We hear it every day. How is the market? Are homes selling? Of course- we know the answer and it's YES! While it's harder to buy and sell than in past years, there are many serious clients looking for homes despite the media and the dark news we hear nightly.
People still move. People will always move. They divorce, they get married, they have more kids, they outgrow their homes or in some cases- need less space. They get old - they get sick - they retire- they get transferred.Life goes on despite the news!
In our area we aren't seeing the total down and out - gloom and doom that's splashed across the morning paper as we are truly fortunate to be in the Metro DC/Nation's Capital area- where work continues to chug along in a city that will not likely rust to a halt anytime soon. At least not until this deficit is payed off . Can you imagine Washington cutting hours because we have no work for the employees?Really---- Forbes Magazine just named DC as the number 1 place in the World to buy property! Even a better place than Hong Kong or some other cool city!
But no matter how reasonable our market is... it doesn't stop the virus from spreading throughout our area.
Today- even here, buyers feel they should ask for blood ( or a kidney) from decent sellers who have listed their homes , homes that have been carefully tended for decades ,updated, renovated, lived and loved-in homes. Homes where their children learned to walk, where Hanukkah candles or Christmas trees were joyfully lit , where life was a safe harbor after a long day working at the Pentagon or in some tiny office in the Department of Commerce. Buyers need to remember that not everyone bought high and took a risky loan, that many sellers paid their mortgages on time and that this nut, this precious gem, is all that may be left of a plan to retire to some sunny beach town where a person can watch the sunset at night rather than hear the drone of the Beltway or watch endless trails of tail lights blur into one while you sit on I-66 .
Sellers - Don't get so puffed up. I am not totally asking buyers to surrender totally to your needs either. You had many good years where you sold your home to the highest bidder and didn't care if the buyers were both fresh out of grad school with loans to their eyeballs- provided they waived all inspections, paid you top dollar, gave you a free month's rent back and bought the house with your old appliances and a lousy roof.
Maybe you got greedy and forgot that in days gone by when you were buying your first home, that you too didn't have huge savings to ' escalate' over the sales price with and you'd have never considered dropping the appraisal contingency. And dear sellers- you began to become envious . While you were not ready to sell ' just yet' you began to envy that cheesy neighbor next door. That guy who moved in just a year ago- sell his house for 100K more than he paid-which was already 200 K more than you paid .
But you weren't ready then and now you are angry and digging in despite good council about appraisals not coming in unless they can be supported by the comparables- and the inability to get loans without a huge savings account.You don't listen and that's not right either.
So .. where is this soapbox going? I believe we as professionals need to readjust ourselves mentally and begin to set new expectations for our buyers and sellers.
Buyers- if it's not a foreclosure or short sale- try not to ask the seller to hemorrhage just so you can feel like ' you got a deal'.
Remember- it's the one you'd like to call your home- and there is a value to a home beyond the bottom line. We all need someplace to live where we can listen to heavy metal or Broadway soundtracks without being asked to ' turn it down', or to sit under the stars and dream about a better day . So- if you do ask for blood- try to be a bit kinder. Think how you'd feel if your home was well cared for and some smart alec buyer insists your home is "just like' the one across the street with black mold in the basement and NO appliances"!. Make a fair offer. Be understanding of what that seller is dealing with . It's not easy for the sellers right now- and some day, yes..just someday --- it might be you.
Oh- and sellers.. you aren't off the hook here either. Home prices have corrected. Home prices have corrected. Home prices have corrected.
Did you hear me yet? I pray your listing agent isn't afraid to tell you the truth and that you are wise enough to hear. Home prices HAVE corrected. Buyers CANNOT get loans on a sales price based on prices you saved from some fancy postcard sent to you two years ago from an agent who used to work at an IT firm on weekdays and sell houses after work. . Face it.... it's OVER.Well- at least for the next few years.
Sure. You can sell your home- but you won't make a bloody killing. You'll make a fair profit and .. if you are buying elsewhere.. like Florida or Arizon - you'll get a great deal on that home and it will all balance out. You'll make a good move if you are moving up. You'll make a fine profit if you inherited the property or bought it anytime before 2000.
If this is all you have- your only asset .. I truly DO feel your pain . For you are in my mind- the most victimized group out there. We are hurting in our investments- whether home value or stock market. .. but I still bet your home equity is stronger than those shares of Country Wide or GM ! So really- if you want to sell -and can sell- stop being stupid or greedy when it's not the buyer who has made this market so bad --- it was your neighbor! Mr. and Ms. Seller- you should be glad to see that little buyer come through your door for a showing because - after all- some of your fellow sellers haven't had a visitor in months!
And Agents- for those of you who are listing the REO's .. some of you could be a little nicer to the rest of us trying to sell them! 3 out of 4 of you are nasty as a rattlesnake when we call to ask questions and downright UNHELPFUL at every turn. You statement that we must have this and that smacks of collusion and the remarks about who and where we have to qualify with and settle with are demands.. not requests. Didn't your parents teach you any manners? Didn't that ethics class impress you what is supposed to be 'proper contract presentation' ?
Oh- so go ahead- blame it on the banks! After all- they know much more than we do about ethics and honesty- wouldn't you say? Come on ... someday soon the shoe might be on the other foot- and it's good to remember that you should never treat a fellow agent any other way than you yourself would like to be treated.
Hmm... and oh yes. Those of you who ' forget ' to share that your seller might , just might, be a short sale. Are you really that desperate for business ? It's the net sheet stupid!
But ..I think I sound a little judgmental.so ..I'll stop . Truly- we all need more compassion right now.We need to be kinder to our fellow associates who are waging this war in the trenches day after day after day.
For the sellers who are hurting or who are soon to loose their homes, for the first time buyers who are just as beat up as the sellers due when competing for a decent home among short sales and REOs, for the 'former' agents who have left to go back to their ' real' jobs now that the fun of showing homes and spending huge sums of money on ads -even if you know the house will take 6 months to sell and for the lenders who are the ' good one's who are out there trying to help those decent buyers who've legitimately saved a down-payment, have good credit and have not lived beyond their means even if their friend had a BMW and a 8000 square foot house with a special closet for their cigars.
For the rest of us still trying to service normal home buyers and sellers, it's time to turn our faces to the sun and continue to walk with dignity and continue to help people do what they've done for 100's of years and will always do until the end of time... buy and sell homes.
To those of you who read this- when you go out your door tomorrow , please try to change the ugly mindset we are all being forced to wear into one of compassion and fairness, to one of prudence, reason and intelligence. So that once you've cleared that black cloud away you can spread the right kind of energy to every person who wants to own a home AND buys one they can TRULY afford. And SOON- every seller will be able to sell- knowing that there is a lid for every pot and that someone will love, and care for and cherish their home the way they did.
And then-and only then- the sun will begin to shine ,and there will be music and laughter again in every real estate office throughout this great land.
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