One of my mother’s favorite sayings used to be “Money does not grow on trees.” I think there are a lot of people out there that think that real estate buyers grow on trees. They think there are ready, willing and able buyers all over the place. That isn't the case - even in a sellers market.
I’ve actually had people ask me, “How many houses did you sell today?” Selling homes is not like selling cartoons of eggs at the grocery store. On any given day, there are more people that buy eggs than there are people that buy a home. More cars sell on any given day than houses.
Selling a home isn't exactly fun or convenient. However, sellers must try to accommodate buyers whenever possible because buyers do not grow on trees.
I’m not too sure how many real estate agents that are not working as part of a large team that can honestly say that, on average, they sell more than one house per day. (Granted, it isn’t unreasonable to have multiple closings on the last Thursday and Friday of any given month. Those seem to be the two most popular days to close on a home. )
If you look at a tree, it is covered with lots of leaves unless it is winter. Buyers don’t grow on trees like leaves. Buyers are a bit more like the flowers on a cactus.
Sellers, if a buyer wants to see your home without giving you the 24 hour notice that your requested, you, the seller, should do your best to try to accommodate them. This is especially true if they do not live in your town. They just might be The One that falls in love with your home and buys it. If they can’t see your home, they might very well fall in love with another home because they are motivated and they are on a tight time line. Love… Every seller wants to find the buyer that loves their house. It only takes ONE buyer.
Real story – once upon a time I was working with a young couple in Texas that wanted to buy a condo. We found a great condo that they fell in love with. The seller accepted their offer, which was full price or close to full price. (I really can’t remember at this point.) In Texas, option contracts are used. During the option period, buyers can back out for any reason they want to. If they back out during the option period, they will lose their option fee – which generally ranged between $25 - $100. Most buyers use this time to have the home inspections done. If the home has major issues that the seller is unwilling/unable to correct the price of the home inspection and the option fee is money well spent.
A good buyer’s agent will suggest that the buyers only ask for the repairs that every other reasonable buyer would request. No nitpicking. A smart listing agent would advise their client, “You should make these repairs because in all probability every buyer is going to request these repairs. “ As a Realtor, I love Texas’ option contract system.
I digress. When my buyer’s had the condo inspected, it turned out the carport was structurally unsound. A strong wind could cause it to collapse. My buyers told the seller they were willing to buy the condo if she had the carport repaired. Otherwise they would choose to opt out of the contract. The seller responded, “I’m too busy to worry about fixing the carport right now. I’ve got a wedding to plan.”
This seller must have thought buyers grow on trees. My buyers opted out of the contract. They lost their option fee and the money they spent on the inspection. That was still cheaper than fixing the the carport and making the other needed repairs. They opted out and bought another condo and lived happily ever after. (Well, I hope they lived happily ever after. I don’t know for sure since I moved to Colorado and we attract enough strong winds that it is unlikely to see a wobbly carport actually standing.)
My clients bought another condo and lived happily ever after. What about the seller? The seller….she was still trying to sell her condo after the wedding. She replaced the carport. The condo eventually sold.
Moral of the story: even in a seller's market, buyers do not grow on trees.
Selling a home isn't exactly fun or convenient. However, sellers must try to accommodate buyers whenever possible because buyers do not grow on trees.
Sincerely,
Sondra Meyer Peterson, CPA
Colorado Horse Property Specialist
Colorado. See It. Experience It. Live It
...now that's a funny picture!
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