Don't be shocked, Your offer was turned down!

Despite the housing woes across the nation, the Rochester NY real estate market actually has retained value. In many parts of the area, home prices rose at pretty much the same rate as always or just under that rate. There are sections that were not as fortunate, most of these areas are located in the city of Rochester proper. Over-all, real estate in Rochester NY and surrounding areas has been pretty stable through out the housing crisis.

Despite this good news, I have found, when working with buyers, that many have developed a perception that sellers would take offers priced so low that they resembled “fire sales”. This is a result of their reading and hearing national news stories describing real estate horrors. I try to educate these buyers that real estate trends are “local”, but some buyers still persist with the mistaken idea that sellers are so desperate they will take anything to sell. This translates into big problems. These buyers will sometimes refuse to believe the facts of the Buyers CMA that I take the time to do, which suggests realistic prices for the home they want to write an offer on.

The buyer reasons with me that the market is a “buyers market”, which it is, but it is not a "Fools Market" either. Sellers in Rochester NY are not foolish or desperate. The buyer often is shocked to find out the seller will not even come back with a counter offer, since the submitted offer was so, so low, there was no middle ground. In this case I try very hard to re-educate the buyer and explain to them they need to offer close to the current market value of similar homes in the area. I try to review, in-depth, the CMA with them to give them an opportunity to rethink their price. Sometimes this works and other times it does not.

If a client persists with the mistaken idea they can force a “fire sale”, I eventually begin to evaluate whether I am wasting my time with the buyer, since it is unlikely they will ever buy anything. By ignoring the information I make available to them, they in essence, are also telling me in a subtle way that they either do not believe the information or they do not trust it. If belief and trust are issues, it becomes clear that we no longer have a working relationship and it is time to end our time together. In most cases, I am happy to say my clients are open and understand the information I have given them and reevaluate their previous beliefs. Once this occurs, they generally become more realistic with their offers and finally are able to close on the house of their dreams at a price they are satisfied with.

For all your real estate needs call me! Gini Denninger 585-760-3880. Goodman Realty.