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If You Have To Sleep On It . . .

Real Estate Agent with Century 21 Foothill

(altogether now)  . . . YOU'LL NEVER SLEEP IN IT!

I learned that useful axiom from my first broker and real estate guru, Sue Thompson. The axiom is not always true, of course, but it's true more times than it's not true. The axiom is especially relevant when the market heats up in favor of the seller like it has here in Placer and Nevada County.

When the real estate inventory is low (supply) and the number of buyers is high (demand), then the buyers need to make lightning quick decisions. If buyers find a house today that they want, but decide to sleep on it, and write an offer the next day, then they will be beat to the punch by buyers who saw it yesterday, wanted it, and wrote an offer on it last night.

Let's be frank. In California, and I suspect in most states, it is easy for a buyer to write an offer and, at some point down the line, back out without penalty. So, the first objective for the buyers is to secure the property, get it off the market. Then, the buyers have ample time to worry and fret, have a change of heart, get cold feet, contract a case of buyers' remorse and so on.

The worst situation for buyers is getting into a bidding war with multiple offers and counter offers. The best situation for buyers is to launch a pre-emptive strike and secure the property before any other offers get to the table.

Do you know how painful it is to search and search for the perfect home, find it, and then have it snatched away from you while you were "sleeping on it?"

That reminds me of another old saying, "You snooze . . . (altogether now) . . . you lose!

Comments (5)

Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS
Very true - this is a tough concept for buyers to grasp right now!
Mar 02, 2013 01:31 AM
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide
This is some simple yet true info to remind our buyers. Thanks for the reminder.
Mar 02, 2013 01:45 AM
Kathy Stoltman
Ventura, CA

Yup, you nailed this on the head.  I think there will be many buyers kicking themselves for "sleeping on it"

Mar 02, 2013 01:48 AM
Tonia Rahming
RMS Realty, St Lucie, Martin and Palm Beach Counties - Saint Lucie West, FL
Relocation Specialist

If they really want something, I mean really want it, you wouldn't have to sleep on it.  Purchasing real estate involves a lot of cash and you know when you like it right away.

Mar 02, 2013 01:49 AM
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Love those old sayings...especially that snooze one.   We need to dust them off again, as the market is returning to solid gains.

Mar 02, 2013 01:59 AM