Straight From the Horse's Mouth
Sonoma's Index Tribune Sunday Real Estate section had some interesting tidbits....
I especially liked a few observations of a local real estate agent in an article (March 3rd, 2006) about when the First Offer Is the Best Offer....
"When there is a great deal of money around, a minimum of inventory, plus a willingness to spend freely, prices respond by climbing."
"In a cooling market....
Buyers take time and courage to make that offer. And there may beonly one buyer willing to step up to the plate...."
"We are all wearing different lenses.... Rarely is this more evident than when buyers and sellers are looking at the same property."
"extreme markets- either hot or recessionary in nature exacerbate the obvious differences..."
"As buyers and sellers and agents stumble through a 'changing' market, it is wise to keep the saying ("your first offer is usually your best") close at hand."
Oh goodness... guess what else?
"Today we are seeing buyers hesitate long and hard before putting an offer on the table. We are also seeing a rapidly increasing inventory in some price ranges with many 'price adjustments' (read that, 'price reductions') in the first weeks and months of inactivity on a new listing."
Wait ...there is more!
"The marketplace, stalled for whatever reasons, has spoken in its very silence."
Her advice to the seller:
"When a buyer decides it is time to make a statement about the value of the property to him, it makes sense for the seller to try to work with that buyer."
Of course there was also the requisite ad by another real estate agent- complete with photo of the agent asking: "WHAT BUBBLE?" and proclaiming that it has never been a better time to buy.