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Reading: Ask Candy: Symptoms of the Hot Market — No Call Backs from Brokers, No Nada
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DALTX Real Estate > Hip Pockets > Ask Candy: Symptoms of the Hot Market — No Call Backs from Brokers, No Nada
Hip Pockets

Ask Candy: Symptoms of the Hot Market — No Call Backs from Brokers, No Nada

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What gives? A reader writes:

Candy,

I’ve had a couple of recent broker interactions that I found to be strange, and wonder if you could help me out.  The pattern is this:  a property in which I’m interested suddenly sports a for sale sign.  I call the listing broker… then, I never get a call back. Within a week, the property is sold.

What the heck is going on?  Don’t brokers owe a fiduciary duty to their clients to, at the very least, return the phone calls of prospective buyers and test the market?  How are they able to identify and recommend a sale to their clients within just a few days of a property being listed when they don’t even respond to indications of interest?

This doesn’t make sense to me.

Thanks – AP

Dear AP: This is symptomatic of a hot, competitive market where homes go on the market and are sold in DAYS. Did you see our post about the $400,000 starter home in Hollywood heights? 903 Monte Vista. Note the time-line: the home was offered up in January of 2014… listed Jan. 20, 2014, active in MLS February 20, 2014, first contract came in and was executed February 23, back-up February 24. Home had 24 showings and 6 offers, only one below asking, three above list. So it had contracts (multiple) THREE days after hitting MLS.

I think the agents are scrambling busy. They would like to keep a home on the market long enough to get a better price, but in a pressure cooker market like our’s, it simply may not be possible.

OK, anyone else agree with my response. Or disagree? I do think, however, a SMART agent or broker always returns a phone call IF he or she wants a future customer!

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