Different as Night and Day

By
Real Estate Agent with ReMax Today

I often have to laugh anymore when I contemplate the overall attitude difference between buyers in this current market vs buyers just a few years ago. Unless I've become completely wacky and out of touch, I really don't think there's been any significant change in human genetics that's made folks a whole lot different in 2010 than they were in 2004...but sometimes I think that could be the case. What I mean by this is the entirely different approach and perspective that home buyers have now. They didn't have these points of view awhile ago. In 2004 I saw multiple offers on houses with gapingholes in roofs, foundations that literally had fallen over, unsafe exposed wiring, mold that was so thick it felt like shag carpet as well as houses with $30,000 in dry rot. I saw homes on Edgewater and Hillsdale get multiple offers for crying out loud! For years there didn't seem to be any problem significant enough to prevent a home from selling!

These multiple offers I'm talking about were not written under the asking price. They all went way over asking during those years. It was a frenzy...nobody cared about anything! they just wanted a house! Preferably with 4 walls and a roof. If it didn't leak that was a plus. I sold a house in Palo Alto without a foundation! It was wood frame built right on the ground circa 1900. $40,000 in dry rot. The buyer didn't care. He hoisted it up and put a foundation under it. No big deal. I sold a house in Belmont that raw sewage backflowed into the house during heavy rain storms and filled up the tub and sinks. The sellers never fixed it...they had lived with it this way for 35 years. They just disclosed it when they sold. I got 4 offers on that place, "As Is" and over asking.

It's 2010 though. In this year alone I've seen buyers not buy houses because of cracked entry tiles, a cracked stove top, worn or scuffed hardwood floors and power lines that are 3 blocks away. I had a buyer back out of a contract because it was discovered that there are cracks...in the street! Yet another buyer backed out because it was discovered that the neighbor had a dog. There wasn't an issue with barking...they just had a dog. Next door. Honestly, I have an escrow currently where the buyer requested the seller replace a burned out light bulb! I heard a story about some buyers who refused to go through with a transaction because, during their walk through, they discovered that the sellers child had scribbled on a wall with a marker. They didn't ask for it to be remedied...they backed out!

Maybe it sounds like I'm whining or complaining. I don't think I am...I'm simply fascinated by human nature. How can people not care at all about a house without a foundation or one with running sewage, yet just a few years later other folks freak out about cracks in the street? What a business! It really is amazing.

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  1. Nor Yeretsian 11/04/2010 01:24 PM
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Rainmaker
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Frances C. Rokicki
Fran Rokicki Realty, LLC - Bolton, CT
Broker-Mentor,CRS

I agree, Jim.  With the lowest interest rates in over 30 years, you would think that it would be a homebuying frenzy out there!  Most people are so caught up in the bad news about the politicians, that they don't realize that this is the best time to buy property, ever!  I can't remember a period, in my 25 years as a Realtor, that the housing prices and the interest rates were both so low, at the same time.

When the market turns, and it will again, I think that the most common phrase will be, Geez, I wish we had purchased a home in 2010 and 2011!  For those folks who did purchase, they will be thrilled that they made the move when they did:) 

It's a Good Life,

Fran, Ct Broker~Mentor

Nov 06, 2010 06:39 PM #1
Rainer
16,465
Carol Letcher
Desert Properties Realty - Chandler, AZ
Owner/Broker

Hi Jim, yes I agree...I started out in 1979 in the mtg business, rates got as high as 17 1/2% and then when I got my license in 1991, rates were hovering around 9%.  Rates haven't been this low in 50 years, absolutely incredible rates with rock bottom home prices. This is A GREAT TIME to purchase a home, let's just keep educating our sphere to let them know.  I think buyers right now think because most areas are experiencing a strong buyer's market that they can make ridiculous demands.  It's tought out there, just keep grinding away!

Nov 06, 2010 08:43 PM #2
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Rainmaker
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Jim Minkey

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