I found this great post by a realtor friend, Karen, in Mission Viejo, Ca. I am sharing it with you because our Vancouver Washington Real estate market follows the California market like clockwork. If Karen is seeing this in her market, then we will be dealing with the exact same thing before summer. If you are hoping to time the market and buy at it absolute lowest point, we are probably at that point. (Of course we won't know for sure until this time next year!)
Too many buyers....there are just too many. Too many short sales....they just don't really care. Too many bank-owneds...they are waiting for multiple offers to come in. Listing agents can afford to be picky, and they are. I remember when an offer would be greeted with excitement and great care...now? Sometimes they aren't even acknowledged for days, let alone responded to. All this is making it very difficult on the buyer's agent to keep their clients happy.
The media is bombarding the public with bad press about the housing market. They are not discussing the multiple offers, the bombardment of buyers, nor the artificially low listing prices. Buyers have the wrong expectations going into the process. The challenge then becomes how to educate our new buyers without looking like a "pushy salesperson" who is trying to get buyers to increase their offer price. Then when they do write an offer....they wait and wait and wait. The buyer's agent is forced to say things like:
"I've left a message for the listing agent, but I'll try them again"
"They are going to collect offers and then present them all at once"
"I'm not sure what's going on, the listing agent said we'd hear something today"The problem is that one buyer....is not valuable in this market. The difference is that normally the media provides reports which set the proper stage for home buying. Seller's Market or Buyer's Market! But now the information in news stories is on the plight of sellers....foreclosures, short sales, home loss. This is absolutely true. They mention the great drop of home values and prices. This is absolutely true.
It's true....but not a complete story! We need to complete the story so that buyers better understand what is happening, that they are not going to be able to go into a short sale and offer 20% under asking price. That a home which has been on the market for 200+ days is not "desperate" for a buyer. Likely there have been many buyers over that time frame and they are merely waiting for approval and will then find out which buyers wish to compete for the house later.
The main problem buyers have right now is it's a seller's market....and the seller is "just not that into you."





