There Goes A Frustrated Buyer!
Yet another buyer has thrown up their hands, frustrated with 
the housing frenzy. She and her husband are Relocating to the Scottsdale area. The Mrs. is already here working with the same company and staying in a corporate rental, since June. Mr. has stayed behind working at his profession as a builder.
Fast forward to September of this year. The couple walk into my office in North Scottsdale and I happened to be standing next to the receptionist. They explain to her they are relocating from St. Louis. My ears perk up because I Relocated to Scottsdale from St. Louis. Wow – what a coincidence. We have an immediate rapport and they are very nice folks.
We sit in a conference room and I explain what is going on with our housing market, ie that we’ve had 30% year over year gains in some areas. We ARE the hottest market in the country with these gains and especially in the area they are interested in, Scottsdale/Rio Verde. Rio Verde has some of the most scenic views with wide open vistas and acre lots. We discuss typical features of homes in that area, the pre-approval process, and I provide a list of lenders for her to choose. She seems to be the go-to person for data.
We have since seen probably 40 homes. These folks are not pre-approved, even though now their home in St. Louis is under contract. She tells me she hasn’t been motivated due to the fact that their home hadn’t sold, but now that it has, she feels the pressure. Two months of looking at homes getting ideas and she IS NOT APPROVED.
Why would I take them out? Because she explained their process when they built their home in St. Louis a year ago and the circumstances are the same, same debt, same everything. They have great credit. Now I’m not a lender, but an interview typically covers some of these basics. 
While looking Friday night, we find the perfect home. She likes it and has called my lender and started the process. We are approved well over the purchase price of this home. But the e-mail came this morning that they are feeling just too much pressure to buy right now and will hold off for now. The market is moving so fast and they don’t want to make a rush decision. My opinion, they’ll be priced out of the market very soon and will then be renting. A landlord typically will not allow this homeowner with their 4 German short hair dogs to rent a home in this area.
They are great people, great credit, ready to make a move, but feeling way too much pressure with the market being what it is. Can you blame them? Buyers are feeling like they have to make rush decisions while purchasing what might be their single largest investment. If you're looking for sound advice with no glossing over the details, call me. I'm happy to help you with your next home in Scottsdale!
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