I had an experience last weekend that made me realize the much-heralded Sellers Market had arrived in the M Streets.
The experienceÂ was sudden and startlingâ€”itÂ reminded me of the movie Stargate. Our hero finds an ancient device consisting of a large ring with a man-sized circular opening surrounded by indecipherable heiroglyphics. When our hero powers up the device and steps through the opening, he finds himself in another world, far across the universe.
My experience last weekend was the real estate version of passing through one of those portals to another world. At one moment I was dealing, as a RealtorÂ®, with a world where the home buyer has the upper hand in negotiations to buy a home. In real estate we call this a Buyers Market. Then suddenly I realized I had passed to another worldâ€”the Sellers Marketâ€”where the home seller has the upper hand in negotiations.
Here's what happened:
I took a buyer out to look at houses in the M-streets on Saturday. We looked at several homes, and my buyer found one that appealed to himâ€”he considered writing a bid. He decided to think about it overnight. The next day I was told by the listing agent that the seller accepted a bid the day before. The house had only been on the market for four days.
I took another buyer out on Sunday. My buyer found a home that appealed to her very much, but she didn't bid quickly. A day later I learned the seller had received three bids, all for more than list price, after five days on the market.
As the months have passed and the number of homes for sale has gone down and down, each of us RealtorsÂ® have been waiting for an unmistakeable sign that the Sellers Market has "kicked in." I've now had that sign. My way of negotiating will change. The advice I give my buyers and sellers will change. I've stepped through the Stargate into another world.
Ken Lampton, RE/MAX About Dallas
CRS (Certified Residential Specialist)
CDPE (Certified Distressed Property Expert)
The Expert on Dallas M-Street / Lakewood Homes