Waiting to hear....it's tough being a buyer today

By
Real Estate Agent with Today | Sotheby's International Realty CA BRE# 01215160
http://actvra.in/44zp

It's tough to be a buyer today in the Silicon Valley and the San Francisco Peninsula.

We've had a shortage of inventory in most areas and in most price points for two years now. For most of 2013 it has been an extreme shortage. Now in September it is growing ever so slightly, but multiple offers are still the norm.

When a buyer does make an offer, they are kept on pins and needles for hours, or perhaps a day or two, before learning if their offer has been chosen from among 4, 5,......12 or more offers!

This morning I submitted an offer for a buyer. Since the seller is out of state, we were requested to give 48-hours response time to the seller. I know my first-time buyer will be in agony, waiting to learn the outcome.

HelpThe best way I have to help ease the waiting is to keep in touch.

  • I've asked the listing agent to give me an update before today is over; I'll follow up with her again tomorrow;
  • I'll share anything I learn with my buyer
  • I'll shoot him an email or text occasionally, reminding him that the seller is not on hand,
  • I'll let him know when the listing agent will be talking with the seller,
  • I'll remind him that he wrote a great offer with superb terms and a wonderful price
  • I'll remind him to call me when the tension gets too high and we'll talk things through.

At this point, my buyer needs to know that I'm there, empathizing with him, standing by with him, doing whatever I can to ease his mind during this tense period.

It's tough to be a buyer today in the Silicon Valley and the San Francisco Peninsula.

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Topic:
Home Buying
Location:
California San Mateo County
Groups:
Realtors®
Selling Soulfully
POSITIVE ATTITUDE for the Weary Soul
San Francisco Bay Area Real Estate
Bananatude
Tags:
buying a home in the silicon valley
buying on the san frandcisco peninsula
difficulties for buyers

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Rainer
102,784
Rosie Moore
Serving Sugar Land, Richmond, Rosenberg, Missouri City - Sugar Land, TX

Yay! I'm glad your clients' offer was accepted.  They can breathe a sigh of relief.  On to the inspection....

Sep 24, 2013 02:55 PM #17
Rainmaker
1,548,253
Carla Muss-Jacobs, Principal Broker (503) 810-7192
BuyersAgentPortland.com | Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% of the Time - Portland, OR
Buyer Focused ~ Buyer Results

Good strageties to help hand hold the buyer because there are in the waiting room wanting to know if it's a boy or a girl . . .

Sep 24, 2013 03:18 PM #18
Ambassador
3,210,120
Jeff Dowler
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

Lottie

It is, indeed, a huge challenge these days. And even when buyers do all the right things, it takes time, and they may not get the acceptance. Overcommunicating is probably the key here as you clearly do. Even tougher when buyers have sold their current home and face being homeless.

Jeff

Sep 24, 2013 03:47 PM #19
Ambassador
1,011,753
Margaret Woda
Long & Foster Real Estate, Inc. - Crofton, MD
Maryland Real Estate & Military Relocation
Communication is key - in this situation and throughout any real estate transaction.
Sep 24, 2013 08:30 PM #20
Rainmaker
1,933,298
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Same inventory shortage issue here in Charlotte, Lottie. So I feel your pain. I've learned that the first step is to really inculcate into the buyer's head up front what it might be like making an offer and negotiating in such an environment. It's all about setting expectations and then managing them. Sounds like you have a great plan to manage your client's expectations.

Sep 24, 2013 09:59 PM #21
Rainmaker
1,500,593
Lottie Kendall
Today | Sotheby's International Realty - San Carlos, CA
Serving San Mateo County and San Francisco

Laura C - We'll see when our inventory levels approach a more balanced level - 3 months would be great.

Sep 24, 2013 10:19 PM #22
Rainmaker
1,500,593
Lottie Kendall
Today | Sotheby's International Realty - San Carlos, CA
Serving San Mateo County and San Francisco

Hi Ralph - you're right, communicating is so important, especially when that's all we can do! Thanks for your words of support.

Rosie, in our area sellers generally get inspections before listing the property for sale; when buyers feel confident they know the condition of the property, rarely do transactions fall apart.

Carla, happily in my client's case, it's a ....... home!

 

 

Sep 24, 2013 10:23 PM #23
Rainmaker
1,500,593
Lottie Kendall
Today | Sotheby's International Realty - San Carlos, CA
Serving San Mateo County and San Francisco

Good morning, Jeff - yes, that's another time when frequent communication is imperative

Margaret - Amen! I don't know why clear and frequent communication is too often neglected.

Nina, interesting how many market areas are experiencing inventory shortage. I'm sure you help your buyers through the process well.

Sep 24, 2013 10:27 PM #24
Rainmaker
1,245,392
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Lottie, educating the buyer up front as to what to expect helps. Keeping them informed as you do also helps ease the tension. Glad to hear it worked out for your buyers.

Sep 24, 2013 10:41 PM #25
Rainmaker
1,500,593
Lottie Kendall
Today | Sotheby's International Realty - San Carlos, CA
Serving San Mateo County and San Francisco

Thanks, Michael! You're right, educating a buyer about what to expect is crucial. But then, letting them know they aren't alone, that you're at their side while they wait, is much appreciated by a nervous buyer.

Sep 24, 2013 11:03 PM #26
Rainmaker
2,143,406
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Good post and comments...You learn so much in this business too

Sep 24, 2013 11:26 PM #27
Rainmaker
49,220
Teresa Tims
TDR Mortgage & Real Estate Group - Rancho Cucamonga, CA
Teresa Tims

Lottie great post. Congratulation :)

Sep 25, 2013 12:25 AM #28
Rainmaker
1,500,593
Lottie Kendall
Today | Sotheby's International Realty - San Carlos, CA
Serving San Mateo County and San Francisco

Hi Richie - I know you do your share of hand holding!

Teresa - thanks!

Sep 25, 2013 12:49 AM #29
Rainer
218,763
Matt Kombrink
RE/MAX All Pro - Saint Charles, IL
Top Local Realtor, Trusted Advisor

It can indeed be an anxious time, especially for a first-time buyer.  You sound like you're doing an excellent job with them and they're lucky to have you.

Sep 25, 2013 04:18 AM #30
Ambassador
2,438,091
Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Lottie, it's been a long time since we had to worry about multiple offers in our area. It would be a welcome change for sure

Sep 25, 2013 04:39 AM #31
Ambassador
1,147,926
Bryan Robertson
Intero Real Estate - Los Altos, CA
Broker, Author, Speaker

I think you handle the process very well and with most folks in these situations it's better to over communicate than under-communicate.

Sep 25, 2013 06:59 AM #32
Rainmaker
1,500,593
Lottie Kendall
Today | Sotheby's International Realty - San Carlos, CA
Serving San Mateo County and San Francisco

Thanks for the kind words, Matt. It seems like sharing the anxious times with a client is the right thing to do.

Ed, maybe the grass is always greener on the other side of the fence. What's great for sellers here is terrible for buyers - I'd opt for a bit of balance!

Bryan, thanks! communication is key -- with clients, other agents, lenders--just about anyone.

Sep 25, 2013 08:35 AM #33
Rainmaker
123,212
Ray Mikus
Green Light Real Estate - Montpelier, VT
Green Means Go!

Remember how you felt when you made an offer on your house? Mmm hmmm...

Sep 25, 2013 12:05 PM #34
Rainmaker
1,500,593
Lottie Kendall
Today | Sotheby's International Realty - San Carlos, CA
Serving San Mateo County and San Francisco

I sure do, Ray. Maybe that's why I make sure to be there for him, stay in touch often.

Sep 25, 2013 12:10 PM #35
Rainmaker
471,230
Karen Feltman
Cedar Rapids/Iowa City, IA Lepic-Kroeger REALTORS - Cedar Rapids, IA
Relocation Specialist

You are right.  Buyers have a lot of things to think about.  And they do get scared when they have too much time to think, worry, and question whether they made the right offer on the right house.  That is where we come in.  Supporting, empathizing, and empowering them to hang in there.  Great post.  Thank you for sharing.

Sep 26, 2013 03:50 AM #36
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Rainmaker
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Lottie Kendall

Serving San Mateo County and San Francisco
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