Narrowing Down Is Now Widening Up Choices

By
Real Estate Agent with Rocky Mountain Realty Co.

This is truly a crazy market. I am seeing trends that I have never seen before. I know it's a true buyer's market, but the last buyer's market, my cleints didn't seem to act the way they are now. It's not so much MY clients, but the agents who work for me.

I just wrote another post about the feedback we're getting that our listings are the buyer's "second choice", but this is what I've been seeing:

It used to be that we would take a client to see everything that looked to be a good candidate for their needs and wants. If they were REALLY lucky, we could find something within their price range that have everything they needed AND wanted, (because no matter how much a person can spend...they always want just a little bit more). Now it seems we have no shortage of things in a buyer's price range that have what they need and want, but instead of "narrowing down" the candidates as we formerly would, the list of candidates grows as we view property. So much so that the Buyers become as kids in a candy store...not able to make their choice.

  There's so much available that is on the wish list!

You would think this would make buyers feel lucky and happy that they are able to finally afford all that they have wanted, but have not been able to obtain in the Seller' market, but not so. The Buyers we are seeing are just browsing around blankly...widening their list of possiblities. Anyone else seeing this? One agent in my office has shown this couple almost 40 houses and their Listing just went under contract this weekend for full price, so they have to pick something, but she's concerned about how to narrow them down.

  The dream home doesn't seem enough to entice a decision in this market...

Anyone else experiencing this phenomena? I'd love to hear some "narrow down" techniques from you silver tounged angels out there! :-)

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Comments 37 New Comment

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Rainmaker
100,221
Lisa Ryan
Selling Princeton,West Windsor and Montgomery Town
Callaway Henderson Sotheby's International Realty
I believe the issue with buyers, at least in my market, is that they hear the media hype and think that the market hasn't bottomed yet and are afraid to make a decision. God forbid they don't buy at rock bottom prices.  If by some chance the spring market and prices starts off at a good pace then there are going to be some sorry buyers around.
October 08, 2007 06:22 PM
Rainer
48,770
Lania DeMers
Broker, Rocky Mountain Realty Co.
Rocky Mountain Realty Co.

Everyone is making great points. I tend to agree with Lisa...things are going to be picking up eventually and some will wait too long to pull the trigger.

 

October 08, 2007 06:32 PM
Rainmaker
24,637
Shari Posey
Prudential California Realty

I'm with ya Lenn...only the relocation clients are jumping on a house the first or second time they go out. I also use the process of elimination with buyers, ending up with one favorite after a day of showing about 7 homes. The problem is they still don't want to make an offer even though it's the best home of the bunch in that price range.

What I'm hearing from other agents on a couple of my listings is that they are the VERY best out there in the price range BUT their buyers are comparing my totally remodeled home to fixers and they want it at the fixer's price.

It seems like a log jam out there to me.

October 08, 2007 07:08 PM
Ambassador
883,319
Lane Bailey
Realtor & Car Guy
Century 21 Results Realty
Get your buyers to make choices.  I often get my buyers to pick between this and that.  After they pick one, they have to stack the next one up against the winner.  I do this while we are looking at the sheets (to get them prioritized) and also after seeing a house.  We establish a winner, and work towards an offer for that property.  
October 08, 2007 09:15 PM
Rainmaker
282,453
David Matney
Omaha, NE Real Estate | Omaha, NE Homes For Sale
Alliance Real Estate
Many great suggestions.  I would say narrow the search each day and have the buyer pick the best one thay have seen on that particular day. 
October 09, 2007 12:02 AM
Anonymous
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Rainer
48,770

Lania DeMers

Broker, Rocky Mountain Realty Co.
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