During the boom times all the 'real estate 101' rules went out the window along with common sense. Buyers were caught up in a sea of presumed intense competition. They purchased anything and everything without giving any thought to future value. No questions asked! They were consumed by the moment, and many will pay dearly for this. When the reality of what they purchased sinks in, it will feel like a bad hangover and "What did I do?" Other buyers will not be so hell bent to buy that home on the road now that there is a lot of competitively priced inventory available. That home under the high power electric lines, or the one that backs up to the major highway that sits way below the grade probably isn't a good buy. Beside, who wants a home in a flood zone?
Reality needs to sink in. Buyers with the advice of an experienced Atlanta buyers agent must think the process through. They have to acknowledge the reality of each individual home they are considering buying, and look at the both the positives and the negatives of each property. The home is a knockout once you get inside but the reality out side the front door or backyard will never change. A buyer knows when a home is loaded! That is every buyer dream to find the right home, at the right price.
When a buyer finds a knockout home is usually has loads of upgrades, it has granite counter-tops, stainless appliances, under-counter lighting and a tumbles stone back-splash. A 'dream home' the master suite is a knockout also. The seller even offered to pay your closing costs and sweeten the deal for your agent with a bigger commission. It is just oo good to pass up or is it? So what's the problem? Your eyes say "Buy," and your gut says "No!" What should you do? Listen to your gut! I'm sure there are many would be home sellers asking themselves "What was I thinking when I bought this?"
Your first instincts are always are right. When you look at a home in a flood zone, on a hill or in a hole it most probably overpriced and will be sold at a loss just to get rid of it. Builders often doll up these homes with loads of extras that no other homes in the subdivision have just to get rid of it. The technique is called "Bells and whistles selling!" The extras like a free finished basement, granite counter-tops, upgraded appliances, upgraded lighting package, and free hardwood floors and extras are really a warning not an invitation to buy. These may all be tell tale signs of how to move a hard sale! So it is just like your parents taught you as a child "If it sounds too good to be true...run don't walk away from this one!" Chances are if you buy it, you will have a lot of difficulty selling it at some future point in time. Buyers with a good buyer's agent that educates them about the value of what they are buying will move on to better and more realistic sales. This is a great choice rather than risking their real estate career by selling a bad product to their client.
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Jim: Well said and so true. I always tell the buyers I represent that resale is in my mind even if it's not in there's. I can't tell you how many buyers have thanked me for that and said they didn't even think about it.
Jim:
Many people follow the leader. I had wrote about the turkeys a while back. You know if they run into the corner of the pen and can't go any further, they just keep pushing. If you fire a gun at them, they run towards you to see where the noise came from.
Well we can' t think like that. When everyone is fighting to buy you should be a seller.
If everyone is trying to sell, you should be a buyer.
The qualification is in the extreme. I really think that this market, in some areas is a loaded gun. All the people are stuck in the corner. Soon the gun will go off and they will all run for it at the same time.
Richard
Donna Yates, Georgia Realtor North Georgia Homes, Blue Ridge Mountain (Coldwell Banker High Country Realty) Donna in real estate we alway say that the "puchase of a home is probably the largest investment a person will ever make in their lives!" So why don't more persons think it through?
Richard Stabile Bergen County New Homes Builder Realtor (REMAX real estate associates) Well said Richard. Since I beleive we are heading back to more normal times it is imperitive for potential home buyers to weight out all factors. I think this is a good thing. 'Buy right!' Perhaps this is why buyers are being so cautious right now.
Jim, as I am working with a Buyer I talk about resale with them. They're ooh-ing and aah-ing over the home and I'm thinking, "How easy will this house be to sell?" In this market, the houses on the bad lots have a much harder time selling. Houses that are dated may not sell at all.
Frank & Sharon Alters, ePRO, GRI Fleming Island FL Real Estate (Watson Realty ) On the flip side when a buyer goes to sell one of these homes, we sometimes turn them down. It is not unusual to turn down homes with major negatives. Nothing personal, we do not have 2 years to list a home.
Jim, I can remember talking people out of stuff that I'd hate to have in my listing inventory today!
My neighbor is building a house with two bedrooms. The builder and I both have tried to get him to add another bedroom. Nope won't do it. Good luck trying to sell.
Patricia Kennedy (Evers & Company)I always advise persons with my professional opinion. Most take it in, and others think it is a bargain. However, most will not buy when the facts are explained to them. I would never try to take advantage of a buyer for my own gain.
Oh so tru. I just did a post yesterday about this.
Carol Culkin (Houlihan Lawrence Realty) I will check it out.