February, March and April in 2017 I seen many sales numbers that were mind blowing. I would just utterly stare at the final sale number of a listing and think to myself, what would happen if I could get those numbers for my house? Then May happen.
In May 2017 it was noticed by many of us in the business that listings that we were holding offers on listings were only getting 1 or 2 offers instead of the 10-20 offers we were seeing a month prior. Sometimes no offers were coming in at all right away. What happen???? Sellers were asking why they are not getting $100,000 over asking like their neighbour did?
A few reasons why.
- Sellers were not getting the $100000 over asking because they were now asking $100,000 more then they would have asked last year
- Buyers are growing tired of the multiable offer situation and refuse to participate
- The number one reason: INVENTORY!