Watch Out for that Changing Market

By
Real Estate Broker/Owner with Premier Realty Exclusive MO license #2005035566

As the weather starts to change and the days become longer, I'm reminded of my first year in real estate.  I had a client that had been looking through the winter.  Homes were on the market briefly then, compared to now, but were still not shown as much as warmer seasons.

My buyer became excited about a condo in an upscale, trendy part of the city so we started our research phase.  He was excited, but didn't want to rush or be pressured. 

We talked every day for a week about strategy, financing, neighborhood statistics, more about strategy.  I got emails with questions to ask of the listing agent or to find out about.

I tried to get a hold of the listing agent that day, but never heard back. 

After all our work, we met to write up the offer.  When we were done, the call to the agent.  The call went like this, "Hi Bob....I finally got the offer for 10th street.....".   "Its gone....sorry.  We got another offer last night."

OOUUCH!!stressed

The "all real estate is unique" principle was really evident to me from that point on as my clients, dejected, continued to look at homes until they found one.  Each one was compared to the first, and they never were as nice. 

While important decisions like real estate should never be rushed into, once the decision is made by a client, its important to act....especially during the spring selling season!

Comments (3)

Ellie Shorb
Compass Real Estate - Chevy Chase, MD
Realtor DC, MD & VA Luxury Home Expert

Holding on for dear life... things are busy in DC!

Feb 24, 2010 09:09 AM
Rob D. Shepherd
Windermere/lane county - Florence, OR
Principal Broker GRI, SRES

I feel your pain. I too have had cash buyers that just would not move fast enough. Sometimes they have to lose a couple to get the picture.

Feb 24, 2010 09:30 AM
the Chris & Lisa Grus Team
Premier Realty Exclusive - Saint Louis, MO
GRI, e-PRO

Thanks Ellie & Rob.  Interestingly, in addition to this happening 6 years ago, it just happened again today.  Buyer's and agents alike can get used to the slower pace of winter, but things do change.  When I see a property that's priced nicely and looks better than any competition, and gets lots of showings, I get nervous about waiting too long to make offers when they're warranted.

Feb 24, 2010 02:21 PM