Have you ever noticed this natural law? Whenever I order coffee to go there is about a 90 percent chance that the hole in the top will line up perfectly with the seam in the cup. Hence the stains on my dress shirts. I would expect 10 percent maybe but why 90 percent? It is a little-known law of nature.
Have you ever noticed that when you feel it is safe to buy real estate again, so does everybody else? It must be a law of nature.
Actually, it is said that fear of loss is the greatest motivator. During the summer of 2011, I was showing fantastic homes to prospective buyers and begging them to buy. There was very little competition and decent selection. Most buyers were afraid of a possible 5 percent drop in the market. Now, after the “business channel” proclaims a bottom to the real estate market things are quite different. When a super-nice property comes on the market today we see utter chaos.
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This week, I represented a buyer making an offer on a home in the $600,000 range. Believe it or not, there were 16 offers in two days. The listing agent expected maybe three and I guessed five or six. It must be a law. (A tip: Hire the best agent you can if you are a buyer right now.)
Here is another law you will deal with now whether you like it or not. There are no appraisal comps. Don't be angry, just remember this principle: appraisers always deal with history and Realtors always deal with the near future.
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It is a tough thing for an appraiser to find comparable sales in an increasing market but even tougher to claim a purchase price is not "market value" when there are a dozen offers to support the price. When we Realtors list properties we are trying to guess the value of a property now and in the next 90 days.
What is your new natural law?