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The Bidding War

Everyone calls a “Seller’s Market” a hot market, and a “Buyer’s Market”, a slow market. In a “Hot Market” where real estate is at a premium, home buyers try to bide their time, wait for the market to cool, the housing bubble to burst, or a correction. They are waiting for interest rates to rise and people to go into payment shock when the fixed rates on mortgages expire and monthly payments become tougher or impossible. But, The Commercial Property Market in New Haven and surrounding towns, particularly, Branford, Milford, North Haven, Wallingford and the shoreline in its entirety, has been “Hot” for years.

When Businesses are in the midst of expansion or even downsizing, they can’t wait for the market to slow. They need to buy as soon as a building that fits their needs becomes available, which in most cases lately, means that Buyers are going to find themselves in a bidding war. For example, the most sought after property type: a 20,000sf building in Milford with 20 foot ceilings became available to the real estate market 10 days ago. Today, there are three offers on the property.

These three bidders are going to war. The Seller and one Buyer will wind up the winners. How does one Buyer become the most attractive? Dollars are the most obvious way, but an offer to purchase isn’t just the price. There are contingencies to offers, Clauses that allow a Purchaser to walk away if something about the property doesn’t suit their needs. Fewer contingencies make an offer more attractive. Better down payments and lower mortgages are also a boon. Cash purchases obviously trump any mortgage backed purchase. Beyond that, it’s often about a prospective purchaser’s ability to do business. Selling their prospective Buyer has been a trend and skill that Real Estate Professionals, both Realtors® and non-Realtors alike, have mastered over the past several years. It’s another dimension of service that they must bring on game day and if they don’t they aren’t doing the best for their clients or customers. More Trends, including the internet and brokerage are on their way. – Kristin

May 6, 2006

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