Slow Market?

"I'm sorry. That house just went under contract."

"Please submit your offer, but know that we've already received two other offers on that property."

We haven't hear talk like that too often in the past couple of years, but I'm certainly hearing it now. Over the past several weeks, I have faced the following scenarios:

  • I take buyers to look at a house that's been on the market for three days. While we're there two other potential buyers come through with their agents. My buyers like the house and make an offer that evening. Agent has already received another offer, and he receives a third the next morning. We're in a three-way bid situation. We get the house
  • I take buyer to look at house that's been on the market for two days. She falls in love with it. Having learned my lesson, we go straight back to write up the contract. I call the listing agent to tell her an offer is coming in. She tells me "Oh, that property just went under contract."
  • I take a buyer to look at a condo. She likes it a lot, but has a couple of questions. I call the listing agent, who tells me "Oh, that property just went under contract."
  • I take a buyer to look at houses. She likes two of them, and wants to go back and look again a couple of days later. Both have gone under contract.
  • If I'm with a buyer and we find the property they want, I am encouraging them to work with me to submit the offer ASAP. I would obviously never pressure anyone to make a decision before they're ready or submit an offer before they're certain. But once they're certain, it's time to act. I'm tired of seeing my buyers disappointed!

    So I think the market is picking up! Granted, this is the case for certain well-priced properties in good condition in desirable neighborhoods. There are still plenty of homes languishing on the market for various reasons. Some sellers still think it's 1999 and that their homes have been appreciating at double-digit rates for the past few years. Some homes just aren't desirable. And some perfectly good, well-priced homes just haven't found the right buyer yet.

    But, all in all, I'd say the signs are good!