Relocation not effected by the slump

By
Real Estate Agent with My Florida Home Store

I have figured something out. People relocating to my area do not care about the current real estate market. I just had my biggest life time closing 2 weeks ago. It was someone relocating to Palm Harbor, Florida. I explained to them how home prices have been on a decline and will probably continue to go down, they didn't care. They told me that they planned on living in the house for at least 10 years. I was surprised by their attitude, many buyers I have dealt with in the past month have either decided to rent or wait.

That sale was my biggest and in this market, I'm still shocked I had my record sale. The crazy thing is, I'm about to have another sale if they find the right home this weekend, that will be my new record sale. It is another person relocating to the Tampa Bay area. They also don't care about all the news lately about how bad housing is. I told these buyers as well, that unless they find a steal, the house they buy will probably go down in value over the next few years, and they told me it didn't matter, they were in it for the long haul.

I think during this down cycle I'm going to focus on getting relocation clients. Showing buyers 30-40 houses and then have them decide they are just going to rent or hold off for a year or two is a major strain on my time budget, as well as my gas tank. I don't mind showing 30-40 houses, but if they aren't sure about buying a home, I would almost prefer to pass on them for now. I have had 3 buyers that I showed at least 30 houses to just completly disappear. No thankyou, no expanation, they just stopped returning my calls. This is after becoming freinds with them. It hurts my feelings when this happens.

Comments (2)

Ginger S
Wilkinson & Associates, Wilmington NC - Wilmington, NC
Wilmington NC Real Estate & Relocation~

Phaedra, Congratulations on your big closing. I love working with Relocating buyers. or second  home purchasers. It's such a n opportunity to shine as a local expert, and help them connect with all the info and services they need.

 It does hurt when we invest time and people vanish. It happens to all of  us. Remember these buyers have life happening and are caught up in their own stuff and not conscious of your life happenings. Keep in touch with them and when the are ready they will remember you. 

Nice to meet y ou and welcome to the Rain 

 

Ginger 

Nov 01, 2007 03:11 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Relocation is good when the seller is moving out of the area, too. I just took a listing from a seller moving from Sacramento to San Diego. We discussed pricing, and I told her where I thought she needed to be priced to attract a buyer. It was considerably less than she was hoping for, but she seemed to accept the fact. Until we got to the listing agreement. She grabbed the document with both hands and I watched her eyes gloss over the first few lines.

"If you have any questions, please let me know," I prodded.

Finally, she looked up at me with a sad expression on her face. She began to stutter, "I, this, I, the price. Do you think the price could be higher?"

That's a reasonable question, I assured her; it's normal for seller to wonder if they could squeeze a bit more out of the initial offering price. But I explained that the relo company will not give me a price reduction and they insisted I price it where it will sell, which is what I have done. This isn't a market where you try to test the waters or hope for a higher price. If it's priced too low, you'll get multiple offers. But if it's priced too high, it will sit. I showed her the stats, the 19 months of inventory in her price range and location, and said, "If I thought you could get more, I would have suggested a higher price, but this is my professional opinion."

She signed it. And I do believe it will sell.  I love sellers who listen!!!

sig

Nov 03, 2007 12:27 PM