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Buyers Kicking Tires

By
Real Estate Agent with RE/MAX United Real Estate

In an article in the Real Estate Section of The Washington Post, a guy is described as having really, really researched the market for a long period of time.  He had spreadsheets and visited a lot of open houses, etc.  He and his lady friend eventually decided to buy a house!  Wooooo! Hoooo!

This reminds me of a recent experience where a couple contacted me through my REALTOR.com listing. They liked the house, it had a Virtual Tour so they had and idea what it looked like on the inside and they wanted to see it. 

Since I'm the Seller's rep, I wanted to do everything I could to expedite the sale of the house.  So that meant meeting people at the house for their own little private showing.  Great!  I have no problem with that.  Especially since this particular listing wasn't that far away and, who knows, maybe this nice couple would turn into nice buyers.

Well, in the process of chatting them up, it turns out they've been looking around at Open Houses and online for over a year.  They have their own house to sell (they'll probably use the Realtor who sold them the house originally, thank you very much for asking) and they really haven't decided to use a buyer's agent. So after realizing I was out of the picture I relaxed a bit and we chatted about the neighborhoods, why they were moving, a little about their lifestyle and so on.

It was obvious that theses very pleasant people were "just looking".  Kicking the tires to see if there was a house that really sang to them.  Of course, if they ever do find "the perfect house" they'll still have to sell their existing home and that could take a bit and "the perfect house" could be sold from under them.

But, hey, it's not for me to advise them.  They as much as said so. 

So, no matter that we Realtors and virtually every loan officer in the world is screaming "Now is the time to buy!"  There are plenty of tire kickers, fence sitters and procrastinators out there just wandering through houses.  I guess I should be encouraged that people are wandering at all.

 

Comments (15)

South Austin Real Estate Blog
Sky Realty South Austin - Austin, TX

Ken haven't we all had our share of tire kickers this year?  :)  What I find most interesting is they are looking at stats a year old?  How relevant is that?  Will they become another Seller who is out of touch with the real market of today?   Information in real estate is only good for now, and it changes constantly. 

Mar 09, 2009 02:44 AM
Amanda Wilson
EWM International Realtors, Inc. - Fort Lauderdale, FL
Real Estate Advisor

Ken, I believe there are many realtors out there with stories very similar!  It has happened to me...over and over again...I had a couple from New Jersey (both lawyers)...I'd been working with them for a few months--finally, they came to South Florida and told me--we are ready to buy--when we see something, we are ready to close in two weeks....What they were looking for was something tricky and definitely a good deal....I searched and showed, searched and showed...they ended up in another South Florida city with another realtor...the buyers put in an offer with another realtor - then, decided they didn't want the property...then, they came back to me because I had showed them a condo they really liked...only this time, it wasn't big enough for them...listening further, they finally told me that they've been looking in South Florida for two years...with many agents and just haven't found anything worth buying yet...and the stories go on...it's a buyers market that's for sure...and some buyers are ready to go... While the realtors are chasing the buyers...many buyers are on the fence--we just keep going....

Mar 09, 2009 02:46 AM
Elizabeth Bolton
RE/MAX Destiny Real Estate Cambridge, MA - Cambridge, MA
Cambridge MA Realtor

Hi Ken ~ I once had a buyer who kept a spreadsheet - I think there were over 300 properties in it.  In the end, we walked into a house and knew it was "the one" as soon as we opened the door - spreadsheet be damned. It's funny - to this day if I mention the spreadsheet to engineer-types their eyes light up.

Liz

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mar 09, 2009 02:49 AM
Ken Montville
RE/MAX United Real Estate - College Park, MD
The MD Suburbs of DC

Gail -- I hear ya!  These guys said they wanted to move becuase the commute was too long. Clearly, they're willing to live with it.

Amanda -- what a story!

Liz - Ype.  When it's the "right" house,  it's the "right" house.

Mar 09, 2009 03:00 AM
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Ken.. I'm Afraid some see looking as a cheep form of entertainment, can you show us these 10 houses we saw on line..we want to see the view, carpet, appliances..Etc..But are you ready to buy??

Mar 09, 2009 03:01 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Ken, Are you trying to tell us you just might  have something better to do than show un motivated, unqualified buyers all the listings in the MLS?

 

  

 

Mar 09, 2009 03:13 AM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

At least you were able to cut your losses with this couple by limiting it one showing. Pity the poor agents that turn into taxi drivers for buyers that will never buy.

There is always the motivational speech about how this is the perfect storn - low rates, big inventory, motivated sellers, etc etc  - but that still doesn't do it for some people. Nice of the Post to throw us a bone though, after they beat the drum for so long to get us into this mess - I guess the sky really was falling by the time they got through!

Mar 09, 2009 03:18 AM
Lori Isaacson
Credit Restoration Consultants - Plantation, FL

Hi Ken,

Your business is not alone in the onslaught of the tire kickers..In my business of credit repair I am getting call after call askingabout what it would take to fix their credit. These calls are from people who tell me, if they decide to buy a house"when the time is right" ,will need credit repair. What are they waiting for. I too tell them this IS the RIGHT time.  I guess we will both know when they are serious at the same time. We will fix the credit so you can sell the house...I will keep you posted!!

Happy Monday!!

Lori

Mar 09, 2009 03:22 AM
Associate Broker Falmouth MA Cape Cod Heath Coker
https://teamcoker.robertpaul.com - Falmouth, MA
Heath Coker Berkshire Hathaway HS Robert Paul Prop

I am wondering when those people are going to get a license and get paid for their time.

I also let those people know that not all listings can be found on Rtr .com  MLSs and individual brokers are stopping their feeds to them and others.

Mar 09, 2009 03:24 AM
Ilyce Glink
Think Glink Media - Chicago, IL
Best-selling author, award-winning TV/radio host.

Ken: This is frustrating I'm sure, but it's a symptom of today's market. I don't know where people find the time to do all this tire kicking, but there are a lot of them out there. Best of luck!

Mar 09, 2009 04:18 AM
Ken Montville
RE/MAX United Real Estate - College Park, MD
The MD Suburbs of DC

Steve - I think you may be right about that.  The pix look good, let's look at the actual house...just in case we might like it, maybe.

Margaret - Me? Havine something better to do than run my car around all day?  Nah.

Lise - Very true.  I've been caught a few times running people around to no good result. I really, really try to avoid it.

Lori -- If they are in need of credit repair they better get with it now because it won't help them the morning they wake up and decide they have found the perfect house or want to run some poor, unsuspecting Realtor around looking to no good result.

Heath - I wish I had your confidence.  My guess is that buyers can see sooo much online that me telling them I have a secret stash somewhere wouldn't hold much water.  These folks wanted me to "keep my eyes open" for the house they wanted. So, I'll do the research and keep them posted so they can call my competition to show and write and sell their home. I'll pass.

Ilyce - Hey, on their way to their kids' soccer game or on their way to Home Depot, why not stop by that nice house we saw on the Internet just in case we might want to sell our house and move, maybe, someday,

 

Mar 09, 2009 06:37 AM
Brian & Marie Spray
www.DFWAreaRealtors.com - Action Realty Group - Frisco, TX
Frisco TX Realtors

Ken, I crunched some numbers to show prospective trade up sellers how selling now and trading up now can be a very wise thing to do.  Check it out here.  You can change the percentages up or down but the numbers will always favor the higher priced property in a buyers market move up buy!  We are seeing fence sitters too and its tough to change their mindset.

Brian.

Mar 09, 2009 09:42 AM
Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

Ken, ah!  The Tire Kicker, the great tease of the real estate scene! 

Mar 09, 2009 01:34 PM
James Downing - Metro DC Houses Team REALTORS®, CRS, GRI, ABR,MRP, MilRes
Real Living | At Home - Washington, DC
When Looking to Buy or Sell - Make the Right Move

I have a bunch of tire kickers that seem to be getting restless - let's hope so!

Mar 09, 2009 01:44 PM
Alan Gross
PrimeLending, A PlainsCapital Company, Equal Housing Lender - Bethesda, MD
Loan Consultant

The tire kicking is probably worse now then it has been in the past with so many people afraid to get into the market because of the recession. Fortunately even the news media is starting to realize that this market represents the best opportunity to buy since the early 1990's. There will always be tire kickers. It's best to know upfront so you don't invest to much time as their taxi cab driver.

Mar 09, 2009 09:05 PM