Question Details

Brenda Feria, Real Estate Pro in Richmond, VA

Is it just me or are you also seeing that there is no sense of urgency with buyers these days?

Asked by Brenda Feria, Richmond, VA Sat May 28, 2011

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I find that the buyers just have too many choices to choose from and once they think they have found the home the sense of urgency to present a low ball kicks in.... if that seller won't accept the low ball offer they move on to the next home... regardless of the comps, market activity, etc., the buyers perception is go low.....
0 votes Thank Flag Link Sat May 28, 2011
Yes, big time. Even though I (stupidly) have mountains of charts and graphs and market data showing that the Bay Area continues to go up up up in price, buyers seem to be waiting for school to get out. As one buyer explained... "when summer hits, the market will be flooded with sellers and the forces of supply/demand will drive prices down to China." The opposite is happening and multiple offers above listing price are becoming common again in Silicon Valley, so what the heck.
1 vote Thank Flag Link Sat May 28, 2011
These days?? Make that these years.
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1 vote Thank Flag Link Sat May 28, 2011
Two buyer groups, the investor and the end user.
The investor accepts time as their ally and will move on to the next one. It's the numbers, not the emotion.

The end user needs to see the 'perfect' home purchased by someone else before they realize the 'perfect' home won't wait for them. This groups tends to squander the time available and place themselves in a time crunch later. It's not very satisfactory, but they eventually say, "You warned me that the home I like will be liked by others."

This does bring to the foreground the need to understand the sequence in which home are presented to buyers. It is an increasingly complex home buying environment with legitimate questions nagging every buyer. Keeping them focused on their ultimate goal is essential.
Annette Lawrence
ReMax Realtec Group
Palm Harbor FL
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0 votes Thank Flag Link Tue May 31, 2011
Buyers in Arizona think that we're giving houses away and they can wait as long as they want. The one thing I hear most of the time is…there will be a lot more Bank Owned homes coming on the market. If I don't get this one there will be another one. What are you going to do…lol
0 votes Thank Flag Link Mon May 30, 2011
Well I am glad to see I am not the only one experiencing this either. It seems like even if they are ready to make an offer they seem to think they don't have to do it right away. Do you all think it is the overload of information that is available all over the internet or the perception they have that sellers are desparate in this market and that prices will be going down again?
0 votes Thank Flag Link Mon May 30, 2011
Thanks to everyone for the comments. It always helps to know what is going on in other parts of the country.
0 votes Thank Flag Link Mon May 30, 2011
Yes, I do have a couple of buyer clients that think they have all the time in the world. I will not create false urgency but I will try and educate them with market data.
0 votes Thank Flag Link Sat May 28, 2011
Yes, they are in NO HURRY! They have time and they want to look at everything!
0 votes Thank Flag Link Sat May 28, 2011
I thought it was just me! There is no sense of urgency with the current market conditions unless you see a great deal. i am about to head out to show a buyer some homes for 3rd time, but at least I get an opportunity to see what is out there first hand.
0 votes Thank Flag Link Sat May 28, 2011
Hello Brenda,
Yes, that's our experience in my area as well. Buyers are taking their time purchasing and want to see every listing within their price range and in their preferred neighborhoods before making a decision. It seems as if purchasing a home is not their top priority.
Only when a property is priced at or under market value do I urge my buyers to "pounce" on making an offer because otherwise it will be gone which usually is the case.
Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Sat May 28, 2011
Hi, I see it too. I think some buyers feel they are totally in control and everything is sitting. I almost enjoy telling know-it-all buyers a home they liked moved quickly. They need to see that there is activity, bidding wars, and homes selling quickly in this market. Sometimes it takes us to help create the urgency with the buyers.

0 votes Thank Flag Link Sat May 28, 2011
EXACTLY what i see as well and those are the buyers who keep asking why did this house sell so fast? why did our offer not get accepted? why did someone else get to buy the house i wanted>? In this market good clean houses priced at or just below market value are selling quickly and near asking price as there is a shortage of good clean houses. I am averaging a DOM of less than 7 days on new listings. You can not snooze, as a buyer you need to have your prequailification letter and be ready to look and make an offer quickly if you see something you fall in love with, if you wait, soemone else will snap up these deals before prices start to rise again.
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0 votes Thank Flag Link Sat May 28, 2011
Create the urgency yourself! Tell everyone you talk to you are sooo busy! When a buyer calls act like the homes are selling like crazy and if they don't get preapproved ASAP their home might sell before they even get out and look! What happens is you start believeing this yourself! Your attitude and sense of urgency will rub off on everyone you meet and talk to! It works trust me! Good Luck
0 votes Thank Flag Link Sat May 28, 2011
Sure is that way around here as well. Unless Buyer is driven to get their family situated for the next School year that is the market we all are in!
0 votes Thank Flag Link Sat May 28, 2011
I absolutely see it here in Northern Virginia. With the exception of my military buyers who are anxious to get back to this area after being overseas, I find buyers are taking a much longer period of time to consider purchases. I am also finding that they are considering homes from a much larger market area. Whereas before, my buyers considered two to three zip codes, now I have clients considering two or three counties!
0 votes Thank Flag Link Sat May 28, 2011
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