Home Buyers
Real Estate around Seattle
What I Learn From Home Buyers
A couple of weeks ago, I showed a client six homes, one in Bellevue, and five in Kirkland. In preparation, we met and discussed the why, what, where and “how much” questions. For the answers to the latter I recommended a respected mortgage broker. For the what and the where, I ran the numbers. In the area of interest how many homes sold in the affordable price range of these home buyers? How many homes were currently for sale?
It’s still a sellers’ market.
What the numbers told us is that this is still a low inventory market. There were just seven sold properties. They found home buyers within an average of 12 days. The buyers paid an average of 5.3 percent more than list price. The 16 homes that were under contract (pending sales) were on the market an average of 14 days.
Some homes languish.
A housing market with low inventory does not favor all sellers. When looking at the homes for sale with the same criteria we found 25 homes. They were still for sale after an average of 26 days on the market. Prices for eight of these homes had been reduced. The average price of the still available homes was down one percent!
Hurry up and wait.
What are we to make of this? For buyers, it means to be both quick and patient. Patiently wait for the “ideal” house to come on the market and then pounce. That’s more easily said than done. It’s a matter of “I know it when I see it” and that requires a buyer to see in person as many homes as possible. Every buyer I’ve ever worked with is astounded at the difference between the online and real-world experience.
Don’t buy a home that would be hard to sell.
Having visited six homes, my clients are ready to see a few more. They’ve learned about home styles and layouts and topographic conditions. They know better where they may need to compromise. Only two of the six homes were possibilities. One of the two had air conditioning. I admit, we lingered a bit longer than necessary.
I now better understand their tastes, likes, and dislikes. I also appreciate the difference of opinion between them. Did I recommend the purchase of one of these homes? No, but I told them which one they should buy if they had to buy one on the spot. When asked why, I told them that it was the home I would most want to list when they were ready to sell it. That’s not a selfish notion but in my client’s best interest.
I list homes with home buyers in mind.
What does it take to become a good listing agent? Simply put, working with many home buyers. When listing a home, I have to be able to see the home with the eyes of a likely buyer. I agree, dear seller, that the master bedroom on the main floor is magnificent but having little children sleep upstairs will chase away many caring mothers. Gas is great for cooking but not having a hood with an updraft vent is a deal killer for most buyers who love sauerkraut or chefs using a wok. Home buyers have told me these things and many more. Luckily, of my clients half are buyers and half are sellers, so I continue to learn from both sides.
Don’t buy a home that would be hard to sell.
Having visited six homes, my clients are ready to see a few more. They’ve learned about home styles and layouts and topographic conditions. They know better where they may need to compromise. Only two of the six homes were possibilities. One of the two had air conditioning. I admit, we lingered a bit longer than necessary.
I now better understand their tastes, likes, and dislikes. I also appreciate the difference of opinion between them. Did I recommend the purchase of one of these homes? No, but I told them which one they should buy if they had to buy one on the spot. When asked why, I told them that it was the home I would most want to list when they were ready to sell it. That’s not a selfish notion but in my client’s best interest.
I list homes with home buyers in mind.
What does it take to become a good listing agent? Simply put, working with many home buyers. When listing a home, I have to be able to see the home with the eyes of a likely buyer. I agree, dear seller, that the master bedroom on the main floor is magnificent but having little children sleep upstairs will chase away many caring mothers. Gas is great for cooking but not having a hood with an updraft vent is a deal killer for most buyers who love sauerkraut or chefs using a wok. Home buyers have told me these things and many more. Luckily, of my clients half are buyers and half are sellers, so I continue to learn from both sides.
