Yesterday, we adjusted the price on one of our listings from $410,000 to $399,500 after 39 days on the market. An email was sent out to all the agents who had previously shown the property. Within an hour, we had the first showing. Within five hours, we had an offer.
Today, by noon our listing at 2718 Buckner Lane was under contract. At 2:15, an agent who had previously shown tried to schedule an appointment. The sellers declined. The ratified contract is very strong.
The agent contacted me telling me his clients were very interested and was wondering why his showing request was declined. I explained the house was already under contract. If he'd like to show to write a back-up offer, we'd be open to that. He didn't like that response very much.
What I really wanted to ask him, "If your clients were that interested in the property, why didn't they write an offer three weeks earlier when you first showed it?". Our price adjustment wasn't significant. Had the buyers written an offer three weeks ago at our current asking price, I suspect the sellers would have accepted it.
If you like a house, don't wait until a price drop. Write an offer!
I never understand this rationale but I see it all the time. Sellers drop their price $5,000 and suddenly a listing goes under contract. Really? Why not just write that offer weeks earlier? If you fear the offer is too low, don't fret. Sellers can always counter. You may still be able to come to terms, even if your first offer was low.
Wait until a price drop and you may have lots of competition driving the price back up anyway. At least that way, you have a chance of getting the house you want.
If you like a house, don't wait until a price drop. Write an offer.
If you are a Franklin TN home buyer who needs sound buying advice, contact Franklin Homes Realty today at (615) 495-0752.