How many house does a buyer need to see she before decides “This is the one.”
We’ve heard stories of buyers who have been looking for months (some even years) and are still looking.
So how come they haven’t found a house yet?
During a broker’s tour this week for my short sale duet listing in Alameda CA, a buyer walked in by herself to take a look. I asked her the usual questions.
How did she find this property? She said she’s searching on her own (walking the neighborhoods, looking on line). Tried to tell her that the many active listings don't necessarily have brokers tours or open houses and that many of online sites may not be current either. Suggested that she work with a realtor.
Does she have a REALTOR? She doesn’t like to work with them because she said they keep “pushing” her to make a decision and write an offer. She said she’s written some offers (using different realtors) and obviously didn’t get the property. So the search continues.
How long has she been looking....she said a YEAR!
How many properties she has seen in that period of time....she thinks maybe 50-75 properties that she somewhat liked.
Does she look at short sales because she may also find good values there? She doesn’t really know what short sale means.
Has she been preapproved? Yes, but that was several months ago. That preappproval won’t be current if she decides to write an offer today. So she’ll need to have that updated when the time comes. Then she tells me she doesn’t really have a lender to speak of, and just gets an approval from any lender each time that she wrote an offer.
Goodness....if there’s a buyer who needs guidance and assistance, she’s one!
A lot has changed from a year ago in terms of prices, interest rates, market conditions. We’ve gone from what buyers think was a buyers market, and that has turned into a sellers market that results in competitive situations and multiple offers. There are more short sales on the market, and many of them (given the right circumstances) are closing.