What's My Franklin TN Home Worth?: If You Like a House, Don't Wait Until a Price Drop. Write an Offer!

If You Like a House, Don't Wait Until a Price Drop. Write an Offer!

If You Like a House, Don't Wait Until a Price Drop. Write an Offer.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.

Tammie White, Managing Broker/Owner
CLHMS, CRS, GRI, SFR
Franklin Homes Realty LLC
Franklin, TN
(615) 495-0752 
GET REAL. GET LOCAL.
 
This posting with the content written here and photographs displayed are the intellectual property and opinions of Tammie White of Franklin Homes Realty LLC. Any party who uses this material without the written permission of Tammie White is subject to copyright infringement and possible lawsuit.
Comment balloon 19 commentsTammie White, Broker • September 19 2015 12:46PM

Comments

You've given buyers a good reason to be decisive. If they wait, trying to "get a deal" they are likely not to get a home.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) almost 3 years ago

Tammy  agreed!  This scenario happens more often then not and that's when buyers and agents can get a little testy. But hey - if you snooze you lose - it's as simple  as that.

Posted by Anna Banana Kruchten CRB, CRS 602-380-4886, Arizona's Top Banana! (Phoenix Property Shoppe) almost 3 years ago

Tammie, you are right!  Don't be shy when it comes to making an offer.  If the only thing standing between buyers and the house they love is that it's a little more than they want to pay, they might be surprised.

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) almost 3 years ago

Hi Tammie - We see this fairly often as well, and it amazes us too - you're right, they can just make an offer. And buyers are doing it in our very hot market segments.

Posted by Dick Greenberg, Northern Colorado Residential Real Estate (New Paradigm Partners LLC) almost 3 years ago

Tammie- I o agree.  Buyers need to realize that if you like a house, make an offer.  You can't get any simpler than that.  

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) almost 3 years ago

Tammie - I don't understand waiting until a price drop before making an offer. You would think that a lot of home buyers would be missing out on homes they really wanted if they practiced this method.

Like you said, just make an offer your buyer is comfortable with and start from there.

Posted by Troy Erickson, Your Chandler, Ahwatukee, and East Valley Realtor (Diverse Solutions Realty www.ChandlerRealEstate.weebly.com) almost 3 years ago

You are absolutely correct Tammie, I don't understand Buyers that won't write an offer and instead want to play games.  If they like the property the odds are so will someone else and they will loose out.

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) almost 3 years ago

Tammie - some people just love to play art of the deal but many don't know what they are doing.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) almost 3 years ago

The nature of the beast, always looking for a bargain.  You snooze, you lose. Write the offer!  I blame the agent for not advising his clients properly.

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) almost 3 years ago

Good morning Tammie. Your point is well made. Some people appear to only want something when it no longer a viable option.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) almost 3 years ago

Hey, Tammie!

I included this post in today's "Last Week's Favorites".  Enjoy the rest of your weekend.

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) almost 3 years ago

Your logic makes perfect sense.  I don't get why so many wait.

Posted by Debbie Gartner, The Flooring Girl & Blog Stylist -Dynamo Marketers (The Flooring Girl) almost 3 years ago

Great advice...I work with alot of first time home buyers and some times they need to lose out on a house to understand the urgency!

Posted by Kristin Johnston - REALTOR®, Giving Back With Each Home Sold! (RE/MAX Realty Center ) almost 3 years ago

I totally agree Tammie! I tell my buyers this all the time. If you really like the house but feel it's a bit overpriced then lets look at the comps and form an offer. If the sellers don't like it then they can counter but at least you're in the game!

Posted by Nicole Doty - Gilbert Real Estate Expert, Broker/Owner of Zion Realty ZionRealtyAZ.com (Zion Realty) almost 3 years ago

Good morning, Tammie! This is a very informative post and I'm sure buyers will definitely learn a lot from this. Thank you for sharing! Have a great day ahead!

Posted by Katerina Gasset, Get It Done For Me Virtual Services (Get It Done For Me Virtual Services ) almost 3 years ago

Your title line is likely among the best advice given homeowners today.  Just because you've found the perfect home, but it's overpriced, doesn't mean you can't write an offer.

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) almost 3 years ago

Tammie White it happens - some agents think that they can wait and watch! What this agent watched is - home slipping off their buyer's hand!

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners) almost 3 years ago

Tammie, I've had a lot of clients do the waiting game this year assuming a property would be around for ever. They've all been wrong. 

Posted by Mike Cooper, Your Winchester, VA Real Estate Sales Pro (Cornerstone Business Group Inc) almost 3 years ago

Waiting to purchase a property buyers love (for any reason) is a huge risk!

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, 914-419-0270, kat@thehousekat.com) almost 3 years ago

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