Recently, a journalist asked me about what dynamics in an individual buyer's situation can cause her to make an over-asking offer, even on today's quote-unquote "buyer's" market. One I've seen at work time and time again is anecdotal evidence -- hearsay -- from friends and family reporting back that they are getting outbid on home after home. The only thing with more power to make a bargain-hunting buyer go in above the list price is, well, losing a home themselves! The conversation brought to mind all the ways in which hearsay -- things buyers and sellers and even homeowners hear from other people -- influences their vital real estate decisions and actions: 1. Hearsay creates a sense of urgency. When prices or rates are reportedly on the upswing, buyers get urgent. What's interesting about this is that so many buyers and consumers set the credibility bar very low for the reports upon which they base their decisions to buy or refi, fast. Cousin Ray's hairdresse...
by Brad Inman | on Mar 21, 2017
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