I was recently struck with the revelation that buying a house can be like trying to get a bicycle for free.
I had a bike I needed to get out of my garage. It was an 18-speed bike in good shape, and I listed it on Craigslist for $40.
Nada - no responders.
So I lowered the price to a measly $20.
Still ... not one call.
So I deleted the Craigslist ad and posted it for free on Freecycle.
And then, I had multiple queries, many accompanied with a sad story as to why they needed the bike so badly. My choice simply came down to who could come get it first, since I was tired of dealing with it.
I felt bad for all the folks who didn't get the bike, but really - they could have made a lower offer on it while it was listed for sale.
Are you still wondering how all this made me think of buying a house. ??
It comes down to the fact that, when the bike was listed at $40, or even at $20, anyone could have offered less. The lady who did get it sent me a $25 gift certificate as a thank-you, which was very nice, but she was lucky she got it at all. It was just good timing.
Yes, if someone had made a lower offer they may have been left wondering if they could have gotten it for even less. And now, are you seeing where I'm going with this?
I've taken buyers to homes that were overpriced and the buyers weren't interested. I try to encourage them to make a lower offer, but they just want to keep looking.
I remind them that if they wait until the seller lowers the price, other buyers will be just as interested as them and they might lose out.
But most of the time, they just won't do it. No explanation usually, I just get an email a few hours later, asking to see another house.
Then, sure enough, the price comes down and my clients make an offer ... as do half a dozen other parties. So a bunch of people are left out, disappointed. But really, if they had been savvy and put in a lower offer they might be the ones under contract and enjoying the outrageous fun of getting inspections done and their loan approved.
Since buying a house is so much like getting a bicycle for free, the psychology involved must just be human nature.
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Copyright © 2013 Joetta Fort, The DiGiorgio Group