The Grass is Not Greener on the Other Side for Sacramento Real Estate
Word on the street is agents need to tell their Sacramento home buyers in escrow to stay there because the grass is not greener on the other side. It’s not going to get any easier to buy a home if they cancel an existing escrow, it will be worse. The main problem is too many buyers and not enough listings. If a buyer is working with an experienced Realtor, that buyer can expect to buy a home the first or second go around if they listen to their agent. If they try to go it alone and don’t follow an expert’s advice, they won’t get a home. Simple as that.
For every buyer out there who is hemming and hawing, questioning whether they should agree to pay over list price or give a seller a couple of days to move, there are 10 other buyers ready to do what it takes. It’s a confusing market for buyers who don’t know what’s going on or don’t believe their agent when they are informed. Some of them still think they have the luxury of time and that they can negotiate without any competition.
Some buyer’s agents are advising their buyers to approach sellers directly and plead their cases with the sellers. It’s THAT crazy out there. Don’t think about trying that approach because a) it’s unethical and b) it doesn’t work. Most sellers will listen to their listing agent, unlike the challenges facing buyer’s agents when their buyers don’t pay heed.
The grass is not greener on the other side in West Sacramento or Roseville, either. You can’t believe Zillow if it tells you we are in a buyer’s market, as I’ve seen some reports from Zillow express that goofy opinion. This is a seller’s market. If buyers want to buy a home in this market, they need to conform to the market. That means often offering over list price, especially if there is more than one offer on the table. It might mean giving the seller a free rent back. I have 3 escrows right now where the seller gets 2 weeks free, another gets 3 weeks, and another 45 days free. It means putting your money where your mouth is and making that deposit at least 3% of the sales price or more.
I’ve been watching buyers offer $10,000, 20,000, 30,000 over list price just to buy a house. The grass is not greener on the other side. If you lose the home you want to buy, there might not be another. Sellers, if you don’t have your home on the market, you are missing this action. If you’re thinking about selling your home, call Elizabeth Weintraub at 916.233.6759.