I have been trying to help a nice young couple find their first home. We are doing OK but not great. The few homes they really liked went quickly. They are limited to the bottom of the Boise market. Yesterday they called me about an open house they went to. They seemed excited. They made an appointment with the owner for me to see it.
It was a For Sale by Owner. That didn't bother me too much. I then did a market analysis of the home and realized that the home was $20K to high for the market. The location was great but there was no yard. Except for the lack of yard it would suit my clients. It was right near Boise State University. He could walk to work and they could be a 1 car family forever. As University faculty we often have to cut corners and one way to do it is to run one car.
I took a deep breath and prepared 2 copies of the market analysis. One for the owner and one for my client. I told the owner I thought they were too high. I also told my buyer. The coolest feature has to be that I can see the University from the end of the street.
My clients are thinking about bidding on another home but I know they like this one. I am hoping that I can list the home I saw. I could sell it quickly at a reasonable price. I also talked to both the owner and my client about the problems of too high a listing price.
When I approach a for sale by owner I always give them data that I used to market a property. Whenever I think I might be bidding I do a quick market analysis. I always want to make sure we can pass appraisal.
Now I wait for my clients to talk it over. On Tuesday I will call the owner and talk to them about listing their home. I am low key in my approach but it often works.
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