a seller decides to price high there will be hardly if any overbids.  My colleague wrote an offer on a home listed within 5% of value and even though they wrote $200,000 over asking price the sellers rejected their offer..

Have you seen the  new trend of “transparent” prices?  It is popping up everywhere.  Sellers list a home at the price they expect to receive or agree to sell their home for.  Those “transparent” prices are quite high but maybe that is the way to be fair and more honest to the buyers too.  What do you think?  As a seller or a potential buyer would you prefer to deal with transparent prices from now on or keep the status quo?

Best regards,

Catherine

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This entry was posted in homebuyers, housing affordability, integrity, Real Estate, Uncategorized. Bookmark the permalink.

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