Are Buyers, in your area, having a hard time pulling the trigger? Are they shooting blanks? They certainly are in Poinciana Fl. I guess they just have too many properties to choose from. There are currently about 1,750 homes on the market in Poinciana and only about 50 a month are selling. In fact, as of this morning, there are only 77 pending listings!!! That's pitiful.
Needless to say, getting an offer, on one of my listings, is a rare occasion. Yesterday, I was fortunate to get a real good one. A decent purchase offer with the Buyer putting $100,000 down. Better yet, they weren't asking the Seller for anything. Now folks, in my market, we don't see these very often. Normally it's 100% financing with the Seller paying all the closing costs. I was excited!
So, I called my Seller and drove right over to go over the offer with them. I kind of thought they would be excited too. They are a couple of months behind on payments and this was the 1st offer we have had in eight months. The offer was for $218,000 on a $239,000 listing. A little low but not bad.
Well, the Seller was not excited at all. Actually that's an understatement. You've all heard it, "I'm not giving my house away!!!" Anyway, as usual I let them blow off a little steam and then sat down and went over market data with them and showed them the reality of the market. I do this every week with my Sellers but they have very short memories when it comes to market reality. I do understand. Selling a house is very stressful and when you have financial stress on top of it can break a man. But it's my job to lay it out there for them and make sure they have the right information to help with their decision.
After about 90 minutes the Seller finally came around and we prepared a very good counter offer that we felt would be accepted. They weren't jumping up and down with joy but would be able to live with the deal if it was accepted. I got everything signed and initialed and left to go back to my office to Email the counter to the Buyer's REALTOR®.
Folks, wouldn't you know it, as soon as I got about 5 minutes down the road, the other REALTOR® called, to let me know the Buyer had decided to withdraw the offer! I hate it when that happens. It seems they have a cousin, who's a REALTOR® down in south Florida, who had suggested to them that they go look at homes in his area before deciding on Poinciana. Oh man, my Sellers were heartbroken. They were so close to being free of their financial hardship. Now we are back to square one.
I really feel for these folks. We've done everything we can to get their house sold but houses are just not selling. So we're going to do another price reduction. Folks, I'm having a difficult time figuring out this market, it's been quite the challenge. Fortunately, I like a good challenge, it makes succeeding so much sweeter. I just wish my Sellers didn't have to go through this. So how are things in your neck of the woods?
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