Let’s say you put your house on the market at a very appealing price, with the hope that huge numbers of competing buyers would bid the price way up. Unfortunately the highest (and perhaps only) offer you get is at your asking price. Would you have to let the house go for much less than you expected?
Last weekend the Seattle Times wrote about a West Seattle family who found themselves in such a situation. Rather than live with disappointment, they asked the buyer to pay $35,000 more. I know. What?! After a week of negotiations, the two sides came to an agreement in which the buyer paid $20,000 more.
Believe it or not, during this past week alone, SIX colleagues from my office encountered similar seller demands. The market seems to be shifting, but over the past couple of years, everyone has been conditioned to take intense buyer competition for granted.
Perhaps demand will heat back up during the winter or spring. Or it could taper off more, too, so that sellers who make “I want more” counter offers end up empty-handed. The more reason for careful consideration before making real estate decisions.