Our current market is lacking inventory and when inventory is low buyers have a tendency to pay more and sometime struggle to find the home they really want. The old “Supply and Demand” adage applies very much to the real estate industry.
So When some recent buyers, let’s call them Tom and Sue, went out to look for a home to purchase, they struggled. At first they struggled because while shopping online, they kept seeing the same homes, over and over again - and they kept thinking, “Man those are expensive” - they started to think that they really couldn’t afford to buy a home.
When they did finally find a home that had recently come on the market, they immediately called the listing agent, who happily met them at the house to show them, and then told them that there were already several interested parties. Tom and Sue panicked a bit, because, THIS was the house they had been looking for. The agent showing the home told them that if they wanted even a chance at getting this house, they would need to put an offer in that day. They hadn’t even had a conversation with a loan officer to see what their payments would be, or even for that matter, what they could afford. Not Tom and Sue both work and earn a really good living, so they weren’t too worried. They told the agent that they would call their loan officer and get back with the agent about putting in an offer. Sue, really wanted the house and left practically in tears worried that someone else would buy it.
They met with a loan officer and went through the paces, but by the time they had sorted that out, and called the listing agent back to see about putting in an offer, the agent told them it had already sold. “How could that be? We were just in there last night - it JUST came on the market!” Tom and Sue even thought that maybe the agent had tricked them somehow but the reality is that in our current market, if you are not prepared to write the offer THAT MOMENT, you risk losing that house to another buyer who is.
Talking with some friends told them about an agent they knew that had helped them buy their home and had done a really good job for them. So, they called me and I introduced them to my buyer workshop. A simple, 1 hour visit, that put them in a great position to buy. The workshop goes over purchasing a home in TODAY’s market - no matter what today looks like, or what the market looks like and helps to prepare them and put them in the best position to get an accepted offer on a home.
Long story short, Tom and Sue are now in their home and loving not paying rent. They were able to get a pretty hot property also. It came on the market - through my agent connections we knew they home was going to be hotly contested and we did end up in multiple offers. We were prepared for that, however, and through some creative negotiations we were able to come to terms with the seller. Turns out, price wasn’t the biggest factor for these sellers - they need time to stay in their home after the sale to negotiate their next move. Tom and Sue were able to get the house and offer less than some of the other offers, because we asked what was most important to the sellers and were in a good position to offer it. They were in that position because they were prepared and were ready for a good number of possibilities.
Our market changes all the time - as a buyer you could spend your time surfing the internet for a home but when you find the home of your dreams, are you prepared to buy it? Not sure about the answer there - a buyer workshop will help you with that. Worst case scenario - you just walk away a bit smarter - it’s 1 hour! Want to schedule your buyer workshop - These are private you and me meetings - Click here to schedule yours now - Or email me at chris@chrisjwood.com
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