A Day in the Life of a Main Line Realtor® – Part 4
Spring has come early to the Main Line this year and this Main Line Realtor® is hoping lots of sellers get their homes on the market soon so my buyers have some nice ones to go see. It has been feast or famine. The houses that are available have been on the market for a while, which likely means there is a reason. The new ones get attacked by the potential buyers like dogs fighting over a bone, and then we have the dreaded “multiple offer situation.” Though the Main Line has solid housing stock that maintains value better than most areas, limited supply makes it tough for buyers to get into the market to benefit from that appreciation.
My relocating buyers, who have been renting for a year now, have an attachment to the elementary school their child attends, which has made house-hunting a bit frustrating for them. We have looked at almost every home in the area of the Main Line where they want to be that is even close to their price range. One house that seemed to fit the bill was constructed of a synthetic stucco which has a bad reputation and needed to be evaluated. This adds to the overall costs of having an offer accepted and going through inspections. Buyers do not like to spend their money only to have to terminate. In this case, the seller was willing to pay a portion of the cost. Sounds good, but still an expense and a risk. So while my buyers thought about that, someone else put in an offer. Despite what people think, a listing agent will often decide against notifying interested potential buyers of another offer, and sometimes the sellers may have even directed the listing agent to refrain from giving notifications. This is just one of the events that can occur in a real estate transaction that leads the buyers to think the process is somehow “fixed” or unfair.
Just as well, because a better house came along and my buyers were successful even though there were 4 other offers. Yea! They felt a rapport with the sellers, wrote a nice note, took the mortgage risk and gave the exact closing date the sellers wanted. Multiple offer situations are the worst at making buyers feel the process is rigged but this turned out well for us. It helps when the sellers and their agent make very clear what process they will follow and then do exactly what they said they would do.
So Spring has brought renewed life to our office with this happy Main Line buyers story! We will see what the next few weeks bring for this Main Line Realtor®, but it looks like it will be a busy time for us.
Tags: Main Line Realtor