When Expectations Have Nothing To Do With Reality!

By
Real Estate Agent with Charles Rutenberg Realty

Remember my writing about a client of ours that did not get any of the homes he was interested in because he waited and waited??? Well, Bill was talking to him about one of the homes - the one he was most interested in - and the client asked what it finally sold for. It was bank owned and listed at $175000. It sold for $170000. The client's comment was that he would have never paid that much for it.   WHAT????? Are we on the same planet???

This home was over 2200 sq ft under air, had a large caged pool with a waterfall, was on a large piece of property with a park next door and about 3 miles from the Gulf of Mexico. It was also 12 years old - and he would not have paid that much?!?!?!?!

People's expectations in this market are getting to the point that they have nothing to do with reality!!! This is not the 60's folks and NEVER will be again!!!!!

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Rainmaker
1,208,711
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

If your client admitted that he thought $170,000 was a fabulous price, it would mean he couldn't save face. Saving face is more important to some people. On the other hand, if he is telling you the truth, then he's not a buyer; he's a screwball. And there are plenty of screwballs on the planet. Just look around.


November 26, 2007 10:15 AM #1
Rainer
130,493
Billnulls Blog Florida Realty Professional
Charles Rutenberg Realty - Clearwater, FL
AHWD
Elizabeth - I am wondering - they have been here so many times - all I can think is that flights and hotels are expensive and these people are wasting a lot of money looking at homes for nothing!
November 26, 2007 11:11 AM #2
Rainmaker
1,208,711
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

So these people are flying into town, asking you to drive them around to see homes, and they haven't figured out what the prices are? Do you have a market trends report you can give them? Maybe clip local newspaper articles for them? Print out CMAs on neighborhoods they like? Where are they from that they refuse to understand your pricing, Pocatello? (No slam against the many fine folks who live in Pocatello.)


November 26, 2007 11:41 AM #3
Rainer
234,239
Susie Roscoe
Signature Realty Associates - Brandon, FL
Real Estate Specialist | Brandon, FL
I hear you!!  Everyone thinks a FOR SALE sign right now is a sign of desperation...   There are great deals to be had!  Take advantage now (or soon) or get stuck WISHING you had!! 
November 27, 2007 07:49 AM #4
Rainer
1,054
Michael Shalen
Chicago Office Advisers - Chicago, IL
Whenever people read about a down market they always think they can pick up a property for nothing.  Their definition of nothing is always 20% below whatever everyone else thinks is the right price.  Don't waste your time working with morons.
November 27, 2007 08:37 AM #5
Rainer
130,493
Billnulls Blog Florida Realty Professional
Charles Rutenberg Realty - Clearwater, FL
AHWD

Elizabeth - We have done all of the above and have been dealing with them since the beginning of summer. My partner basically told them today that they should wait until they are sure they are ready to purchase prior to looking at any more homes, since by the time they decide, these homes will be SOLD! I am so proud of him!!!! yeah Bill!!!!

Susie - Amen to that one! It makes you, as a realtor, want to pull your hair out when what you are dealing with IS NOT LOGICAL!!!!!!!!!!

Michael - I passed your exact words on to my partner today!!! Thanks for your input!

November 27, 2007 04:03 PM #6
Rainmaker
208,127
Terrylynn Fisher
Dudum Real Estate Group - BuyStageSell.com - Walnut Creek, CA
HAFA Certified, EcoBroker, CRS, CEP Realtor, Etc.
You know, the puzzling thing is that they will get on the stock bandwagon and know the time to buy stock is when it's down...they buy it and ride the market up and down and they can't live in their stock!!!   The stock does not give write off.  But real estate, buy when it is down?  Amazing isn't it.  This is the best buyer market we've had in years.  Our interest rates in California are hovering around 6% and a little under!!!  And prices are down 20 - 30 % and every offer we are writing, depending on price range is $10-$50,000 under asking price.  Buyers in the know are getting incredible deals right now.  Just wish we could get through to more of them, but then the press doesn't help us out much.  good post.  Terrylynn :-)  Walnut Creek, California
November 27, 2007 04:45 PM #7
Rainer
130,493
Billnulls Blog Florida Realty Professional
Charles Rutenberg Realty - Clearwater, FL
AHWD
Terrylynn - thanks for your input!!!
November 28, 2007 07:35 PM #8
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Rainer
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Billnulls Blog Florida Realty Professional

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