Friday, October 12, 2007

Are Buyers Who Wait Losing Out on the Deals?

paint chips choicesFor months now in the Valley of the Sun buyers have been telling themselves it's a buyer's market and they can take their sweet time looking at EVERY house out there before they make their purchasing decision.  Homes for sale are like paint chips at the hardware store - there's always another one that looks intriguing.

Twice this very week I've shown homes to buyers who thought they had all the time in the world. They'd toured the house in question once or even twice before, and finally decided they really liked it. They might even want to make an offer. It's just down to this one and one other....  Just one other..... Just show me this one other house.... I don't want to miss anything.  The house'll still be there tomorrow, because you know, 'nothing's selling'. Right?

Grab your Magic 8 Ball folks. The times, they are a-changin'. Ask it, "This house will be here tomorrow, right?" Turn it over and it'll tell you, "Outlook not so good." Try it again and it'll scream, "Don't count on it!"

So, off we jaunt to look at the house my buyers have spent all day imagining their stuff in, and BAM! the seller just received a contract an hour ago. I'm not making this up, it's happened twice in the past 2 days.

Shocked FaceNow we're in a multiple offer situation. Remember the phrase "bidding war"? Remember offering more than full price? Remember when buyers had to pay all their own costs, and not dare ask sellers for a single bleeding thing? I'm not saying those days are back, not by a long shot. But don't over-wait and risk missing out.

The old adage is old because it's true: The house you looked at today and want to think about until tomorrow is the same house that another buyer looked at two days ago and is making an offer on today.