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Last week there was a coming soon property in a desirable neighborhood in South Durham that my clients were very excited about (they had previously offered in two houses there and the most recent one they almost got until a “jaw dropping” offer came in at the 11th hour). It went live as Coming Soon on Tuesday; when I promptly scheduled the first available appointment for Friday (the “showings expected to begin” date)...Thursday at 1:00 listing agent sends out an email to everyone who had a showing scheduled saying they have received a strong offer and will accept offers until 3:00.
Is that a marginally better situation than just seeing the property go under contract with no warning? (Even after calling listing agent to see if they would accept offers before going active as I wanted to submit one myself).....sure....
But definitely still puts buyers at an unnecessarily worse position than they already are in this market
So, basically, not helping much.
Can they ban Realtors from even making and/or accepting offers at all, prior to the start of showings or some later date or is that on shaky ground legally? I mean, from a practical standpoint it would seem like coming soon for a couple of days, at least X days “on the market” while showings happen and offers come in before it's shut down is the most transparent for everyone, but I can see how resticting it so rigidly could be seen as interference.
Can they ban Realtors from even making and/or accepting offers at all, prior to the start of showings or some later date or is that on shaky ground legally? I mean, from a practical standpoint it would seem like coming soon for a couple of days, at least X days “on the market” while showings happen and offers come in before it's shut down is the most transparent for everyone, but I can see how resticting it so rigidly could be seen as interference.
No chance.
REALTORS don't make or accept offers. Consumers make or accept offers, and can make a deal at any point in time.
REALTORS only facilitate and serve the consumer and their wishes.
How would you like to be told rules or regulations prohibit you from buying my house unless I put it on the open market first?
If I was the seller, I wouldn't like that, either.
No chance.
REALTORS don't make or accept offers. Consumers make or accept offers, and can make a deal at any point in time.
REALTORS only facilitate and serve the consumer and their wishes.
How would you like to be told rules or regulations prohibit you from buying my house unless I put it on the open market first?
If I was the seller, I wouldn't like that, either.
Agreed.
Regulation on when buyers or sellers can submit or accept offers is not the answer.
I do think I have now migrated over to the "do away with coming soon status altogether" camp though. It started with the best of intentions; it has lead to an extreme degradation of integrity. I think the first few lawsuits from some of these site-unseen purchases while in coming soon status will be all it takes (the plaintiffs will lose of course; but the publicity/pressure will still spook the MLS board and commission).
The current situation reminds me of what happens when short sellers get squeezed into having to buy back into their stock.
The post-millennials are really getting screwed here - first with college loans and now with housing prices that are just insane (even for a starter home). It's absolutely batcrap crazy that a decent starter home is now approaching $300,000 and 30+ mins away from the main job centers. I mean look at the prices in Rolesville, and what $250,000 will get you. But yeah, there's been little to no inflation the past decade. It's like we're playing with monopoly money at this point.
You can still get a 1200 SF home in South Cary for under $300k, prime location, and 20 minutes to central RTP. (Highlands, maybe Scottish Hills, etc...)
It's approaching $300, but many available for less.
But to your point, the same houses were about half that amount, less than 10 years ago. (Ask my how I know. But here's a hint, I'm not upset about it.)
Regulation on when buyers or sellers can submit or accept offers is not the answer.
I do think I have now migrated over to the "do away with coming soon status altogether" camp though. It started with the best of intentions; it has lead to an extreme degradation of integrity. I think the first few lawsuits from some of these site-unseen purchases while in coming soon status will be all it takes (the plaintiffs will lose of course; but the publicity/pressure will still spook the MLS board and commission).
Coming Soon cannot erode integrity. Too many people with a loose grasp of integrity and ethics just look for ways to "work around" stuff and for an excuse to revert to their mean...
Wouldn't this current line of discussion be better suited for a real estate related thread?
Back to the topic of Apple, which is what we're all enthused about, especially me!
I've read that Apple will earmark $100M for state infrastructure improvements. I'm hoping that some of that money will be geared towards light rail. Seems as though they may have assisted to a certain extent with the light rail being built in Austin.
Wouldn't this current line of discussion be better suited for a real estate related thread?
Back to the topic of Apple, which is what we're all enthused about, especially me!
I've read that Apple will earmark $100M for state infrastructure improvements. I'm hoping that some of that money will be geared towards light rail. Seems as though they may have assisted to a certain extent with the light rail being built in Austin.
Forget light rail, they should pilot the apple car mass public transport! On a serious note, light rail would be great.
Apple's location people seem to love their sprawling campuses. The Wake RTP location is a greenfield split by two expressways; the new "Austin" campus is in Williamson County, 14 miles out from the capitol; the San Diego site they're rapidly standing up (Monday's announcement was for 3,800 additional jobs there!) is a series of 4-story buildings near UTC mall.
I've read that Apple will earmark $100M for state infrastructure improvements.
Sounds like it's going to be spread thin statewide:
Quote:
Apple will also establish a $100 million fund to support schools and community initiatives in the greater Raleigh-Durham area and across the state, and will be contributing over $110 million in infrastructure spending to the 80 North Carolina counties with the greatest need — funds that will go toward broadband, roads and bridges, and public schools.
It's a magnitude larger, but the approach that Virginia took for HQ2 seems smarter -- majority of the "incentive package" dollars went not to cash grants, but to NoVA universities, neighborhood transportation and parks, and statewide K-12/vocational internships. Public infrastructure should be funded with public dollars.
...the San Diego site they're rapidly standing up (Monday's announcement was for 3,800 additional jobs there!) is a series of 4-story buildings near UTC mall.
Wow! I used to walk to UTC to catch the bus to UCSD. Too bad my parents couldn't have kept that house...and the one in Mountain View (which is nothing special but now worth over $2 million)! BUT, the house in Mountain View allowed my dad to retire at 52 or so and the one near UTC allowed my mom to never have to work after dad died.
...and now you live down Davis Drive from another Apple facility. So, uhh, where else has your family lived?
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