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I know this is difficult, but you've got to focus right now.

By
Real Estate Broker/Owner with Cornerstone Business Group Inc 0225086119

One of my favorite lines from the TV series "24" is, "I know this is difficult, but you've got to focus right now." That normally comes when someone is about to defuse a bomb, make a life or death decision or jump off of a roof, etc. It never comes when they are deciding on what to order for lunch.

This advice could be useful when working with some buyers. I've had buyers who had trouble focusing. Today is no different. Our market actually has too many homes on it. The high volume of properties can give buyers a lot of options, maybe too many options, and that can cause buyers to have difficulty focusing. 

So, I have a list of questions I try to use with my buyers to help them focus. I kind of look at them as the "do I cut the blue wire or the red wire first" kind of questions.

  • What is your price range? Simple enough, right? There is no sense in looking at houses $100K over your price range. You might even be able to drop that to $25K - $10K over your price range and it might be too much. Knowing what you can afford plus or minus a little is best. 
  • What do you absolutely have to have in order to buy a home? Number of bedrooms, baths, garage, basement, etc.
  • What amenities would like to have but you can live without? Jacuzzi, finished basement, two car garage, fenced yard, proximity to work, etc.
  • If you had to give up something on your "must have" list, what would it be? Powder room, would a single car garage rather than a 2 car garage work, etc.
  • If you found a home that was 20 minutes from work rather than 10 minutes, would you consider it?
  • What is too far from town? We have wonderful homes that 10-30 minutes from town but they are still in Frederick County.
  • If you had to pay a little more, do you have the capacity to do that?
  • Is it possible to secure a different type of loan than the one you're planning to use? If a home needed minor renovation, would you be able to get a renovation loan over, say a USDA loan. 
  • Is style of home a critical issue, or would you be open to a different style if it met your criteria?
  • Do you have the resources to get you through to closing? Home inspection fees, appraisal fees (if they're not wrapped into the mortgage), etc.

There are many more things a buyer can focus on in the process of buying a home, but answering some of these simple questions can keep buyers and their Realtor from spinning their wheels in the wrong direction. You've got to focus. 

Comments(7)

Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Your itemized list should help homebuyers focus in on the important things when it comes to purchasing a home!

We have a shortage of good inventory in Sacramento now, which is different than your market which is saturated. 

Jun 05, 2015 12:14 PM
Andrea Bedard
Thompson Company, REALTORS® 240.593.2860 - Silver Spring, MD
Fluent in Real Estate & German, M.A. ABR ASP CIPS

I always ask my buyers to differentiate between must haves and would be nice, identifying areas of compromise really helps with staying focused.

Jun 05, 2015 12:43 PM
James Dray
Fathom Realty - Bentonville, AR

My word of the year last year was "focus" and it is no different this year.  For a client or an agent to lose that focus brings about issues that should have not happened in the first place.  

Jun 05, 2015 08:22 PM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

This is so true - I have found that often, the answers to these questions change as clients look at homes, so the questions may need to be asked more than once!

Jun 05, 2015 09:08 PM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Mryl, I notice that some buyers are so stary-eyed over the process of buying a home that they can't keep focused. 

That is a must, Andrea, and I've noticed that some of the musts were really wants. 

Sounds like a good choice, James. 

I've seen that too, Kat. I go back to the list over and over. 

Jun 05, 2015 10:45 PM
Realty Executives NOLA
Realty Executives NOLA - Kim Higgins, Broker/Owner - Greater New Orleans & Northshore Area Rea... - New Orleans, LA
Greater New Orleans & Northshore Area Real Estate

Great post with a fun narrative...makes me feel like I'm in a spy movie just reading it! Your list is also very comprehensive and very helpful to buyers in a saturated market. 

Jun 06, 2015 12:02 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Mike Cooper ... with my Borrowers I find that it's hard to get them to focus on the actuality of moving the process along rather than the abstract .. no doubt about it.  They need to see to details ... when they just want to dream.  The more focused and on-track we can keep them .. the more easily the entire process goes.  For them .. and us too ...

Gene

Jun 06, 2015 12:34 AM