I am currently working with a wonderful couple who are first time buyers. They entered the Real Estate market thinking that they would quickly find their first home. What a surprise they had when they were out-bid on 6 different houses!
You might think this is because they “low balled” each offer they put in, and in fact they did on the first one, but they quickly realized that the homes for sale in their price range were quickly evaluated by all other first time home buyers. As we progressed, they began to offer more aggressively, even going over the asking price on one house – which they lost as well. Finally, they had an offer accepted and are now moving on to the next step of the process.
As a Real Estate professional, this experience highlights how homes are selling in the first time buyers’ price range, and that this will trickle into other price ranges. Sellers pricing smart and well is only one half of the equation – offering smart by evaluating the competition, the amenities and the location is just as important for the buyer.
Written by Karen Charest, Realtor, Calcagni Associates