Real Estate: ” Too bad..Too Late..Opportunity Lost “
“There is a place in Lynn Valley for sale, asking price 860k 2 months ago. My friends made an offer for 760k, less than assessment. It was rejected back then, but seller appeared last week and said that they are now ready to sell for 760k. My friends took a look again and decided that they don’t like it anymore.”
“My friends are looking for a house in North Van and they’re lowballing all the time. There is a place in Lynn Valley for sale and asking price was 860k 2 months ago. They made an offer for 760k less than assessment. It was rejected back then, but seller appeared last week and said that they are ready to sell for 760k now. My friends took a look again and decided that they don’t like it anymore. So, 100k discount in 2 months… There are motivated sellers out there!”
– Aleksey at VCI November 13th, 2012 at 5:44 pm.
I am going to speak a bit from experience….
I have found that when one is selling an item, often the BEST offer was the FIRST offer. EXAMPLE: if I want to sell an item for $100, and someone offers $85….and I refuse…it is not uncommon that the next buyers will not offer as much…and I may end up selling for $75 . I don’t have the answer WHY, but my guess is there is this short term connection that exists like two ships in the night…someone is looking for what someone is selling…and if those ships don’t connect …..they sail on and no more ships may come. This does not imply my price was wrong…or out of line…but as I have stated before…the BUYER sets the price..and if I have lost my best(often first) offer, I keep that in mind for the next time.
This will be an increasingly common story in the Real Estate market that will be experienced and shared by many. aka a Buyer says “geez I am glad THEY refused my offer” ..and Seller will say “ dammit, I should have accepted that offer “.
My guess is that buyer wasn’t really aware of the market forces…nor aware of chasing the market down. Wake- up call, more like ton of bricks?
In addition, such sales are often very emotional. I once read that the average home purchaser decides within 20 minutes. I think we have all been there…that “gotta have it ! ” feeling, but then in hindsight wonder why we bought it…or glad we didn’t. That’s why we have ” Let Me Sleep on it “…add a ” subject- to ” that buys time…it works for both parties.
Fishing for prices ….or one does not have to sell is one thing..but those that are motivated to sell best understand the market dynamics not look a gift horse in the mouth…and cut their losses.