Remember the program, 'Kids Say the Darndest Things?" I loved watching Bill Cosby interview little kids talking about life and their unique perspective on different issues. The show was funny and quirky in part because of the innocense and sometimes pure ignorance of it's little stars.
Recently, I picked up a call from an inquiry on one of our listings. The Caller indicated that he was interested in a property which it turned out had recently been Sold.
I asked the Caller if he was working with a REALTOR who could assist him in his search. He indicated that he was not. But it was what he said next that I found most surprising. He indicated that he knew many agents and other professionals (including family members) in the industry and was himself in the loan origination business. In his words...He wasn't using any of them, because he knew the drill.
Perplexed, I again inquired about if he was being sent listings in real time to avoid the situation he had just encountered by having a home Sold before he could look at it? He said,
'No, I just have these agents who send me stuff and I'm doing this on my own.'
I couldn't help but wonder why he was looking at so many homes without the success you would expect from an expert in the business. And if he realized that when you have EVERYBODY helping you on the job, it's sometimes the same as having NOBODY help you. You know the saying...'too many cooks spoil the broth'.
I wished him well in his Search, but not before telling him that this method he was using was likely to result in his missing the best deals which were often Sold very quickly in a market with record low inventory levels...not seen since 2003.
I put down the phone, shaking my head...It's not only kids who say the darndest things, sometimes grown-up folks who should know better do too.
True, for a long time, we've been in a Buyer's Market. Loosely defined as a time when Buyers could pretty much write up their own wish-list for a given home and have a pretty good chance of getting everything they requested and sometimes more. It's been that way for so long that some of us may have been lulled into thinking this state of affairs will continue forever.
It won't. Things have changed. The real estate market in West Michigan is transitioning. While every home is not getting a lot of action, many homes are. And homes which are priced appropriately and show well are receiving multiple bids in many cases.
To avoid seeing your dream home slip through your fingers time & time again consider doing the following:
1. Do Your Research.
Know what's available in the areas that interest you. This way you'll be better prepared to recognize and respond to a good deal when it shows up.
2. Get Pre-Approved for a Loan.
Having the desire to buy is not the same as having the ability to purchase a home. In today's market, it's important to have your financial situation fully vetted by a licensed loan originator to ensure that when you're ready to move forward, you have the means available to do so.
3. Put Your Best Foot Forward
Over the past two months, we've had several situations where buyers have had to revise their offers due to multiple offer competitive situations. You see, prices have dropped so low, that in many markets, NOW is the time to buy. Real Estate is on sale and many folks who sat on the fence are swooping in to get in on the action while interest rates remain fairly low and inventory levels offer reasonable options.
4. Stay Connected to Your Source of Information.
It's important to remain alert and be informed about the latest offerings in the marketplace. You can obtain a FREE Notification Alert whenever any home which fits your search criteria is listed in real time. There is really no reason to miss the opportunity to pre-view a home because you weren't informed in an era of e-mail notifications and digital alerts.
If you're in the market for a new residence in West Michigan, call us. We will set up a customized alert to notifiy you when new listings pop up. We can also arrange for you to obtain access to view the property so you can determine if the home is right for you.
Lola Audu, is the Designated Broker & Owner of Audu Real Estate. Our company specializes in helping people buy and sell homes in the greater Grand Rapids, West Michigan area. You can contact us via e-mail @ info@auduhomes.com or by phone at 616-791-0511. Thanks for visiting our blog. Here are links to some of our most popular posts for you to enjoy!
The ABC's of Selling Short Sales in West Michigan
Bed Rock Business: How To Thrive While Travelling the Tide of Shifting Sand
The One Week Shortsale Miracle!
The Convenience Factor...Would you Buy Your Next Home at the Grocery Store?
Six Hidden Issues Which Can STOP You From Moving from Here...to There
Lola, first of all I loved both the Bill Cosby and Art Linkletter versions of that show . . . kids do say the darndest things.
Probably the least frustrating thing in the world was to do as you did...wish the expert well and move on to someone who really does need you. I think he could have used a copy of your post though! Suggested.
Hey Paula, thanks!
Yes, INDEED, Lola, things are changing. And, you did a great post on this. Like Paula, I suggested, and will reblog it later for my own sphere!
Thank you.
Mona...sometimes, you just have to let stuff go. You're right about that! Thanks for 'suggesting' this post.
Don, thanks! The market in West Michigan has changed in some significant ways over the past six months. I think there is still a lot of people who believe that things are still the same though.
Years ago, some sellers in our area wanted to have "open listings." They thought that would mean ALL agents were workign for them. I always patiently explained that no, it would mean NO agents were working for them.
After I explained why, some got it and some didn't.
It's the same as having ALL agents trying to help you find a home - nobody is really trying when they know you have no loyalty to anyone.
Lola:
I loved the show "Kids Say the Dardest Things." It was so funny because the kids in their innocents spoke the truth or their version of the truth. Home buyers should take heed of what you have written. These 4 elements are the the basis of a successful home search.
Marte...so true! It's tempting to think that if you have everyone working for you, you'll get a better result, but it goes against the grain of human nature. We're drawn to loyalty as human beings.
Evelyn...I enjoyed watching both Art Linkletter and Bill Cosby host the show. Thanks for your comment.
Lola
I have often wodnered how many buyers who take this approach evver achieve their goals, and at what cost, vs. giving in an going about it in the right way - using a professional.
I remember that show all to well. It was always a hoot, and it works so well as an analogy here.
Jeff
Amazing how the tide has turned. I knew it would happen. I wrote a post about this several months ago. What happens when all the fence sitter decided to get off the fence . . . what I didn't foresee is the low inventory. And it's low because many homeowners are not moving. They might be top heavy and actually don't want to short sale or go through a foreclosure. So they pay. I do hope they can re-fi or get some relief. And this all means . . . what you write about.
I am never surprised at what a child might say,
People say the darndest things...no matter what age. I had multiple showing on one of my listings today. The buyer had just lost a bid on another. They will be moving a bit quicker now.
Margaret
Lola - If he is in the biz, I would think the last thing he would not do is hire a Realtor. Interesting.
Lola - this is so true. I am sure we all see them. The smartest people in the world. They owe no loyalty to anyone, but somehow they think that others would owe loyalty to them.
they just don't get it, period.
Saying the darndest things is so strange for adults Lola, but then again they often can be just BIG kids some days.
My best friend said there is no better form of entertainment than that of her 4 year old son. Keeps her in absolute stiches. I look forward to hopefully having a little one around one day to say the darndest things to crack me up!
I just saw a commerical that was a lot like that tv show, what kids would say in adult situations.
some people will never understand - hopefully not at a monetary loss - that a professional agent is important, a full time agent - an agent with skills earns their keep for a reason...
some people like to build things themselves that cost them more money too
Lola - staying connected is good advice staying connected to only one source hopefully would increase the odds of success as they would know they weren't just being used
Lola - This goes along with the buyers who only want to use the listing agent. But, I guess people make their own decisions.
Great blog, great video! So many buyers (and sellers) think they know better, than those of us who do this professionally all day long!
Hi Lola, you offer some great tips when searching for a home. I've encountered a similar situation with a loan officer in my town. She had established a number of referral sources with agents and didn't want to alienate any of them by choosing one agent over another; so she chose someone outside of her network.
With so many Internet home sites out there, so many people feel empowered to think they know everything. Yet, they know so little!
Lola, more often than not, the folks that call me "doing their own search" call after a home is under contract or closed. When you tell them, they are surprised, but I haven't had a single one change their search.
Lola it's my guess that he would have been a difficult buyer to work with, being that he knows everything already.
Wow Lola, that poor buyer is going to have a challenging time. I totally agree with Charita, he probably would've been a difficult buyer to work with. You probably saved yourself an extreme migraine!
Oh, I love the headline! Very catchy. Congrats on the feature.
Hi Jeff, Its' funny how certain things can come to mind. I put down the phone and that show popped into my mind as I was thinking about the exchange.
Carla...you're right, the low inventory took a lot of us by surprise. When I talk to people these days, many are surprised to know that there are record low inventory levels in many areas. It is so out of sync with what has been the prevailing norm for a long time.
Margaret, sometimes it takes loosing a few bids to bring a perspective to a client. There are so many conflicting messages out there right now, I can't blame people for feeling a little confused.
Jason...that's what I found most striking & interesting...
Brenda...I did wish him well and truly hope he finds a home soon. My intention was to make him aware of the fact that the situation he encountered with our home listing was not necessarily unusual for well priced homes in this market and he would benefit from advance notification of new offerings.
Jon...the old saying holds some truth here...'You get what you give.' If someone is going to work very hard for you without the benefit of collecting payment in advance OR the assurance of a paycheck at the end of a long process...loyalty is the least you can give in my opinion.
Gary, LOL...there's some truth to that!
Vince...you're right. And that's OK. If you have the skill set to 'do it yourself' and it can save you money, I say 'more power to you'. A real estate transaction is the largest financial transaction that 97% of Americans will make. While approximately 15% choose to do this on their own, I think there are good reasons why the majority do not.
Ron, that's a valid point. Sometimes, people are afraid of potentially damaging personal relationship & don't see using someone they know as a true compliment of the trust they have in an individual and their expertise.
Gabe, that's one of the challenges of excess information. It can give the illusion of being more than it actually is...Ultimately, it's not about having tons of information but rather having the RIGHT information in the appropriate context at the right time to make the most informed decision.
Mike, that's likely because they are not accessing the data in real time. The tools are there and if you know how to use them, its a great benefit. With some many listings being sydicated to numerous online portals that are NOT updated regularly in some cases, many people are increasingly frusterated by the fact that the homes they call about are not still available. It's best to get the information directly from the source when possible IMO.
Charita...:)
Dominque :)
Hi Lola,
Well said. Congrats on the feature.
The market has changed, and the speed will accelerate as the public fully catches on.
Phil