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When should a buyer start looking at property?

By
Real Estate Agent with DWELL Real Estate

When should a buyer start looking at property? I have dealt with buyers who got the urge to move or buy a 2nd home, started looking at property and bought one rather quickly. I have buyers that have been looking at Sarasota houses for the last 5 years without making a purchase. I don't blame them for not making a purchase since the market has been declining the last 5 years other than the fact that they have not been able to enjoy a property.

Last night I received an email from someone about a home purchase. In my pre-qualification email response I asked when they were looking to make a purchase. He said in 2011. We aren't even in 2010 yet. This guy is starting pretty early. If someone wants to learn and start understanding the market early I don't see anything wrong with that. However, I don't see any reason to actually make an appointment with a Realtor and start looking at homes if you purchase date is a year off. Any good homes that they see won't be around in a year.

The market is dynamic and changes daily. It does not change as quickly as the stock market but every day homes sell, go under contract, expire and new ones come up for sale. If a buyer starts looking at property they will no doubt find the perfect house for them that someone else buys. When it comes to buy time those buyer will undoubtedly be looking for that perfect house that they lost.

In my opinion a buyer can start early by researching the market via the internet and driving through various areas and neighborhoods but I think they should only make appointments to view houses when they are ready to pull the trigger. Your thoughts?

Nicole Orringer
HomeTowne Realty - Clayton, NC

I totally agree.  If you are a year away from buying you are wasting every ones time looking at specific homes.  Thanks for the post.

Nov 28, 2009 10:31 PM
Trumps Elite
Keller Williams Realty Acadiana - Lafayette, LA
Realtors/Career Consultant

I agree. I've had this conversation with buyers before. I put them on a drip in the MLS so they can become familiar with the market and I stay in touch with them on a regular basis until they are ready to pull the trigger (and view homes). If I can, I'll get them to come to my office so I can meet them, explain the home buying process, and explore their wants and needs. Viewing homes should start a couple of months before the buying date.

Nov 28, 2009 10:47 PM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Drip email is designed for this person. I'd follow up quarterly with a short, personal email to keep building the relationship--plans change. Because of market conditions, my husband and I bought our future home, a condo in San Francisco, in 2009 rather than wait until 2011 as originally expected. We have it rented until we're ready to make the move.

Nov 28, 2009 11:41 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Marc, something we deal with around here regularly.  I don't like to show these folks homes, but I do try to go out and show neighborhoods.  Then, when they really like one, I will set them up on an MLS auto notification that includes sales and pendings.  If there are lots of sales, they tend to get a bit more motivated.

Nov 29, 2009 12:28 AM
Marcia Hawken
WILLIAM RAVEIS - Naples, FL
Naples Luxury Specialist

Marc, I recently had a call from a client who wanted to look at specific properties the same day.  I dropped everything and after showing him property, we wrote a cash offer and closed in less than thirty days.  He is forty years old and had been working with an agent for over a year but she "dropped the ball" ...He shared this with me after we had written the contract and were on our way to closing. I think you need to do a drip to keep them in the loop. 

Nov 29, 2009 01:00 AM
Sallie Williams
Keller Williams Realty RED STICK PARTNERS - Baton Rouge, LA
REALTOR - MBA, Baton Rouge

Marc, this is what open houses are made for.  Anyone wanting to buy a house in the distant future can ride around looking at neighborhoods and get to know typical home features on any Sunday afternoon.  I would also encourage them to have a relationship with a Realtor who can put them on a drip campaign and notify them of open houses in their preferred neighborhoods.  Very good post, and have a great day.

Nov 29, 2009 01:19 AM
Tom Boos
Sine & Monaghan Realtors, Real Living - Grosse Pointe Farms, MI
Providing the very best of service to Sellers and

I really don't want to start showing property unless the Buyer is within three or four months of a purchase.  Ideally, the Buyer should have already spoken with a mortgage lender, obtained a credible Pre-approval and display some level of motivation.

Nov 29, 2009 02:45 AM
Gerry Michaels
Glasswork Media Arts - Gettysburg, PA
GettysburgGerry Social Meida

I agree, why would they not see that what they are asking is not realistic? Sounds like they need some educating. I won't start showing houses until they are approved for a loan amount, and have gone home to do their finances to pinpoint a number that they can realistically afford. 2011....are they kidding?

Nov 29, 2009 03:26 AM