In the past 3 weekends my colleagues and I have introduced three properties in "popular" neighborhoods that all received multiple offers. In each case none of the initial offers, despite the buyers being aware of the competitive bidding situation, reached the asking price. What was seen by all three sellers, with three very different homes, is that buyers are very cautiously submitting offers on property even in what had been considered "A+" locations. In the end two of the three properties went under agreement, and I'm sure the third isn't far behind, but I'm not sure if any of the three very popular listings will sell for full asking price. The other observation shared by all three listing agents is the drawn-out nature of the multi-offer negotiating process. In the past buyers saw the competition and one or two made a push to win the property. I think all parties would agree that in these cases the buyers gingerly approached the negotiating rounds and at no point was anyone truly forcing the issue and taking control of the negotiations. At the end of the day the signs are somewhat conflicting. Sellers who have a strong product to offer will still find a significant number of interested and qualified buyers. Those buyers will still make offers, but the speed and strength of those offers has been greatly reduced.
Finally, these three properties all had very strong initial open houses. In the case of two of the properties they were introduced to the marketplace on Easter Weekend, had no print advertising driving traffic to the door, and still drew an extremely high number of open house guests. If I were the Boston Globe I would start to worry that sellers are going to stop pushing for their house to be listed in the Sunday print edition, because agents have been saying for years now that the print media does not aid the selling process at all. I would much rather take the significant money spent on Globe advertising and create content-rich websites and e-marketing campaigns. At the end of the day, the sellers usually want to be in the Globe no matter what, so we're there, but this process would be significantly less costly without print media.
Finally, these three properties all had very strong initial open houses. In the case of two of the properties they were introduced to the marketplace on Easter Weekend, had no print advertising driving traffic to the door, and still drew an extremely high number of open house guests. If I were the Boston Globe I would start to worry that sellers are going to stop pushing for their house to be listed in the Sunday print edition, because agents have been saying for years now that the print media does not aid the selling process at all. I would much rather take the significant money spent on Globe advertising and create content-rich websites and e-marketing campaigns. At the end of the day, the sellers usually want to be in the Globe no matter what, so we're there, but this process would be significantly less costly without print media.
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