When you are at the point where you are looking at homes with a Realtor, it is important to realize a basic thing can occur. The first house you see could be the one that is perfect for you. Especially if you gave your Realtor a list of the features that were most important to you, and they entered this information into the Multiple Listing Service to filter out homes that matched your criteria.
Yes, it is always good advice to look at several homes and get a feel for an area. Seeing several homes will give you a feel for what the different homes are in the area, and what is available in your price range, school district, city, etc.
However, there is always a chance the first house you see could be the one that is perfect for you. It does not happen all the time, but it has happened so often with me that I feel it is important enough to mention.
Let's say that you line up to see 25 home in the process of choosing the right home for you. For the sake of example, let's say you have made arrangements with your Realtor to see this quantity of homes over a three day period.
As a buyer, you need to realize that the perfect home for you could be in that group, and it could be number one, number 11, or even number 25! I have seen it happen that the last one was the one that left no doubt that it was the right house for that buyer. However, I have also seen it happen that the first one was the perfect one too.
In some cases the buyer saw the house, knew it was perfect, and hesitated because they wanted to see
the other group, and ended up losing the house to some other buyer who did not wait. So timing can be everything with house buying.
I had one buyer I worked with earlier this year that saw a home, and it was the first one we saw. He liked it, and we wrote an offer, but the buyer insisted on going really low with his offer despite my advice to do otherwise. His reasoning was that there were a lot of other houses available, and he wanted to take the chance on getting a great deal. It turned out the seller did not counter, but rejected his offer. They also received another offer at full price the next morning, and they accepted that one.
I took my buyer to see the other 20 some odd houses on the list over the next two weeks, and none compared to that first one for him. I listened to him asking me over and over again on several occasions if he could go back to the seller on the first one to get them to reconsider a full price offer, and it was not to be.
So, remember: The first house you see could be the one that is perfect for you. It does not mean it will happen, but be willing for it to happen, and be prepared to take the right steps if it does. Consult your Realtor on this as well, as it does happen.
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Michael it's happened alot to me that the 1st home I show clients is the right home!
Makes you really feel like you did your job in listening to all your clients details, doesn't it?
Hi Michael -- Exceptional advice. It is heartbreaking to see a buyer lose a home they fell in love with over delays/timing. Educating buyers on the process, pros and cons of what can happen when and how to mitigate risks is key. Can't control everything, but it pays to go through the process with your eyes wide open and fully informed.
The reverse can be true, too. The realtor spends alot of time putting the right houses on the list to see. When the buyer says, yes, this is the house for me..do you accept it and write it?
Or do you encourage them to see the rest.
This can be hard sometimes, too!
That is right, if the buyers are very active they will make our job a lot easy.
I've had this happen twice. We still saw other houses, but it we knew that was the house.
Good post Michael and Congrats on Realtor of the Year...
Mike,
In my experience, it happens more frequently with single guys. Actually, many of them don't appear to be all that interested in seeing too many homes to begin with.
Rich
I have had a Client who saw one condo and said "This will do, lets write it up". I encouraged him to look at at a few more and we ended up finding one that was a better fit for him that was constructed better and has more ammenities.
But I can say that the first wedding dress that I saw was "The One". Needless to say I got divorced 12 years later, but you can always sell a home too!
I truly beleive that and it has happened many times for my clients. I will still show them all the houses on the list that we have appointments for, but they already know that the first one that they saw is perfect. Appreciate the realtor that listened to what you were looking for and prioritized the showings from best to worst fit.
It does indicate you are doing your job well Michael!
I do hate it when the first one is the right one though and the buyer hesitates and lets it slip away! They you're back to looking for the next right one.
Michael, you're right about the timing. If a buyer really likes a home it is almost a given that other buyers will also like it. Good point about low balling a home a buyer really likes.
Congrats on your 2010 realtor of the year award! This part of the article should be in bold print, as when I first began reading your post, this is the ONLY thought that came to my mind... the MAIN point...
In some cases the buyer saw the house, knew it was perfect, and hesitated because they wanted to see the other group, and ended up losing the house to some other buyer who did not wait.
Oh my goodness - how often has that happened. Usually, if you listen to your clients' needs and if they provide you with all their wants and needs you can narrow it down to the top 5. And, yes, you hesitate and its gone. Buyers need to remember that if they are looking at a particular house others are as well.
The reason to show all of the other homes is to show them that the first one was actually a really good deal and that there isn't anything out there that is better. That would maybe make them make a better offer.
Yes, I have taken clients out that love the first house. I do still take them to the other homes to ensure they are making an informed decision.
Excellent post, Michael. Patience is an expected quality for real estate agents--home buyers may take one day or one year to find a home.
Michael, I always try to show the best home first! You make many excellent points about the reality of trying to see everything. Also, I have found the same to be true for home sellers - usually the first offer you get is the best offer and sometimes the ONLY offer! Best wishes in 2011!
Michael:
Sometimes people do not act one their original instincts when they should. I have often had clients who liked the first house they saw. If you think about it too much and insist on seeing 20 others, it could end up being like the perfect man who got away.
Michael,
It's always good to have the clients list 6 houses that they want to see, and you add just one more, and that's THE house.
Brian
We ourselves twce bought the first time we saw, in NY and here in OR, and in both cases it was the totally right decision. I have sold I guess at least 4 houses that were the first ones my clients saw. So YES! it happens and I always tell buyers that upfront, most people like the idea of love on first sight and the gut feeling is what counts (after you have done your upfront homework thoroughly!)
Happy, Healthy and Properous 2011!
Annette
Hi Michael: Nice post... When you know in your heart that you showed and found THE home for the customer but since they saw it straightaway they think there are even better deals out there..... Then it drags on and on looking for another.... Best, Gay
If you are a good listener, study the buyers needs, timing you can not by accident take them, match them with the right fit so the glass shoe sells itself. If you don't, then it can be a long drawn out wild goose chase. Not just houses we sells and 50% of the realtor / real estate brokers / agents live in rural America so land, the best fit for the acreage, or waterfront to build on, with what they plan to do with the recreational second home, or a small mom and pop business that just works well are all part of the matchmaker wearing the "R"'s job.
Michael -- You're so right. I wrote a post about exactly the same thing a few weeks back. It happens all the time. Then they want to go back like you said and offer full price. The price of procrastination can be very high.
Michael, this analogy might not make sense to you but it's the same as a wedding dress. The first one really might be the most perfect! Sometimes becuase a buyer feels like they have to shop around they miss out on some exceptional. You then spend the rest of the time comparing houses that aren't as good to the one the buyer can't have... not fun for anybody!
You're right. I've had friends who fell in love with the 1st house they saw, but they were gun shy and later, it was too late.
Love it, buyers need to also understand that if they see a home they like, they can't be afraid to make an offer!
Thank you for all the wonderful comments everyone! I hope you all sell your first home on the first showing in the first week of the New Year in 2011!
One of the issues is that people don't realize we tend to show the "best fit" first. I generally take the criteria - sift it and come up with a tour based on needs and wants. Since it makes the most sense to show the homes that fit the most criteria first....sometimes buyers are more likely to have less criteria met in subsequent showings.
I think buyers are afraid to miss, love to "comparison shop", some think that that first house that they liked is just a beginning of the process, adn they will like every next house even better, and might be not ready to make a decision so soon. If you were shoe shopping at a big store, you could stroll along rows and rows of all kinds of shoes, looking at them, and being pretty sure that most sizes and colors are available. But house hunting can be compared to shopping at a store that takes designer overstock, and you never know if even one pair in your size is in stock. Once you see what fits - you have to grab it quickly, because most likely it'll be gone in a day.
I reblogged and wrote:
I agree with the statement that sometimes it is the first home, sometimes the last home, and hey, sometimes it is the home in between. But one thing is for sure, after you have seen some, it gets very obvious when you find the right home for you.
Nice insights, Michael. When inventory favors buyers, there is sometimes the nagging feeling that they're missing something if they don't look at all available homes. And going that route just may result in missing 'the one.'
It's unfortunate that buyers don't take our advice and lose the house of their dreams.
Congrats on REALTOR of the year! The buyer's I work with are usually relocating into the area and need to narrow their search down by neighborhood first - So my first day is alway spent on the nickle tour of our county. Do I think it is possible - yes - Have I ever been blessed - no. I have had the second house work once! Good food for thought...
It's a much higher possibility, especially if the agents streamline & use tech tools effectively.
As for me, I bought my first home, a 2-family, a long time ago without looking at any others. Sometimes, it's the right fit...so don't hesitate & pull the trigger! I'm happy I did. I made a killing on that property! In fact, I ended up selling it to someone walking by when I was putting the sign in the ground.
Best in '11!