Sellers agree to a showing and give up their holiday only to receive a lowball offer – The Mercury News

Sellers agree to a showing and give up their holiday only to receive a lowball offer – The Mercury News


Q: We had open houses during the Labor Day weekend. We thought we would have Labor Day to relax at our Silicon Valley home. The night before, our agent made an appointment to show our house on Labor Day to interested homebuyers. These are the same buyers who arrived at the closing time of the open house on Sunday — who also stayed for an hour, delaying our return to our home. After much discussion, we begrudgingly agreed to allow a Labor Day showing. Our agent arranged with a colleague from another firm to supervise the showing, lock up the home and serve as a buyer’s agent. Our seller’s agent was present for the first hour of the Labor Day showing.

During the showing my family was at a park waiting to return home. We received a text message that we could return after the two-hour showing. It is a large and expensive home, so, understandably, the buyers would spend three hours in two days viewing the property.

On Wednesday, our seller’s agent received an inquiry from a Southern California buyer’s agent. The buyer’s agent represented the Labor Day homebuyers. After much discussion throughout the day, the buyer’s agent said he was writing an offer. The offer came in 10% off the list price. That is to say, 90% of our list price. On Sunday, our seller’s agent told the homebuyers that we had rejected an offer on Thursday, which was 2% lower than the list price.

Why would these homebuyers waste our Labor Day? Why would they write a lowball offer knowing we expect a full-price proposal?

A: Holiday homebuyers need to be serious. Home sellers need a break from the selling process. A holiday does just that and more. Not thinking about the home selling process can be a helpful respite for a home seller. Conversely, homebuyers who need to take advantage of every opportunity to view homes occasionally choose holidays. The problem is finding home sellers that will allow a showing and locating a buyer’s agent who will accommodate.

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There are charlatans on the internet claiming the market is falling dramatically. Not so in most markets. Last week, an economist from the National Association of Realtors (NAR) gave a Zoom presentation to Silicon Valley Realtors. The economist confirmed sales are down. However, the NAR economist noted monthly appreciations between this year and last are no longer in the double-digit range. The NAR economist remarked that appreciation comparisons monthly from this year to last are in the single digits. It is a local, statewide and national trend. The number of home sales are down, but prices remain strong. The NAR economist agreed there are pockets around the country where prices have dropped dramatically. That’s not the case in the nine Bay Area counties, especially Silicon Valley.

You’ll do business with the homebuyers who rested on Labor Day. That is, providing that the agents involved will use telephone calls instead of email and text messages.

Questions, concerns or inquiries? Realtor Pat Kapowich is a Certified Real Estate Brokerage Manager and career-long consumer protection advocate. His hometown of Sunnyvale, California, is where he is based. Office Landline: 408-245-7700, [email protected] Broker# 00979413 www.SiliconValleyBroker.com



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