Real estate is cyclical, and if you have been in the real estate business for any length of time, you come to realize you have a ringside seat for viewing some amazing financial trends.
I remember one of the sales we made at the very beginning of the most recent (and now dearly departed) boom.
It was a sweet little home at the foot of the hill, delightfully decorated by the owner, who was a professional artist. This was 2002. My partner, Bob and I listed it for $249,500; and a buyer's broker waltzed in the door with an offer of $295,000.
Overbidding the asking price had not yet become commonplace in our neighborhood, and I was floored. It seemed strange, creepy, and off-balance.
Then 2002 turned into 2003, then 2004, and 2004 turned into 2005, and frenzied overbidding with multiple offers became commonplace.
As the summer of 2006 rolled into fall, we started to hear rumours of collapsing lenders, but the experts assured us that everything was fine, we were just heading in for a soft landing.
In 2007, many homes in my neighborhood were still selling in the $700s. Today, I see some of those homes listed as short sales. Checking some of the others on Zillow, I see average prices in the mid or low 400s.
Please don't misunderstand!! I am not bemoaning the course of the last few years!
But I ~am~ reminiscing about particular homes we sold during those years. And that sweet little house, owned by the artist, the house that seemed to be the start of the boom in my practice, came to mind.
Incidentally Zillow now gives that little house a Zestimate of $438,000, so the buyer who made that original overbid -- he did OK.
So, Listing Agents: Do you remember the first time one of your listings received multiple offers? The first time one of your listings sold above asking price? What were your thoughts back then?
Buyer's Agents: Do you remember the first time you wrote an offer above asking price? The first time you represented a buyer in competing multiple offers? What were your thoughts back then?
I'd enjoy hearing stories from others of their first "boom" sale.
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