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Pros and Cons About Sleeping on Buying a Home in Sacramento
My amazing team member Amy McMullan, exclusive buyer’s agent extraordinaire, shared yesterday that her buyers had talked about sleeping on buying a home in Sacramento. She showed them a bunch of homes but they were not quite ready to commit. Sleeping on buying a home sounded like a good idea until they Googled it. Naturally, they found an article I wrote: 10 Ways to Know You’ve Found the Right House. They texted Amy to say yes, let’s write a purchase offer. How cool is that? Really made my day that I was able to reach out and touch these guys; help them make a decision.
It’s hard NOT to find an article I wrote about real estate and homebuying through Google because I produced a ton of material online over the years, early on and in great volume. Further, without tooting my own horn too much, readers find my voice connects with them. They also appreciate my sense of humor. I try to make my information easy to read. So it gets clicked on a lot, and that propels my articles to the top of Google searches.
In some ways, it is my legacy. That sort of content will always be managed by some corporation for profit so it won’t ever vanish.
But home buyers will continue, no matter what, to consider sleeping on buying a home. They come up with this idea because they don’t really know what else to do. Somebody once told them if they feel the same way after sleeping on it, it’s a good idea. Hogwash. You generally feel the same when you go to sleep as you do when you wake up. (Well, unless you’re tripping.) The only difference is you waited too long and now some other lucky home buyer snagged the house. There are zero pros to sleeping on buying a house except 12 hours passed.
I received an email from a buyer’s agent a few days ago about a home she had counseled her buyer to purchase. Her buyer loved the home. It was close to her work. Within her budget. It had everything she wanted except no garage. Since this is her first home and she wants to buy in downtown or Midtown, she’s not gonna get a garage, most likely. She needs to get over that. But she probably hasn’t realized that yet.
Her agent said, “She missed a good one. Could not make up her mind.” And that’s what tends to happen when buyers choose sleeping on buying a home in Sacramento. There is no upside to doing it. There is a lot of downside. So, I suggest you print out my article linked in the first paragraph of 10 Ways to Know You’ve Found the Right House and tick off each item after you think you’ve found “the one.” In this market of low inventory, there probably won’t be another for a while.
Trust your instincts.
The Insane State of Our 2017 Real Estate Market in Sacramento
Agents can’t work with every buyer in our 2017 real estate market in Sacramento.
Because of our bizarre 2017 real estate market in Sacramento, buyer’s agents right now have to be very selective when choosing respective clients. The basic problem is we have thin inventory (few homes for sale) and an excessive number of buyers. There are only so many homes available to buy, meaning there are not enough homes for every buyer who wants to buy a home. If agents are hauling around buyers who want to make lowball offers, those agents are wasting valuable time that could be spent working with serious buyers who desperately need our help.
Agents don’t get paid for their good looks, you know. We get paid when an escrow closes. If buyers are not listening to their agent nor being realistic, those unfortunate souls are not players for our 2017 real estate market. Agents, your buyer either conforms or the buyer doesn’t. If the buyer does not conform, you need to let go. If you’re not responding to new business because you’re beating a dead horse, that’s not good for anybody.
Instead, refer the buyer to another agent who can knock himself out trying to write offers that go nowhere. Maybe a new agent who needs offer writing practice. But don’t you waste your valuable time with these guys. These kind of buyers will always be with us and they are often oblivious to the market movement. These types of potential clients are immune to external forces and refuse education. Especially when these buyers lowball brand new listings that others drool over. You can talk yourself blue in the face and they won’t listen.
Well, agents, why don’t you stop? You have the power to say no.
Over a 24-hour period this weekend, I sold every listing I have (thank goodness I have a new listing on the market Monday). And one of those listings I sold wasn’t even on the market. It was in off market status. Yet, I received two offers. We are witnessing a May market in February. I put 5 homes into escrow, many with multiple offers. We had sent out 5 seller multiple counters on one property, eliminating the buyers who did not quite fit our profile, and while we were evaluating the 4 counters that returned accepted, a high cash offer slipped in the door and stole the house.
I was asked about a potential open house for a brand new listing yesterday, and the truth is I don’t think we’ll make it to Sunday. I think the home will sell with multiple offers over the next couple of days. I cannot plan that far ahead. Five days is too long to predict whether the home will still be available. The average sold price to average list price for our 2017 real estate market in Sacramento is 100.40%. That the statistic for ALL home sales within 30 days on the market since January 27th in the entire county of Sacramento.
An MLS search reveals 1,409 homes for sale in Sacramento County. Pending sales, those in escrow, are 1,658. With pending numbers like, we could sell every home in about 3 weeks! If you need a Realtor, call Elizabeth Weintraub at Lyon Real Estate at 916.233.6759.
