Come on In…the Real Estate Water is Fine!
Whether you are a buyer or seller you’ve made the decision to jump in the real estate waters. Come on in…just realize you are jumping into a moving stream and not a still pool. No matter what you are trying to do, know that it’s been going on long before you got involved and will continue long after you’ve completed your transaction. All you should focus on is the here and now.
I’ve had experience with clients coming to this conclusion on both the buying and selling side of things. A buyer I’m working with fell in love with a house we saw that had already started working with an offer and was only looking for back up offers. My client went ahead, wrote an offer and ended up in one of the mulitple back-up positions. While we continue to look at other properties she is frustrated at the situation and that we “missed” the opportunity to get there first on this home. The problem is, that’s impossible as the house went into contract right before we began her search. We’ve discussed the inevitability of that when first getting in the market. The seller had jumped in before she did. Going forward we can be among the first to see places as they come up but everything that was already active was started further up stream than my buyer.
The same holds true for sellers. While most have accepted the reality that prices are not going to be hitting 2005 levels, they still hold out hope. Often, to their own detriment. For some, they may be in the position to wait out the downturn but for others, the decision to wait put them further in a hole, and in some cases, cost them the house.
The point is, when deciding to buy or sell, it is critical for best results, that you be “in the moment”!
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8 Responses to “Come on In…the Real Estate Water is Fine!”
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I love the “Real Estate Waters”. Very Catchy.
Some buyers just put their feet in first and are frustrated that they don’t get that home. Purchasing a home in this fast paced market or as you put it “moving stream” takes their full attention. In San Bruno, South San Francisco and Daly City among other peninsula cities are seeing multiple offers within days. What I have noticed lately it is not just homes under $500,000 getting multiple offers.
Julie,
I like what you have to say because it is so true.
One of the most difficult parts for many customers is just getting started!
Brian
Julie,
Great summary of the current conditions.
Larry
Hi Julie,
I believe that it is in our customers interest to keep them from waiting to make a decision to getting the house of there dreams now, before the market really turns and they will not be able to get the right house. Great article.
Jonathan
Isn’t that the truth. Don’t cry over spilled milk…. but learn from it.
Great perspective julie!
Dean
Great job Julie,
I have come across many people who do not live or think about “in the moment”, many often speak about how things used to be and where the market is going to be. What I try to help people realize is that many could not afford to buy a home 2-4 years ago because of the prices. Either they could not afford it or they were not willing to pay the prices for the homes that were available to them. I have clients just like that, they now have purchased a great home, for a great price, at a great time. They pruchased within their means and have a fixed rate on their loan, they know they will be able to continue to afford their payments as time goes on. I am concerned for some who are waiting for the market to “bottom out” or for those who are “seeing where the market goes” because once things really pick up it may be too late as, they may be priced out of the market. As Lee already mentioned there are homes in many cities that are getting multiple offers, and not just the homes priced under $500,000. As it has been mentioned in other blogs, it is very important to have a great agent in any type of market who is knowledgeable and can guide you through the home buying or selling process. Keep up the great work as usual.
Adam
great post Julie, the market is changing, urgency is a word that we are going to hear more often, prices in some zip codes are not just stable they are rising.
Very interesting times,the next couple months may shed some light on the next couple of years
Excellent article! I love the still waters/moving stream analogy! One other thing that buyers need to take into account is that they need to be prepared to jump in…They need to be completely pre approved and ready, because when the right property pops up, everything starts happening quickly.