It doesn’t matter if we are in a sellers market or a buyers market, sellers always wonder when they accept an offer if they should have held out for more or waited for a better offer. They want to know what is behind door number 2 but often there is no door number 2. If your home is on the market and a buyer makes an offer, work with that buyer even if your home has only been on the market for a few days. The first offer could be the best offer and it could be the only offer this year. I have seen homes go on and off the market for three or four years. There really are more buyers than sellers.
There are unfortunatley still quite a few sellers “chasing the market down” in my area as well. You do your best at the listing presentation to explain why pricing too high in this market is going to yeild a significantly lower sales price. But sometimes it just doesn’t work and you see things like homes that have been on the market for 3 years and after quite a few price reductions are still priced too high. It’s sometimes sad to see it.
Our market appears to be leveling off – so what we have is some markets moving up – others still moving down. Knowing which market is doing what is critical. But chasing the market down never works.