A good REALTOR® will do their best to get you market data and information when shopping for a property. Many times if my buyer has interest in a property I will call the listing agent to find out more of the “story.” I ask questions such as, “Why are they selling?” “How long do they need to close?” “Have their been other offers?” “What have they turned down?” “Is there anything else I should know?”
Recently, I showed a beautifully redone home that had been on the market a few weeks with a good amount of activity. It was listed at $439,000 but was move-in ready. We looked at the comparables and most sales were mid to high $300s, but some were partially updated, others were cheaply updated and some needed a good amount of work still. I chatted with the listing agent and she said the seller doesn’t need to sell, and not to come in below $420,000 for the seller to even look at it.
I relayed the information to my buyer who said they wanted to come in at $390,000. I said to not waste their time and find another house. I reminded the buyer that there is low inventory and prices are increasing with high competition. He asked about $400,000 and again, I reiterated what the REALTOR® said, “Not less than $420,000.” The buyer made a cash offer at $410,000. The REALTOR® called me the next day and said they had a full price cash offer come in. My buyer lost the house.
Buyers, do your research, look at comparables, look at market activity, look at market trends but also listen to what your REALTOR® tells you. Your REALTOR® is there to help you get the home you want, going against them trying to help you will usually just leave you with no house at all.