Buyers in this market think that homes will not sell quickly especially if it has been on the market for a while in Castro Valley California. They think they can wait to see if it will go down more in price since the people they talk to advice them to wait.
I had a home on the market in Castro Valley for 5 months with three price reductions and no substantial offers. In the 6th month we got an offer that the seller was willing to take and the all of a sudden I started getting other buyers and their agents calling to see what it would take to get their buyer the house. I told them it was pending. They were very disappointed and wanted to pay more than asking price (In Today’s Market!!) to get this house, but it was too late, so, in other words…when it rains, it pours.
The offer did go through and we left three buyers disappointed. One of them did tell me that they thought the seller would have another price reduction and they had been waiting for that. They had their eyes on this house for 4 months.
So, you could write a back up offer and keep looking for another house but next time, if you really like the house, try to be the first one and see if you can negotiagte a good price and then go for it.
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Help-U-Sell Achievers Realty