How many house does a buyer need to see she before decides “This is the one.”

house under magnifying glassWe’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.

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11 Comments on How many houses does a buyer need to see before she decides “This is the one.”

MAR
24
2012
259,458 Points 4 Featured Posts Outside Blog Called Shot Master

Wow...anyone who has looked at that many properties in one year...are they REALLY, SERIOUSLY intending to BUY at any point?  Thank you for sharing this?
12:42pm • #1
620,180 Points 61 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

MaryKay --- the lady seemed really in earnest. She took the name of the lender I recommended to her. She said she will come back with her husband during my open house. But I feel badly for her....and other buyers who want to do things on their own without help. Thanks for commenting.
12:48pm • #2
597,436 Points 22 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Pacita:  This is what I call the lackadaisical buyer.  They take a stab at finding a home every once in  awhile when they have nothing better to do, but this type of buyer will not commit to finding out everything they need to know about home buying.  The mere fact that they don't educate themselves to find out about listing types or even finding an agent that they trust means they are not really serious about home buying. 
12:50pm • #4
620,180 Points 61 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Jane

You're absolutely right. Even if they are serious buyers, they are cetainly doing it the wrong way. They definitely need guidance. Considering that they don't pay the REALTOR for this type of help, they are not gaining anything by not getting some assistance.

 
12:51pm • #5
165,403 Points 2 Featured Posts Outside Blog

well, eventually, she will buy. And she will call you. For  now , she is a researching: looky looky..... And it is fine. The bigger problem is when she is represented by same fearful, clueless and indecisive agent. I just got such agent this morning....really scary. he is sending me his offer and i'm dreadful to work with him...
1:01pm • #6
1,424,985 Points 56 Featured Posts Outside Blog Called Shot Master

I have worked with couples for 3+ years in my early days.  I have now learned that at some point if we are not making some real progress, we sit down and write out the goals of what they want.  Depending on the answers depends on how I proceed.
1:49pm • #7
197,457 Points 1 Featured Post Outside Blog

Pacita, I've always said that there are 2 basic types of buyers. And a whole spectrum of buyers in between. One is the Target shopper. They just want to look on their own and find a good deal. They don't want any help. The other is the Neiman Marcus shopper. They enjoy an attentive sales consultant who will work with them and make suggestions.
2:20pm • #8
365,735 Points 29 Featured Posts Outside Blog Called Shot Master

She doesn't sound all that interested in buying anything. I'd want to see a current approval before I spent too much time with her, unfortunately, because she does, as you pointed out, need some guidance!
4:26pm • #9
620,180 Points 61 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Inna --- Her comment that stood out was the one she made about realtors "pushing" her....that may be why she got turned off. Some buyers need a velvet glove and a truck full of empathy

Bill --- even the buyers may eventually get an idea of what's wrong, especially if they have friends who were looking to buy the same time they were.

John --- I love your buyer categories. So true!

Wayne and Jean --- this lady walked into my broker's tour, and spent time talking with me. She said she really would like to buy a home, but she was unsuccessful with previous attempts. At least, I managed to get her connected with a lender that she felt she can trust.
5:51pm • #10
202,276 Points 2 Featured Posts Called Shot Master

Pacita, I hope she realized how much she needs your assistance.  A lady calls me from time to time, she won't take advice, won't talk to a lender, I have explained she has to have a prequalification before I will show her homes, I suspect she is finding someone else to show homes yet she calls me at intervals.  A perpetual looker? 
8:59pm • #11
620,180 Points 61 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Marge

We run into buyers like this all the time. They try to get as much information from agents but won't use us. >SIGH<
9:18pm • #12

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Pacita Dimacali - ePRO, SRES, CDPE, MBA Alain Pinel in Alameda County CA (Alain Pinel) Rainmaker_large

Pacita Dimacali - ePRO, SRES, CDPE, MBA Alain Pinel in Alameda County CA

Oakland, CA

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Alain Pinel

Address: 6211 La Salle Ave, Oakland, CA, 94611

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