There is Not a Home for Every Buyer
Not only is there not a home for every buyer, but not every potential home buyer will buy a home in Sacramento this year, regardless of how much a buyer may yearn for a home. How do I know this? Because I speak with first-time home buyers who want to buy a home nearly every day. I listen to their wants and needs. From this information, I determine whether these buyers are realistic and motivated. See, a buyer can possess all the motivation and determination in the world, but if a buyer is stuck in fantasy land, the odds of buying a home are dramatically reduced.
I try to be non-judgmental. I know that buyers are not professional real estate agents and don’t possess intimate knowledge of the market. Part of my job is to educate buyers. Especially those who rely on Zillow or other websites that provide inaccurate information. Armed with knowledge, a buyer is then able to make an informed decision.
A few weeks ago, a buyer called to say she was unhappy with her agent because she wasn’t getting results. Since agents are generally in the real estate business to make a sale, it was entirely possible the problem wasn’t the agent. The buyer asked if I would research a particular home in Elk Grove. Her agent had shown her the property. She had not made an offer nor signed an exclusive buyer’s broker with this agent.
I called the listing agent. The agent had 5 offers, several of which were all-cash offers, and those all-cash offers exceeded the list price of $400,000. As with many listings that are very desirable, the home was definitely priced to drive multiple offers. Unfortunately, it makes little sense to compete in these types of situations if a buyer is unwilling to offer over the listed price. This is not a home for every buyer.
Then the buyer asked if she could buy this $400,000 home for $300,000. I explained all of the reasons why this type of approach was not going to work. Because this is not a home for every buyer.
A few hours later, the buyer emailed me to confess that she had gone back to see that home again with her agent. She was so overwhelmed with desire that she wrote an offer on the spot for $300,000. She asked if I would still work with her and show her other homes while she waits for an answer from the seller.
I know, beyond a shadow of a doubt, that the buyer is not buying this home. This is almost too crazy for words.
Further, I am not in the business to swipe other agent’s clients. There’s enough business in Sacramento for everybody. I had explained earlier how real estate agents work and why this buyer should decide which buyer’s agent she wants to hire. She told me she really liked her agent but did not feel her agent could perform.
I suggested she stick with her agent. She performed contrary to her own best interests.
Elizabeth is traveling today.