Buyers, Don’t Compete Against Imaginary Offers

One thing we’re noticing with buyers in the Rochester and Finger Lakes real estate market right now? Some are counting themselves out before they even have all the information.

You find a house you love. It’s already toward the top of your budget, and immediately you think:

“There’s no point. It’s probably going $50,000 over asking anyway.”

But… what if it’s not?

Don’t Assume Every Home Is Going Way Over Asking

Yes, we’re still seeing competition for certain homes. A well-priced, move-in ready home in a popular neighborhood can absolutely attract multiple offers.

But that doesn’t mean every house is going to sell for tens of thousands over asking.

Before deciding you don’t have a shot, there are a few things we want to look at:

• What have similar homes actually been selling for?
• How much showing activity is the property getting?
• Are comparable homes in that price range consistently selling over asking?
• How long has the home been on the market?
• What are we seeing firsthand with other buyers and listings right now?

That information can paint a very different picture than simply assuming there will be a bidding war.

The Market Can Change Quickly

Real estate is incredibly local, and conditions can vary from one price point, neighborhood or even property to the next.

What happened with a house down the street a few months ago doesn't necessarily tell us exactly what will happen with the house you're looking at today.

That’s why we pay close attention to current listings, pending sales, buyer activity and what our agents are experiencing in real time throughout Rochester and the Finger Lakes.

Sometimes the competition really is there, and we’ll tell you that.

Other times, there may be more opportunity than you think.

Get the Information Before You Count Yourself Out

The goal isn’t to convince you to spend more than you’re comfortable with or jump into every bidding war.

It’s to make sure you’re making decisions based on what’s actually happening, not an offer that may not even exist.

If you find a house you love, let’s do our homework first.

You might have a better shot than you think.

Have a Friend on Your Side.

The Friend Team | Rochester NY Real Estate | Finger Lakes Real Estate