I was recently asked what is one of the favorite parts of my job as a Realtor? Certainly there are several very satisfying aspects, including providing tips about the home-buying process to new buyers, and sharing my knowledge about local architecture with people considering moving here from another area. But in this market, where inventory is so low, hearing offers on a listing is a real thrill. For one afternoon I’m in the envious position of receiving agents, listening to the stories of their buyers, and orchestrating the best combination of price and terms for my seller.
Wednesday I spent much of the day hearing offers on my listing at 3416 Maple Avenue in Oakland. We received six strong offers, and my experience was very similar to the chart in the next article. Even in this market, there tends to be one buyer who cannot afford the list price, but submits an offer anyway. But the top offers tend to be substantially over list. Beyond price, I’m looking for the best over-all package for my seller. Has as much risk as possible been shifted to the buyers’ side from the seller’s? Do I know and trust the agent, and the loan broker (assuming one is involved)? What is the likelihood that they would accept a counter offer on the terms that represent the greatest risk to the seller? Ultimately I’m trying to access which offer has the highest odds of actually closing the deal, and at the highest price.
I ended the day tired, but very satisfied that my presentation and marketing had attracted a great response to this home (19 disclosure packets out is indeed terrific!), and that my seller had received the best over-all result possible in this market. My seller sounded very happy. And when I shared a draft off this post with her, she corrected me: she was “ecstatic” with the results. Ultimately, that’s the aspect of my job that I enjoy the most!
Then on Thursday, tour day, my moment in the sun is over. Time to get out and see properties, hoping there will be some matches for my buyers. Hope you all are enjoying the bounty of our Bay Area spring. I felt a little mean sharing with a friend in Alaska, where it’s -28 degrees, what’s in bloom in my garden: freesias, blue bells, lilacs, a profusion of Lady Banks roses, lots of orchids and a crabapple tree at its peak. No wonder so many people want to live here!
Take time to smell those roses!