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63 Comments on That's not supposed to Happen!
We are experiencing the bidding wars here in Florida also and the buyers don't like it but it is todays reality. Some of them now realize they should have listened when they were advised to buy months ago but chose to wait for prices to drop further.
Yep Buyer shock is going around big time.
Some get it and some don't!
The ones that don't- usually trust the internet more than the professionals for the area.
You get what you pay for!
Good Post!
thats exactly whats happening in my market just tell buyers to be patient .. its not as easy as buying a car or what you see on tv shows ..
I have a client who loves to quote to me real estate news that he reads on Yahoo! news.
'nuf said.
Jon, this has happened to several of my buyers. Sometimes they need to experience a multiple offer situation before they believe a Realtor over the MSM.
Hi Jon,
One of the first things I do at a buyer consultation is to ask my perspective new clients what they think our local market looks like. Often the answer tells me how much work I will need to do to get them educated and up to speed. When our ideas of reality collide with actual reality, it can be a bit confusing:)
Jon
Came across your great post from a repost by Brian Schulte. You are right on point, cheers cvc
Couldn't agree more with Dave, #50, you must determine the buyers perspective about short and long term goals and basic fundamentals in the local real estate environment. Amazing how consumers employ a RE agent yet are reluctant to heed their advice, isn't it?
Travis ~ I think some have to lose their favorite one before actually taking it to the next level. Thanks
Chris ~ It seems like some missed the boat, while others missed the Fleet!... ;) Thanks.
Gary ~ The Mrs. is completely prepared and I am keeping a watchful eye on what is going on almost hourly, for her. She's ready.
Bill ~ Normal is , as normal does... at least for the current cycle. Thanks :)
Mark ~ I second that, "Wahoo!!!" Thanks for stopping by
Connie & Dennis ~ Yep, keeping our fingers on the pulse will also tell us what has a chance to make it, and which ones will die. Thanks.
Marshal ~ Buyers must stop listening to the National News if they want to know locality. It's like going into a bakery and asking for a slice of bread... :) Thanks for stopping in.
Terry ~ It's now in the realm of, "I told you so". Thanks
Ben ~ You absolutely do. I like having a reputation that says I'm current with the market, not for how many cars I could have. Thanks.
Gene ~ Keeping them updated is critical. Especially to those that listen. Thanks
Susan ~ Too funny, I have an, Agent to be, always coming into the office with either USA Today or the Wall Street Journal, pointing out articles that are so "Yesterday" for our local market.
Sharon ~ They really do. I think that once they realized I wasn't pulling the wool over their eyes, their vision was a little more clearer. Thanks.
Dave ~ That initial sit down definitely opens up the playbook for all to see. When we see what page they're on and they see what page we're on, things do get interesting, don't they? Thanks... :)
Curtis ~ Thanks. I'll have to thank Brian too, :::Thanks Brian!::: Keeping up with the Jones'es is something we have to do to not only be on top of our market but making sure our Clients have the absolute best advantage. Thanks again.
Kimo ~ I know, huh? It can sometimes be like being in the "Twilight Zone" with some buyers. Thanks.
It is happenning and some of these people cannot believe it. Prices are going 30 - 40K or more over asking over night.
I wonder what's causing this. Unemployment is still rampant. Have the banks eased up on loan requirements?
Gene ~ I think now that the worst is behind us, this go around, the Buyers are slowly beginning to realize the ride is over in most parts of the Country. Getting back to their A game will be necessary to participate if they want to play. Thanks for commenting.
Marte ~ While some Banks are still being stingy, others aren't. With some of them being local instiitutions, they are able to keep a watchful eye on the local happenings and in some cases make forecasts of how the local economy is and has turned, "For the most part" around. Our unemployment levels have dropped, new jobs are being created and overall, with the news of things to happen, it has instilled that prospect of future growth and thriving community. How long that is to be around? Time will tell. Thanks for dropping in.
Inventory is getting ridiculously low in Irvine, CA, and when a well-priced home comes on market buyers are like flies on you-know-what. Multiple offers and over-bidding not uncommon.
You are right. Buyers are so wrapped up in the national statistics that when a local Realtor who has knowledge of the market gives them advice, they dismiss his or her opinion until they lose out on several deals.
Fact is that the market condition only has a little to do with getting shut out of an offer by competing offers. With up to the minute listings available to virtually everyone searching for a home, it is easy to locate the best home at the best asking price, and everyone does just that. As long as there are at least two people in the buyer market, there will inevitably be competition for the one best listing. the fact that there are two or two million homes on the market, or two or two million buyers is merely noise.
Sylvia ~ I think if they learn what NOT to do, they'll make a better decision next time around. Thanks!
E.J. ~ I agree to an extent. Some homes appeal to certain buyers more than others. Not all homes will face the multiple offer scenario around here. SOme are Manufactured in outlying areas of town, while others have pristine views and are within the town proper. Variables.... there are sooooo many! Thanks for stoppin by. BTW... Cool Dog! :)
Hi Jon, I agree. It IS supposed to happen. I am glad to hear Colorado is dooing that well.
Bob ~ As long as the Realtor® is a trusted source of information, it can. Thanks
It seems that the buyers are the last ones to have an understanding of what is happening in the marketplace and yet I know that most of us have been advising and warning them about the uptick for some time now. I swear that there are days where I feel as if I am just the elephant in the room and no matter what I do to get people to listen, they just don't see me.
Marnie ~ I can soooo relate. Those who choose to listen will reap the rewards first while the onlookers from the sidelines may just never get a chance to play. Thanks.