Even in Slow Markets, Real Estate Sells
Posted on August 24th, 2007 by Jonathan Dalton
Life gets in the way sometimes. All of understand that, even your average real estate agent. But even in a slow real estate market, such as that here in the Phoenix area these days, homes that are priced well will sell and sell quickly.A week ago I received an e-mail from someone in the midwest. He had been on my Westbrook Village real estate site and had seen a listing for a casita listed at $120,000 - about $30,000 below current market value. It was a fix-up, according to the listing, but the real question was how much work it would need.
After calling the listing agent I passed along the information and the next night I showed the property to the buyer’s son. At this point, one offer already had been written on the property and my buyer decided to stay out of the fray and wait to see what happened with the offer.
It fell through, as I learned when my phone rang Monday at 7:45 a.m.
I passed the information along to the buyer and by Tuesday he had decided to make an offer. I wrote it up sent it to him via e-mail and waited.
And here’s where life got in the way.
Time was extremely limited for my buyer because of a large project he was working on. So the rest of Tuesday passed. So did all of Wednesday. Yesterday morning he called to say he was sending the paperwork back. When I called the listing agent to let him know, we found out the casita went under contract two hours earlier.
It happens. Even in very, very slow markets. Well-priced homes don’t sit on the market very long. In spite of mortgage issues, in spite of the glut of property … the best-priced homes will sell.
We’re still watching this property and if something happens with the current offer, my buyer has vowed to jump in quickly this time around. And we’re also on the lookout for any other Westbrook Village casitas that come to the market in that same range.
There’s an old saying about not knowing what you have until it’s gone. That certainly applies to real estate.
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