Missed Opportunity ?
Recently, it seems that all the buyers have come out of the wood work….
We have been inundated with large groups at our open houses and receiving large amount of “sign calls” and inquires on our websites…
But the one thing that has not changed is fear…Depending on where the property is and the price range that it is in, there is a different strategy on how to make an offer. I think the public understands that the interest rates are great, and inventory has lessened, and buyers are hearing about multiple offers; but there is something that is preventing them to make a move. My advise: Work with your agent…let them help you understand… ask a lot of questions.
Just this week, I have encountered buyers who I met a few weeks ago, they saw this home in their price range, and have their financing in order, but they needed time to “think about it”. When they came back to reconsider the home, it was gone (in escrow with multiple offers). Had they written a couple of weeks ago it could have been theirs.
Don’t lose your opportunity. There are several ways to protect yourself from competition and allow you to participate in obtaining home with your price and terms.
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6 Responses to “Missed Opportunity ?”
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Terry,
How true it is. Buyer and sellers are scared. Buyers as you said must work with their agent and discuss the market. Having 100 agents in our office gives us immediate trends in many neighborhoods. It is imperative for buyers to be working with good agents that understand how to present an offer and how to negotiate it. You trained many of the agents in our office and the respect we get from others is impressive. Just today I made an offer in South San Francisco that had multiple offers. I wrote a fair price but good terms showed funds to close, cover letter, etc. and agent only counter us. Her response ” I have confidence in you that you know waht you are doing”. Thanks, Terry you taught us how to do it right. Just hope my clients realize the opportunity they have in front of them.
Great point Terry, information is so powerful, and gathering it from professionals who work in the real market place is a good place to start the gathering process. The results allow a family to make an informed decision. That is the best way to live with whatever that decision is. By basing it on facts not part fact part rumors or part fiction.
How true we are seeing buyers come out in droves. Interest rates are fantastic and now inventory is becoming short again. I beleive that you will not see the combination of lower prices and rock bottom interest rates for too long.
Larry
Hi Terry, it’s so true that the window of opportunity is not open forever. It’s become that much more important for home buyers to make sure to have their “ducks lined up” and be informed about the market so that they don’t wait too long to make a decision. Sometimes after missing out on one or two, I’ve found that my clients have become a little more proactive and bold about submitting an offer.
Great post Terry,
I have been working with some clients for about a month now, we went out today to look at a few homes. He made an interesting comment to me, describing how when we first started looking there were a good amount of homes within his price range and area. Now we look at the list of homes that match what he is looking for, it is far less. He currently has less to choose from then he did a month ago and he is realizing this now. My response to him, your right. I went on to tell him that when compared to about a year ago, the inventory in Daly City has dropped around 50% from where it was, while the homes in contract are up about 50%. What does that mean? It means there are less homes to choose from and the ones on the market are moving quickly. The facts and trends tell it all.
Terry,
Many buyers feel that the time is right due to prices, rates etc.
It is not a iight decision to start the home buying process, and most are getting all sorts of conflicting opinions from family and sphere, who may mean well, but are confusing the already concerned buyers.
We need to be aware of this and discuss it with them, to help them overcome objections.
Brian