Home buyers frighten easily in today's real estate market, a tale of three contracts.
As a home seller, you need to understand the environment that home buyers are in. Home buyers are watching the Federal Reserve continually raise interest rates, and they are watching Israel and Ukraine at war. They are a bit uneasy, so you need to think first before you make aggressive counter offers to potential buyers of your property. It is not 2021 any more. Here is what happened to my last 2 contracts I wrote and to a friend's contract recently.
Contract 1: After I gave my out of town clients a Face Time tour of a house, they made a good offer on the house with acreage that was within $10,000 of the asking price. The seller had been burned by another out of town buyer, so they decided to counter my client's offer at full price and give them less time to inspect the property. That did not give the buyers a good taste in their mouths and made them rethink their decision to buy the house. They decided that 1) they did not want to rushed and 2) the property (that they were previously ready to buy) needed too many updates. The seller came back and was willing to agree to the original terms, but the buyers had already moved on.
Contract 2: A different land buyer made a good offer (within $10,000 of the asking price) on a property, but the seller countered them at full price. Again, the buyer had time to pause with this counter offer, and they talked themselves out of buying the property. They thought of more expenses during that time of considering their response to the counter offer, and that was the end of that contract.
Contract 3: Another Realtor friend of mine had a buyer back out in the middle of a contract and refused to purchase a property because of the political environment.
All of this happened within weeks of each other at the end of October. Know that if you counter a good offer, you may loose those buyers all together. You may be buying the property back from them after having not taken their original offer. If you have a good offer that is close to the price you want, be sure to think twice and decided if the risk of loosing the buyer for your property is worth sending them a counter offer.
Call Nathan and Charlie Walldorf to sell your home at 423-544-7700.