I’m sorry but I didn’t realize
I’m sorry but I didn’t realize that I was being a know it all real estate professional. I sometimes get frustrated because my clients are wanting to do one thing and I know better not to do it. Lately that was happening to me. I had two clients that weren’t listening to me no matter how many times I told them to do something totally different. I know the market and I am seeing first hand what is going on. BUT I was WRONG too.
My clients were being influenced by friends, family, and the media that you should be putting in low ball purchase offers. But in the last few months the Metro Detroit real estate market has shifted. You can’t put in low ball offers and expect to get the Livonia home or Northville condo. It doesn’t happen very often. Sure it may be happening 5 to 10% of the time in certain cities. But the majority of the time it is not happening. So your chance of getting the home you want when you put in a low ball offer is slim.
There are a lot of town investors buying up low priced properties. Real estate agents and ordinary people are investing in Wayne County and Oakland County real estate. Everybody right now knows there are deals out there. Add in the first time home buyers that are getting the first time home buyers tax credit and you have a energized real estate market.
The dumps, homes that need work, and bad location homes are still sitting for long periods on the market. The over priced homes are certainly sitting on the market for a long time. But the nice homes price well are selling quickly. The updated homes that are low priced are selling. That is where the quandary is for many Metro Detroit home buyers comes into play.
Metro Detroit home buyers are hearing and being told they should be low balling offers because there are lots of home deals to be had. But as a metro Detroit Realtor I see the market day in and day out. I am showing houses every day right now. All over the Detroit area. I can spot the bargains and fair priced homes. I am seeing the multiple offers on homes. I am having clients lose homes even when they put in good offers. That is tough enough to handle. It is hard enough to see to see my home buyers frustrated after losing a deal when they put in a decent offer. I am seeing homes sell in two or three days when it is a deal.
But some of the clients will not listen. And it breaks my heart when they lose the house. I don’t even have the heart to tell them they need to listen to me. I feel bad for them. Good homes priced right can’t be low balled. Sometimes you even have to pay over list price.
I was frustrated and wanted to fire one client because they did it 3 times. But they finally listened and got a home. They had to pay full list price but the house was 40% off the high price 5 years ago. It was list priced less than recently sold homes. The client got a good home.
So I am glad I didn’t go off the deep end with that client. I had patience and it worked out. I had to realize that they weren’t seeing as many homes as I did. They couldn’t walk in and see the “bargain or the deal” right away.
I can see it but I can’t expect them to believe me. I don’t have some special red light that goes off or bells that ring when I see a deal. The client doesn’t know better. They usually respond first to family and friends. They listen to friends before me. That is normal. But it is still frustrating when they do the wrong thing. I liken it to letting your kids learn the hard way. Peer pressure always wins out over parental advice. You can’t come down hard on them, you sometimes you have to sit back, give them the right information, and let them make their decision. No matter how hard it is to sit back and shut up. I guess it is the same way here.
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Russ Ravary your Metro Detroit real estate agent
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