BrokerageIndustry News

The offers are flying, but can you close?

Agent's guide to surviving a red-hot seller's market

Editor's note: This is the third in a four-part series. Read Part 1, Part 2, and Part 3. Last year at this time, we were still worried about the 2 million homes in the shadow inventory and perhaps another round of price decreases. While a fair number of areas are still saddled with a buyer's market, California and other parts of the country are in a flaming hot seller's market. As the market shifts, what types of upheaval can you expect? For those of you who haven't experienced a flaming hot seller's market, they're tough. There's no inventory, buyers are so desperate to buy that they will pay almost anything, and accept almost any terms that the seller may propose. These are risky times for almost everyone involved. Lenders don't throw out the comps Suppose your buyers have just become the winning offer in a situation where there were eight other offers. The property was listed at $350,000 and your buyers agreed to pay $402,000. Fortunately, they had $85,000 to put down, so they ...