Wednesday, June 24, 2009

Home Buyers - Time for a Change?

We got an email this week. This email led to the following blog post, sharing something that is a symptom of the real estate market today.

The email was from a prospective home buyer (a couple) who had seen us online, and read reviews of us online, and emailed us stating that they wanted to work with us to buy a home.

At their (email) request, we called this prospective home buyer. In the course of the conversation it was revealed that they had made offers on several properties, only to be "beat out" by other buyers. They were frustrated, upset, confused ... wondering why this was happening. After all, it's a "buyer's market", right?

Seems the buyer was ready for a change - a change in real estate agent.

What happened in our conversation may very well have talked the buyer out of changing agents.

We explained that multiple offers is the norm in the price range and area that the buyer is considering. There's a lot of home buying competition right now. And, the competition is tough! There are many buyers with a lot of cash to use as a down payment (yes, even in today's economy). Buyers are competing on many levels with their offers - offer price, financing terms, plus other terms that differentiate each buyer.

In addition, this prospective home buyer was discouraged that the homes they were making offers on were selling for more than asking price. They were genuinely surprised by this. We explained that many distressed properties (they were looking at foreclosures) are listed at very aggressive prices, thereby encouraging multiple offers and sales prices over the list price.

The bottom line - if you feel the agent is working hard for you, continue working with that agent. We told the buyer that we would appreciate the same loyalty if it were a buyer who was working with us.

We don't know if the buyer will decide to work with us or not. But, we do know that they appreciated our input.

And, that other agent will never know that his/her buyer called us.

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