The Downside of a Blossoming Market
I love working with buyers who have a solid understanding of what they want. I’m working with a young couple right now who, despite being first time home buyers, know what they are comfortable paying and what amenities are crucial. They haven’t deviated from their “must-haves,” and they don’t even bother looking at houses online that are outside of their price range. But they aren’t having as much fun as they’d like in the home buying process.
Spring is Not for the Faint of Heart
While Spring can be a magical time of fragrant flowers and blooming trees, it’s a nightmare for buyers who don’t like to make snap decisions. As the market in Indy heats up, the time a buyer has to tour a home, consider its merits and worth, and submit an offer shortens considerably. Many houses don’t last a week, and loads of them pend after just a day or two on the market.
Back to my Buyers
So what does this have to do with my solid, grounded buyers, you ask? They’ve lost out on three houses that were a great match for them because someone beat them to the punch. They want to consider a house for at least 24 hours before they tour, look at the house, then sleep on it for a night or two. In this market, that approach can be lethal. But what are they to do? Make a snap decision on the largest purchase of their lives? Write an offer before they’ve had a chance to really think about how they would live in that house? They want to drive through the neighborhood in the daytime and in the evening, as having a quiet place to live is important to them. Is that too much to ask? …
Yes. Yes it is.
My poor buyers had to find out the hard way that a healthy real estate market makes for some unhealthy buying practices. Buyers are paying the top end of what they can afford and making knee jerk reactions (i.e. purchases) – often as a result of missing out on one more houses already. This kind of market requires some expert coaching from agents and realistic expectations from buyers.
Finding the Right Balance
I knew my clients weren’t interested in buying the first house they looked at. While disappointed that one of their first loves went to another buyer, they ultimately decided that specific home wouldn’t have been the right fit for them. Same story on house #2. All the while I’m helping them balance the reality that waiting to act is effectively making the decision to let a house go. They knew that the house(s) could easily pend in a moment, but that risk was more comfortable than jumping into a house they would later regret buying. I totally respect that point of view. I would want an agent to remind me of the risk, but respect my decision and need for certainty. So that’s exactly what I’m doing for these guys.
In the End
They texted me this morning and said they are ready to write an offer on a house they saw yesterday. It’s the one! It has everything they want: it’s ideally located, and it’s well within their financial comfort level. We’ve looked at 16 houses over the course of three months, all of which fit their criteria. I informed and encouraged, but never pushed. That’s my role in this, you know. Trusted adviser and truth speaker. NOT commission earner and foot tapper.
If your agent isn’t giving you the space and time you need to make the best decisions for you and your family, move on. You can call us here at Rocket Realty, or you can try your luck in the phone book. But don’t let an agent push you into a house you aren’t ready to write an offer on, and don’t let them make you feel bad for taking your time (and possibly missing some good opportunities) in making the biggest purchase you’re likely to ever make.
Good luck out there!