Late in the morning I had a buyer walk into the office looking for s very specific area. We started on the computer and and found about a dozen homes, which we narrow down to 3 homes by lunch. We then agreed to get some lunch and get back together at 2PM, and I would also try and schedule the 3 showings for the afternoon.
All went well and and we got to see all three homes. The buyer was buying a second home within walking distance of his home, so that the son , daughter-in-law and grandkids were close by. Everything was going good until we finished the last walk through. We had just walked though 3 Bank-owned properties. The buyer looked a bit unhappy, I ask him what he thought about the homes. He answered with a question "Are there any homes not in foreclosures in this neighborhood?" Before I could answer the question he made on more comment "I did not realize that my neighborhood had dropped this much in value!
What i did not realize is that the home owners sometimes do know what is going on in their own backyards. If he we selling his home, he would think that his home was worth 30% then then the current market. So the next time work with the sellers I will make every effort to document the number of foreclosures not just the standard CMA numbers I normally use.
The Keyes Company
Cutler Bay, FL