Why Don’t Buyers Make an Offer on My Pleasanton House?

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00:09: Hi, I’m Doug Buenz and this is the 680 Homes Video Channel. Today we’re going to address a question I get quite a bit which is, “Doug, I know my house is priced kind of high. So why don’t buyers make an offer?”

This is an interesting question. It can be puzzling. My experience tells me there are several reasons for this.

00:31: Number one. There are things about the property that the buyer just doesn’t like – its location, its condition, its amenities, etc. The things that just make a property not desirable to the buyer. So, they would not make an offer on the property. I don’t want to say at any price but for any reasonable price, they just don’t perceive the value to be there.

00:53: The second reason is maybe a buyer sees the house and likes it but they think it’s just too expensive. They don’t want to insult you or go through the process, time, and agony of making an offer knowing full well that the odds are it probably won’t go together. So their feeling is, maybe if the price comes down later.

01:16: The third common reason is the price is a little bit out of range. The buyer likes the property but they don’t sense there’s any danger the property is going to sell. So it buys them time. “I kind of like the house but I can look around and see what else is on the market or what else might be coming on the market. Maybe there will be something that I like better and there’s not much of a risk that this house is going to sell because it seems to be overpriced. So, I’ll wait.” That’s a fairly common dynamic, I think, in a soft market.

01:46: So these are common reasons why buyers don’t make an offer on the property that seems to be a bit overpriced.

01:53: In summary, there’s no pressure on the buyer to act because they think the property will be on the market awhile. So, the long and short of it is, overpriced homes incentivize buyers not to act.

This is Doug Buenz of the 680 Homes Video Channel.