“Why is it….
By now we have all experienced it… House Today, Gone Tomorrow! But why so fast?... Sometimes the answer is obvious – the home is priced well, staged, well marketed, in a desirable area, low inventory, priced below FHA limits,… etc & thus moves quickly. BUT what about that home that is 112 days on the market, you finally go look at it… make your offer & BOOM – multiple offers, or worse… the seller just accepted another offer! That (my friends) is a whole other level of frustration… how odd that no-one bought it for all that time, until (seemingly) “we” get interested. So why is it?
It is important to understand that often the very same market factors that “drove” you to that particular home are driving other buyers. It isn’t hard to surmise that buyers are looking for the best home at the best price – but to see how that may play out in a home that seems more “market stale” than others, picture this same 112 “days on market” home for the last 100 days as having strong competition in surrounding homes. One with an award winning media room, one on a greenbelt, one almost new, one with massive updates, perhaps one a little less functionally obsolete, or maybe a few just priced less – all of these fall under contract, one after the other - until POOF, the 112 “days on market” house’s time has come. This isn’t to take away from the 112 “days on market” house, but simply to reflect that as competition falls off the market, simply due to scarcity of the inventory, the desirability of the 112 day home increases (this is especially true if new listings to the market continue to have price increases) - driving you & the other buyers towards the same home.
Even knowing this…. it still doesn’t make it feel any less like a conspiracy.
Stay "searching" my friends,
- Christie Cannon - 469-951-9588 - Christie@christiecannon.com