Residential sales are lagging.
Commercial sales and rentals are lagging.
OK - so they why is it that when I found a commercial space I wanted to lease, I had
Competition?
Yes, even tough there wasn't yet a sign on the property, someone else wanted it, too.
We can see the same situation in residential properties - hundreds (or even thousands) are languishing on the market, but when you represent a buyer who wants to purchase one - it seems to be the same one that's attracting others.
Reality isn't about averages - it's about individual properties in individual neighborhoods. It's about right pricing - which takes into account location as well as condition. Yes, even in this market, you may need to offer above the listing price.
The bottom line is YOU. Is this a property that works for you? Does it work better than the other properties for you? Then do what it takes to buy it (or lease it).
Sharon, that's funny isn't it? Invariably when there's a property my client wants, ten other people want it as well. ;-)
Hi Sharon, This is really an accurate picture of the market place. If everyone of us would teach the simple ( yet profound) idea to the seller, I suspect that at least a few more would get it and in an easy and graceful way.
It is really the weirdest thing at times because I see it happen often. People here are taking more time and looking at a lot more properties but when choosing they usually go for the ones that truly stand out for reasons of good pricing or are in excellent shape and so these properties do have a tendency to draw more offers. (I just wish it would happen a little more quickly)
This is why a good agent understands that a properly set price is 80% of the marketing.
Sharon--Two offers in December in multiples. Well priced homes bring out the offers no matter what the media says.
Teri - exactly the point.
William - I've always admired your easy and graceful way.
Russell - our market slowed quite a while before yours did.
Bill - I'd say it's even more than 80%.
Teri - good for you! You're exactly right.
It's definately a supply & demand issue here in Jupiter. Especially rentals. Here today... gone at full price tomorrow!
I am glad you pointed this out Sharon. I too have run into situations where myself and one or two other agents were vying to negotiate on the same home for our clients. I tell my clients all the time, that there are buyers out there right now, ready & willing to purchase the right home at the right price.
Btw, thank you for the kind compliment you left on my blog. :)
Sharon - You had competition because the spot you decided upon was a prime location! Prime locations always have competition!!!