Buyers, I’ve decided, are unrealistic. They have reason to be. This is, after all, a time of fantastic opportunities in real estate. It’s like the once-a-year wedding dress event at Filenes department stores, where satin gowns are practically given away, or seemingly so, in what is unofficially called the “Running of the Brides.”
When young brides arrive in the bargain basement, all they can see is white, like the white of a blizzard, blinding to the casual eye. Then they rush in to the white and grab at the individual snowflakes, trying to ferret out one from another before they irretrievably melt. Young brides-to-be try on dress after dress, searching for that perfect one. And in a maddened frenzy, they buy. They slap down a plastic card. They sign on the dotted line. And when they leave the store, hugging the plastic-wrapped gowns to their bosoms, they wonder if they chose wisely. Maybe that dress doesn’t fit quite right. A size to big that can hopefully be altered. Or a size too small that requires a crash diet. But a bargain is a bargain, isn’t it? And what a deal they got. A gown that ordinarily costs thousands for just hundreds. Wait ’til they tell their friends.
That’s what buyers are experiencing in this real estate market today. All those glittering houses, begging to be picked up for a song. But which house? And where? And does it matter if it’s not the right fit?
When the real estate boom hit us here in Orlando, like it did just about everywhere else, buyers were looking to make a quick buck by flipping new-construction houses. The latecomers found themselves saddled with floor plans they bought on paper during the upswing, only to see those same models now being sold at deep discounts. Some walked away from deposits, cutting their losses. Others closed, only to find their homes were instantly upside-down in the marketplace.
The new breed of buyer is often just as misinformed and just as misguided. Now they’re priming their sights on foreclosure properties, again looking for that quick bargain. Of course, they think, foreclosures eventually become bank-owned. And they can get an even better bargain from a short sale, right? Or maybe builder inventory is the key, where they can acquire that brand-new-car smell, everything gleaming and spic-and-span. Or perhaps vacant land is the key, just swoop it up now for a handsome profit down the line. And of course, there’s the old stand-by--residential re-sales--but somehow that choice is last on their list.
Wait a minute. Last on their list? Residential re-sales?
As Tony Soprano would say, “Forgetaboutit.”
Buyers have to focus. They have to stop seeing an ocean of white satin. They have to be practical, single-minded, and smart. And the smartest way to go is to focus on what they really want. Number of bedrooms. Square footage. Schools. Shopping. Transportation. Neighborhoods. Conveniences.
Why? Because sellers of residential homes want to come to the bargaining table. They have reasons they want to sell. Very personal reasons. It may be to move up to the house of their dreams. Or move down to a smaller house by the ocean, or out in the country, or closer to their kids. It may be to move back to their hometown. It may to pursue a job in another state.
Smart sellers understand the market. They understand they have to make concessions. And they’re ready and willing to do just that, provided a serious buyer makes a serious offer.
So do it, all you buyers out there. Focus on what you really want. Contact your reliable real estate agent and go shopping. Not with the idea of getting a bargain-basement deal but with the goal of finding the house you’ve always wanted to live in, in the neighborhood you’ve always wanted to move to, at a price you won’t see ever again.
