In our area of Newnan Georgia, we have a lot of distressed properties for sale. And the savvy buyer has an excellent opportunity to acquire a good house at a great price.
There are, however, some buyers that insist on getting exactly what they want at exactly the price that they want to pay. And since that combination of value and fulfillment rarely exists, the endless pursuit for perfection goes on and on.
We have even had some buyers throw up their hands and quit the search. Several of them had even made some offers that were accepted and they backed out during the diligence period.
And every one of these forsaken contracts was such great a deal that they were instantly snagged by another anxious, albeit less cautious, buyer.
Compromise is the key when one is searching for true value. And many, many times, the prudent buyer can really give up a little and gain a lot.
As long as they are willing to expand their focus and see the big picture!
All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate Better Homes and Gardens Metro Brokers, Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser REOS, E-Pro. licensed Auctioneer. 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park. North Georgia Photos.
We call them our "Failure To Launch" clients. Every now and then one of them gives up and buys something because they are finally living out of their car. Last closing was Monday. Think she is happy now.
Sometimes even though our Maine property real estate prices are always, always blue light special marked, a buyer wanders in who has 50 criteria to fullfill and wants it for 1980 level prices, stripped of inflation, current day levels. Even a deal is not going to make them happy. Show them the property cards and explain you can get this much of the list they carry checked off for the check amount they hold out, but this this and this waterfrontage is going to be missing unless they pony up for more clams.
Good morning Richard,
It just shows how low the consumer confidence level is in your area. They are scared and second guessing their decisions! Such a shame because you are right it may cost them an excellent deal on a good home.
Richard, great post, I am constantly preaching to my first time buyers the difference between price and value. So often too much attention is placed on the price of the home, and not what value that price entails. Some times it makes more sense to pay a little more and get a whole lot more value
I just read an article in the NY Times relating to this subject.
Housing Market Slows as Buyers Get Picky
Finding that perfect home at the perfect price is probably a one in a million chance. Finding a good home at a good price and making it perfect is probably much more doable. Thanks for the great post Richard.
Richard,
Woulda, coulda, shoulda. We make our recommendations as professionals, and let them make the final decision.
Rich
Seeking perfection is a waste of time because it is rarely found. The best opportunity in this market is the logical choice. But logic and house buying in the same sentence? Nahh...
So true, Richard! Especially when sales prices fall, buyers think they now can afford the home that has everything, but everything, they want. No home is perfect, no matter how much you can afford to pay. I have to remind myself to set my buyers' expectations in advance: if the home meets at least 85% of your requirements, jump on it! (Thanks, Jackie Leavenworth!)
Cheers,
Robin
Amazing how many great deals are passed up for that elusive "perfect" deal that sometimes never is found.
Richard- It is not unusual to hear agents say they have shown over 30 homes to one buyer and they still have not made a decision. I have a listing right now where a Buyer is coming through for the 4th time tomorrow. Expectations are high and fear is not far behind. So many great homes are being passed by for too many unrealistic reasons.
Richard,
Assisting clients with sorting out the realistic from the unrealistic expections takes wisdom. It holds true for buyers as well as sellers.
Richard, very well articulated. This is a problem that plagues this industry...
This happens so much right now. I believe the media hype doesn't help this situation in regards to folks just using good common sense. The grass surely must be greener elsewhere!!!
Some buyers just don't get it. I worked with a buyer not long ago that was looking for the perfect house but was planning on selling in about 5 years to build his dream home.
I told him he didn't need the perfect house now, he need a good house at a good porice that he could gain some equity in over that period of time.
Richard, it is very frustrating right now in my state...we have the 4th highest unemployment in the nation and are up there on the foreclosure ranking list too. Buyers keep thinking something better will come along that will suit all their needs...thanks
Richard, The post inspection terminations over a couple of GFCI outlets and cracked concrete patios are the ones that kill me. UGH!
Richard....great points and so well articulated. Does bring the folk-phrase " A bird in hand....worth 2 in the bush"
Some folks are looking at too many of these House Hunters type programs where everything
is generally [not always] concluded with the Buyers getting it all so-to-speak. One time I would like
to see the seller come out on top. It gives a false impression t the Profession.
Barb & Sal
I think that there are a lot of buyers out there that will continue to miss out on some reall great buys because they have chosen to be to cautious. One persons lose is anothers gain.
I had one of these and couldn't find the right home. I finally had to let them go. I still don't think they bought anything.