If you could go back 6 months would you change anything?

Reblogger Carla Muss-Jacobs, Principal Broker/Owner
Real Estate Broker Owner with BuyersAgentPortland.com | (503) 810-7192 Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% of the Time Licensed State of Oregon

This is a must read for those who think we can predict the future. 

I've had buyer clients tell me (six months ago) "We're not going to have the sellers dictate the price."  And right when those words were spoken guess what?  The market was tipping to very low-inventory.  The sellers actually did dictate . . . they pulled the property off the market altogether and decided to wait.

So what are these savvy buyers looking at?  Low inventory, prices that they can't really haggle much over . . . and staring low interest rates straight on.

This type of "haggling" over the smallest amounts on the table, and walking away over $2,000 -- which is what some buyers almost did last month -- is what my Mother would have summed up with:  Cutting your nose to spite your face.

In the example made by Tammy Lankford about her friend walking over a car purchase and $200 more the dealership wanted -- well, let's just say:  We're not selling cars.  Buyers walking in a home purchase in this current market aren't going to get a call back.  Another set of buyers will gladly step in.

Original content by Tammy Lankford GREC# 169695

Of course time travel isn't possible (or is it?).  But if you made an offer on a home in the last six months and are still looking for a property today because you didn't listen to the advice your buyer's agent gave you about what to offer and have paid rent an additional 6 months do you have regrets? 

If you are home seller who got an offer that was less than 1% of your "bottom dollar" and you've continued to make a mortgage payment with interest payments equal to 2% of your "bottom dollar" over the last 6 months do you have regret?

Sometimes people did their heels in and stop to use logic and reason.  It becomes "the principle" of the thing and you lose sight of the big picture.  Sometimes trying to get that "little bit more" can cost you the whole thing.  Recently I purchased a car.  At the time I made my purchase I told my sales person about a friend who was also in the market for a car.  She called my friend.  My friend test drove a car, test drove a second one and made an offer.  The dealership played their little "I have to talk to my manager game" and came back at just $200 higher than the offer.  My friend laughed and walked.   After a couple of hours went by the salesperson called back to "accept" my friend's offer.  ONLY that offer was no longer on the table.  My friend charged the dealership an "aggravation fee" of $500.  Yes I'm serious.  How many times have you wanted to charge an aggravation fee?

Today I imagine a day 6 months from now a house will still be on the market and sellers will be sulking that they didn't take a cash offer that was well over any sold comp in their neighborhood by more than $30 sq. ft. that has sold in 2 years.  I have feeling that they will be playing the if only game down the road.  Agents who provide you with a CMA don't just make up numbers.  We pull SOLD comps.  And if you agent is only talking to you about other homes on the market when discussing price you need to hire a new agent.  Comps are SOLD properties, not other listings.  Buying or selling your agent should be doing a CMA for you.

Me?  If could go back 6 months I would have spent a little less money on Christmas and baked a little more.  And my take away from my latest negotiations... I don't plan to regret anything 6 months from now that I didn't do today.  So I'm about to go spend some times with my family.  And if you can't use logic... I can't work with you.

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Tammy Lankford, Broker/Owner

 

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Ambassador
1,392,647
Tammy Lankford
Your Lake Sinclair Expert (706-485-9668)
Lane Realty

Thanks for the reblog Carla  and you are SO right that market dictates via inventory and trends who the foolish party is when someone walks over such a small amount when compared to the big picture. 

June 20, 2012 03:24 PM
Rainmaker
314,400
Dave Halpern
Louisville Short Sale Expert
Keller Williams Realty Louisville East (502) 664-7827

That aggravation fee is a good one.

About twelve years ago a closing attorney overcharged my seller $400 for work that was neither requested nor needed. The attorney was nasty and threatening. Since then I have been in approximately 1,000 closings that I was either the main decision maker or had recommendation authority. My estimate is that lawyer lost about $1,000,000 of closing revenue because of that one nasty encounter.

That, I would say, is a $1,000,000 aggravation fee he brought on himself.

June 20, 2012 05:12 PM
Rainmaker
518,633
Richard & Beth Witt
Broker/Owner RE/MAX Wittney Estates Long Island NY
RE/MAX Wittney Estates 516-795-6900 www.longislandrealestatesearch.com

I think the only thing that I would do differently is worry less.... That's a big one for me... can't seem to get that one under control!  You have a great day.

June 22, 2012 12:34 PM
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Carla Muss-Jacobs, Principal Broker/Owner

Buyer Focused ~ Buyer Results
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Additional Information

Author Bio: Carla Muss-Jacobs is the Principal Broker/Owner of Buyers Agent Portland, LLC an Exclusive Buyer Agency representing Buyers in the Portland Metro real estate market since 1999.

The Sellers have their own agent ~~ Why don't you have yours?  

Carla Muss-Jacobs practices the TRUE FORM of Buyer Agency ~~ Exclusive Buyer Agent.  Her office/brokerage never takes listings and never respresents the Seller.  Exclusive Buyer Agency is the BEST form of legal real estate representation a Buyer can have.  There is 100% Buyer Representation - !00% of the Time.  There are NO CONFLICTS OF INTEREST and there is no possibility of ever having YOUR Buyer Agency comprised.  When buying a house -- it's important to know who is working for you!!