Y’all. This New Orleans real estate market can put our buyers through the wringer! Currently, we are dealing with lots of bidding wars and buyer fatigue.
So, why is it then, in a market where nothing stays on the market very long, are you the only one making an offer on a particular house? You’re likely asking yourself, “Did I miss something?” or “What’s wrong with the house?”
Instead of the worst-case scenario, you might have an opportunity to grab a house without a bidding war! You and your REALTOR will take a deeper dive into the house, and it may not be until you have property inspections that all your nerves are soothed. But there are lots of reasons the house may not have multiple offers!
#1: The photos don’t do the house justice
We have seen our clients not want to step foot in a house because the photos are terrible. You may have been more intelligent than others and took a chance on the house and found a secret gem!
#2: Buyer Fatigue
If it’s been a tough few weeks for buyers at specific price points, you may have stumbled into “buyer fatigue.” You must have just lucked out with the same buyers in your price point being too tired to make an offer on this house that you’re eye-balling!
#3: Tenants live there
Showing a home with tenants can prove to be problematic. Tenants sometimes deny entry or even make the people touring the home very comfortable. (I had a tenant once tell a potential buyer that he wouldn’t be able to handle the gunshots around the house. She didn’t want to move and wanted to scare everyone off.)
#4: The property is hard to access
Some agents think they are helping their listings by requiring they must be present at all showings. Well. If your real estate agent is extremely busy and makes it difficult to make an appointment, other buyers will move on.
#5: The listing price is too high
While real estate in New Orleans is flying off the shelves, we find that when sellers overprice their homes, no one is paying for them. this could be an opportunity to negotiate!
#6: The house doesn’t look great
Some homes don’t look as great as others. And even with professional photos, it doesn’t change that someone hasn’t cleaned up in ages or the house needs repairs. If you’ve got the cash for repairs, it’s worth exploring a home that needs some love.
#7: The house was listed incorrectly
What happens more than people realize is that agents will list a property with inaccurate information. For example, they may list a single-family home as a townhouse or input the wrong city into the listing. When this happens, the house ends up being shown far fewer times!
Don’t be scared if you’re not in a bidding war! This may be a stroke of good fortune, or it could be one of the reasons listed above. You and your REALTOR will still schedule property inspections and make sure you know what you’re getting into!
Let’s talk home buying! Text us!
Contact Team Be New Orleans