"I need to sleep on it."

By
Real Estate Agent with RE/MAX Compass, formerly RE/MAX WHP 0524642
https://activerain.com/droplet/4zL4

"I need to sleep on it." Can be translated in many, many ways. When a buyer says they need to sleep on it I tend to lose confidence that I can help them buy the home they're interested in, esepcially if it is in a sellers market. Odds are, the home that they are in love with won't be around for "a couple of days." Buyers who are serious about buying need to be decisive, ready to pull the trigger and ready to write a check for the earnest money if they're certain about their real estate goals. 

 

Sellers who need to sleep on it during a sellers market should enjoy dreaming, rolling over in bed and making paper airplanes out of low ball offers. 


Houston and the surrounding suburbs have been enjoying a very, very strong sellers market. Overall the year over year sales have generally improved. 


It is perfectly acceptable for a seller to give it a day or day and a half to decide on an offer, or perhaps wait for several offers before making a final decision. Sellers sleep better in a sellers market. I've been in situations where sellers will attempt to make all the buyers wait for 2-3 days. There's no requirement or written rule when an offer must be accepted or countered, but it's considered unprofessional and rude to make buyers and their agents wait for multiple days. 

Posted by

 

 
Greg Nino
, Houston area Realtor®.
Helping residential buyers, sellers and tenants 7 days a week.
Available @ 832-298-8555 

RE/MAX Compass (Formerly RE/MAX WHP)

www.GiveMeMyHomesValue.com

www.EverydayHoustonHomes.Com

 

 

The information contained in this blog is believed to be reliable and while every effort is made to assure that the information is as accurate as possible, the author of this blog, and its comments disclaim any implied warranty or representation about it's accuracy, completeness or appropriateness for any particular purpose. All information is copywritten and the property of Greg Nino.  

 

 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Texas
Groups:
The Lounge at Active Rain
Out Of The Box!
What NOT to do in REAL ESTATE - BAD BUSINESS
All Thing's Texas
Bright Ideas

Spam prevention
Show All Comments
Rainmaker
507,995
Dan Tabit
Keller Williams Bellevue - Sammamish, WA

Hi Greg, 

Encourage it.  Say, have a good night's sleep and dream of more days like today, searching out for the perfect home because that's what we'll be doing (or at least they may be doing it with another agent if they aren't decisive enough).  

Or say, "if we write the offer and create a small escape window for you  and you wake up and don't want it, we'll terminate the deal." 

Mar 14, 2015 05:26 AM #1
Rainmaker
1,003,242
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Last year I would've said "go ahead, you can take a little nap" but today our inventory is at 55% of what it was then. You snooze, you lose today! 

Mar 14, 2015 07:11 AM #2
Ambassador
3,090,271
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

I had a buyer ready to jump on the house of his dreams last weekend, but the girlfriend, had to "sleep on it."  You know what happened....no deal. 

Mar 14, 2015 07:45 AM #3
Rainmaker
564,123
Eric Kodner
Madeline Island Realty - La Pointe, WI
CRS, Madeline Island Realty, LaPointe, WI 54850 -

I had a prospective buyer who gave me that speech about "needing to sleep on it".  He went on to tell me what a thoughtful, careful investor he is and how it has always served him well. His wife wanted to move on the purchase, but this guy was way to busy trying to impress me with his frugality and cautiousness.

The next day, they walked into my office to make an offer and found the house gone, sale pending.  The guy's wife cried and complained, saying that she was "heartbroken" that the place sold out from under them.  I politely told her that she was complaining to the wrong person.

Mar 14, 2015 08:44 AM #4
Rainmaker
798,159
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Greg - I recently had buyers who thought about a home one day too long, and the sellers accepted another offer. Buyers need to keep in mind they will probably never find a 'perfect' home, so if they see one they like, they better be ready to make the offer. At least that's how it goes in a sellers market.

A buyers market is another story all together.

Mar 14, 2015 11:58 AM #5
Rainmaker
2,790,615
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Greg - it is unprofessional and rude to make buyers and their agents wait days. Sellers need to walk in the buyer's shoes. Would they like waiting?  Some exceptions are when sellers are out of state or country and extra time is needed.

Mar 14, 2015 12:07 PM #6
Ambassador
2,559,138
Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

I have little patience for that time of behavior on either side of the deal.  That same seller that moans when there is no activity then wants to stall before they respond to the only offer they have gotten.  Some of that goes back to the agents not doing their jobs properly.

Mar 14, 2015 12:43 PM #7
Rainmaker
2,394,954
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

Sometimes buyers need to loose a home or two before they get serious.

Mar 14, 2015 01:07 PM #8
Rainmaker
1,060,712
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

"Sleeping on it" does not work in the Dallas market at this time.

Mar 14, 2015 05:23 PM #9
Rainmaker
482,182
Ricki Eichler McCallum
CastNet Realty - Corpus Christi, TX
Broker,GRI,ABR, e-Pro, TAHS

HI Greg,  You are right, that does not work especially in your area right now!

Mar 14, 2015 09:09 PM #10
Rainmaker
2,537,494
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

"I need to sleep on it," is one of the worse things a buyer can do when a market is low on inventory and there is fierce competition.

Mar 14, 2015 09:53 PM #11
Rainmaker
889,505
Sussie Sutton
UTR Texas Realtors - Pearland, TX
UTR TEXAS Realtors - Rep for buyers and sellers.

This is true.... yesterday I took a couple to see a new residential subdivision. When we visited the model home we noted that there were only a few lots left. The home that they wanted was also being constructed as  a spec home. They decided to get that one since it was a quicker move in date. However, there was another couple wanting to purchase that home. I told them not to sleep on it either sign up for it or lets move on to another location because it just simply was not going to be there when they were ready to make the move.

Mar 15, 2015 10:49 PM #12
Ambassador
779,617
Doug Rogers
Bayou Properties - Alexandria, LA
Your Alexandria Louisiana Agent

"Sleep on it" means they don't like the home.  Trust me, back in high school I heard this all the time. "Will you go out with me this weekend? Let me think about it and I will tell you tomorrow."

That's code for Doug is going to the movies alone :)

Mar 17, 2015 10:45 PM #13
Rainmaker
375,168
Jill Watts
Realty Pro, Inc. - Vancouver, WA
A Luxury Experience at Every Price Point!

I saw an appropriate sign in a Hawaii Real Estate office window. It said, "For those of you who go home to sleep on it tonight, someone else wrote an offer and presented it today."

Apr 08, 2015 10:09 AM #14
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
1,086,367

Greg Nino

Houston, Texas
Providing Real Estate Advice 7 days a week!
*
*
*
*
Spam prevention

Additional Information