The most popular quote of 2020. A lot of people have been telling me, “When you get a great deal, let me know.” There are a few problems with that, as it can mean different things to different people. Are you an investor who’s looking for a great deal? Do you only want to live within a six-block radius of your family? A great deal to you can mean $1.5M, but for someone else who doesn’t mind walking 20 minutes to their family, a great deal can be $900K.
I always ask people and listen to what they’re specifically looking for. What have you seen in the past few months that caught your eye, or was there something that didn’t appeal you? When someone who has seen 20 homes in the past few weeks, but not one of them has caught their interest or they thought the homes were all overpriced and haven’t even given a lower offer, I know that they need more time to understand the market. It’s all about market educating. I love educating my clients to where the market’s at and what’s available. You can’t look at something that was sold six months ago. Many times when I hear, “My neighbor sold last summer,” that means it was in contract for three to four months and was on the market for an additional three – to four months. That could be one and a half to two- years ago, and now you’re dealing with a totally different market.
So everyone thinks a great deal is something else. At our office, we have a great system of sending all our listings out. I always encourage those who are starting the home buying process to add their parents and relatives to our database, so they can see for themselves where the market is at. Many people are now looking for their children. They themselves bought their house 25 years ago at an entirely different price range, and there was no online home shopping then. What you saw was what you got. In the past, you called a broker, she offered five houses, and you took one of them.
I always advise clients to include their family members at the start of the home buying process. Obviously, they don’t have to see every house. Nowadays, there are many options available, such as virtual tours, videos, and links of what you’re looking for. That way everyone is on same page pricewise. I had a scenario this past year where there was a home that was a great deal. Five people saw it and one lucky buyer took it. One of the buyers who came knew that it was a great deal, but unfortunately, one of the family members only came to see this last house, they didn’t see the other houses. When he brought his parents, they felt it was too small and tried to lower the price. At the end of day someone else took it. I don’t like pushing clients. If you like a home, I’ll work with you and assist with your needs or hesitations, but I’ll never push you. It’s your home and your decision.
Next time before you ask your agent if they have any good deals, try to be specific and be in the know. Show up at open houses (obviously not that many right now), touch base, and give feedback. Sometimes, I don’t hear back from a client. If you communicate exactly what your needs are, we can work together and I can offer the home that is best suited for you.
Corona & Closings?
Before COVID-19 most homes that were priced in the $1M range (anywhere from $700-800K up to $1.1- $1.2M), even if priced relatively well took a minimum of four to six months to go into contract. Now, due to historically low interest rates, if homes are priced well, the whole process can take about four to six weeks. There are plenty of buyers on the market, although we have definitely seen a surge of people moving out of Brooklyn, there are those that are staying and are actively looking. Many are taking advantage of the low interest rates and homes are getting multiple offers. It is ultimately up to the seller.