It is what it is has been my new favorite saying. A colleague yesterday added, and it’s not what it was! That is so true!
When I started in real estate 12 years ago in Charlotte writing multiple offers for clients was common. If you had shown a house and there was interest, you had to call right away to make sure it was still available. Often you would “miss out” on a house because there were multiple offers and once your buyer had gotten over the loss, you’d go on to the next one and write another offer.
We’re back to writing multiple offers for clients… but for different reasons! Clients want “a deal” and will sometimes write a low offer, negotiate, and if they are not satisfied with where the negotiations wind up, they’ll move on to their next pick.
Over the course of my real estate career in Charlotte, homes have historically sold for about a 3% discount off list price. In highly desirable areas, like Myers Park that ratio was often less. And frequently when there were multiple offers, homes could sell for more than list price! The list to sales price ratio on average for 2009 has been 88%… in Myers Park!!! But it is what it is… a buyer’s market. And that’s not what it has been!