Second Offer Submitted On Condo - Updated

Well, the holidays have come and gone and I'm catching up on my sleep, work, and other aspects of my life that seem to get put on hold during the hectic times of late December. Even though I was out of town for Christmas, I still kept an eye on a condo I made an offer on earlier. It remained unsold, which I expected.

Today I submitted my second offer on the property. Since it's been on the market at least three weeks now (after having fallen out of escrow once prior to that) and supposedly, the seller needs a quick sale, I only raised my offering price by $750, which means I'm still close to $40,000 under the asking price. However, thanks to a comment left by OCRenter and some stats on his blog, I also included a table that I asked the listing agent to share with her seller. It shows the number of available properties in the greater Phoenix area doubling since August, 2005 and the number of sales falling, both month over month, and compared to the same month last year. Clearly, I pointed out, the competitive pricing environment of months past no longer exists. Perhaps this table, and the additional month of HOA fees and mortgage payments that the seller has just paid, will encourage the seller to accept my offer. I'll let you know what the response is...

UPDATE: No phone response from the listing agent yet, but I notice the listing status has now changed to "Pending", so either the seller accepted my offer via fax (which I won't see until I get home this afternoon) or they got a better offer previously and the agent was just lax about updating the status in the MLS.


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