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20 Comments on Buyers Selling Themselves Short
Debbie - please make this a public post. It is good thought for experienced buyers, too.
I work with a lot of buyers who are retiring, downsizing - I can't count how many times they downsized just a little too much. Now they miss the extra closets and storage, an extra room for whatever?, bigger garage for stuff.
I'm all about gambling done it for half of my life. The only difference today is there is so much uncertainty like never before or so it seems.
Virginia, I will makeit public. I would imagine that is really prevalent in many markets, the very conservative buyer selling themselves short.
Winston, It can be a gamble but if you use good sense and trust your Realtor it becomes a much more educated decision and maybe not quite so risky.
Some of my favorite clients are ones who are purchasing well below their limit. i find them easy to deal with because they understand delayed gratification. Recently sold a 400k house to folks who qualified for over a million. 400K in my market is modest.
A Realtor referral partner recently referred a client. The were retiring and down sizing. Similar numbers that you decided in your post. They had a monthly payment in mind and weren't willing to exceed that numbers.
The problem was that taxes in the town they wanted, were extremely high, which was the problem. In each case almost $200 per month. After a lot of number crunching, the town became more important than the extra $200 per month.
Good morning, Debbie....some people just don't listen.... that means they'll outgrow it sooner and they'll be paying a commission to you before they should have by not making the right choice now....
Debbie, sometimes being too cautious becomes a costly mistake! Conveying thsat message is sometimes a tough sell. Good luck!
I don't mind buyers wanting to be conservative on one hand and making sure they are comfortable with the monthly payment, but on the other hand, the longer they wait, the more likely interest rates will rise. Many new homebuyers forget to figure in household expenses like: trash service, tools for repairs, auto maintenance, insurances, lawn care and mowers, doctor and dentist bills, child care, pet care, parking and toll fees,life insurance, internet and cable fees, hoa fees, gas or oil for heat, chimney maintenmace, unexpected repairs like needing a new well pump, furnace breaking down, etc. More buyers should take their time and analyze like them before making a decision.
Joe, Things like location, school zone, resale value, HOA fees are equally important in making the home buying decision as are the payments. I wouldn't advise my niece to be too risky and overspend under any circumstances. They aren't scare of the payment, it's more of they don't deserve or shouldn't have that nice a house if you know what I mean.
Barbara, It does tend to grow our business and if we advise and they don't take our advice, then we have done the best we can.
Wayne, Saying it without alienating them and them thinking you are trying to be just a real estate again trying to sell up ia a fine line.
Jeff, I really appreciate cautious and thoughtful buyers. All things need to be considered which some buyers never think of.
Yes, while the monthly payments are important, you also have to consider that you are getting for the money. If you CAN afford the difference and are getting so much more for it, it is foolish not to proceed. Hopefully they will listen to you.
Sometimes our relatives can be our toughest customers. Please let us know how this turns out. Good luck. I hope your niece follows your great advice.
Debbie, Great post! Glad you made it public so I can re-blog. This post has so much to offer potential buyers. Thank you.
Sounds like you are dealing with many issues here. Please tell what your niece's final decision is. Good luck.
Barbara-Jo, Well they are going for the bigger house and seem comfortable. We'll see if the seller accepts.
Debbie, Actually, I think being a relative is helping in this situation because she knows I have no hidden agenda just her best interest. My nephew is on board.
Belinda, I thought you were leaving on a much needed vacation. The interest rates will probably never be this low again and I want hem to take advantage of the best deal for them.
Mary, I am in the process of sending them an offer to sign on the higher price home. I will let everyone know how it turns out.
I have my fingers crossed for them and you, their agent.
Thank you Mary. We'll just have to see how it turns out. It's going good now though.
Thanks for sharing this story. It might be easier to let them purchase the smaller home and then sell them a bigger home in a few years.
Have an outstanding week with your camera in hand.
Roy, Ultimately it is their choice but they have decided to go for the larger home. That way they said it would fit their needs up to five years. I am glad they made the choice.