This subject continues to be debated from time to time but I wanted to share an example of when it didn't work and the buyer is paying the price. Several months ago, an agent from the Triad contacted me about showing my listing on a golf course. He explained that he was meeting family members at the beach, and they wanted to buy a home on a golf course. He felt the price and amenities would meet their needs. He explained they had viewed the pictures and the virtual tours of a few homes, and they would make their selection within a few days. He is not a member of our MLS so he asked that I leave a key; he did not want me there. I did as he asked.
A few days passed, and I called to ask for feedback; I assumed they had bought somewhere else because I did not have an offer. He was very nice and told me how much they loved the house but they put in an offer on a brand new home that was a little cheaper and had a screened-in porch plus they loved the huge members' clubhouse (which is very impressive). Of course, I wanted to know where they bought, and I was shocked when he told me. The community is gorgeous but it has some really negative issues, such as, a high number of properties for sale, many short sales, foreclosures, and many rentals plus owners have to contend with a developer who is still building. I asked him if he was familiar with the property, and he assured me that he plays golf there every time he comes to the beach. He was so enthusiastic and he said they were so happy and excited. I realized that anything I said was going to be considered "sour grapes" so I said nothing except to wish him well.
I picked up the paper recently and there was a huge ad that said to come in...developer is giving a 40% discount on new properties...why buy a used property, a foreclosure, or a short sale. He is giving a better deal. I wonder if the agent knew how many properties had been on the market for over two years...some for three? How many short sales? Foreclosures? Rentals?
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