This week in local real estate ...

• Scenario number 1: One of the agents on my team had a very cute 1BR cottage on the market in Michigan Park. The listing price of $295K reflected the property's condition (namely, dirty and unimproved). However, the little house sat on a very nice lot, was originally well constructed, and had LOADS of potential. An interested buyer presented a full-price offer, and the seller rejected it, saying she wanted more. When pressed, she couldn't identify exactly HOW much more she wanted. The buyer is still out there, holding his breath and hoping that the seller comes to her senses.
• Scenario number 2: A buyer agent in my office wrote what he thought was a low-ball offer on a property priced around $1.2M --- $200K BELOW the asking price. It turns out that during the 60 day listing period (so far) the seller had already had five offers, and this agent's was tied for the best. Again, the buyer is waiting to see what happens.
• With all that said, it's important to note that some properties are receiving multiple offers OVER the asking price. The only rhyme or reason for this seems to be CONDITION. Even some over-priced homes are receiving multiple offers ... but only if they're truly in sensational condition. Buyers are overlooking many VERY GOOD homes that have even minor condition issues. Right now, buyers are feeling exceptionally anxious about purchasing (especially in light of all the bubble-talk). Because of their already high anxiety, they're saying they simply can't suffer having to do work to make a new home livable --- especially if they're paying what they think is a lot of money when prices seem to be dipping. Advice to sellers, if you want your property to attract these harried buyers, do whatever it takes to get your property in great showing condition prior to going on the market. It seems that many sellers would do more to prepare their CAR for sale than they would for their primary investment, their home.
• As in recent weeks past, there appears to be a great deal of negotiation going into situations where a listing may generate only a single offer. The seller inches down in $1000 increments, and the seller inches up in $1000 increments. And the gaps they're spanning could be as much as $50K, or more. Understandably, this process can take days or weeks. But, it appears that patience IS a virtue.
• Market note to sellers, if you have tons of people through the property, and you're on the market for a long time without an offer, the market is speaking to you. When the silence is deafening, it may be time to adjust the price, or bring the condition in line with the competition.