“It was Sunday in the early evening when the call was made to the listing agent:
Buyer’s Realtor® – “We’d like to make an offer!”
Seller’s Realtor® – “Ok that’s great but, I need to tell you that three others who visited the weekend open house have also declared their intent to make an offer as well,” said the listing agent.
Buyer’s Realtor® – “Oh – well then, I will inform the buyers I’m representing to advise them that you expect multiple offers – I’ll get back to you with their decision.”
Later Sunday Evening:
Buyer’s Realtor® – “The buyers I’m representing have decided that they do not want to participate in a multiple offer situation.” “Thanks for your time and good luck with your multiples.”
Seller’s Realtor® phones. “Would your buyer’s reconsider their decision?”
Buyer’s Realtor® – “Why?”
Seller’s Realtor® somewhat embarrassed – “the other three offers that were declared Sunday evening have decided not to go forward.”
- Local Realtor Larry Yatkowsky recounts a story he heard over coffee with his Realtor buddy, at yattermatters.com 23 Jan 2012.
Inventory is rising rapidly this year, and has yet to be met by convincing sales.
This next month or two could be where the bust declares itself.
Remember, it’s not about buyers vs sellers; it’s about sellers vs sellers.