June 29, 2017 | Real Estate Musings

It’s easier to talk about the weather  or what your plans are for the weekend, than it is to talk about the realities of the real estate marketplace.

There is no question that I would rather talk about something easy and light with a buyer client who is stressed about making an offer in competition on a home that has 6 other offers already registered…but it’s also time for a real talk about what you have to do to win that home you love!

Or my seller who is looking to sell their much beloved home in what appears to be a transitioning market and they are worried about getting an offer let alone the price they may have a few months ago (as of this writing there are pockets of our city that aren’t seeing strong sales, see below example).

It would be so nice to keep the conversation light and easy. But, that would be ignoring the importance of the task at hand. My job is to help people obtain their financial goals, be professional and have everything run as smoothly as possible. In order to be professional and have things run as smoothly as possible I feel obliged to “manage expectations”, if I didn’t do that, then what service am I actually providing? I would be an order taker with no strength to focus and lead my clients. Don’t get me wrong, I love connecting with my clients and by no means am I heavy handed in any way. I do my best to convey what my client’s need to know in order to make an excellent decision, I know that they may be wishing for so I need to find a way to delicately bridge this potential gap. It’s a fun balancing act at times!

 

Transitioning Market Example – The Annex:

I want to jump back to something I alluded to above, the transitioning market in certain areas of the city. I cannot get over how many homes have sold in The Annex recently that did not get the price they should have. There is a great buying opportunity for some of these properties. Note that a few of these homes are in need of some work, but this does not justify the low sales prices. I can think of 4 houses in The Annex that did not sell for nearly enough money over the last month. It’s been years since I looked at sales price slacked jawed and in shock! It’s not uncommon for people to magnify objections in a transitioning marketplace, so much so that they will irrationally walk away from something good. These objections can become insurmountable for some. But the wise buyers don’t make a mountain out of a molehill, as the saying goes. They strike if their agent is doing their job instead of talking about their weekend plans 😉

Most of the time I do my best to convince clients not to buy a house (sellers not to sell their’s either) unless it really makes sense for their lives, finances, dreams etc. & whether the location is any good and whether the house is a worthwhile investment. Some recent buyers have made off like bandits in The Annex of recent. I don’t feel that this will last so congrats to those of you who snapped up these properties, well done!

 

 

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