This market has really got me thinking about my relationship and my role with my buyer-clients. Particularly, first-time homebuyers - which I adore working with!
I always try to meet with my new clients (Zoom or FaceTime 2021-style) before we start actually seeing homes together. It not only gives us a chance “to meet” but much more importantly, I can answer any questions they have about the process or paperwork. During this conversation, as of lately, it has become necessary to mention “this market” and its effects on the behaviors of buyers which has evolved into what feels like some version of The Hunger Games.
This is a bit of an uncomfortable conversation because no new buyer wants to hear upfront that this process could be much harder (or expensive) than they thought or were expecting. So, without dampening their spirits, I have to tread a fine line of tapering expectation vs. reality. Being honest and upfront about the competitive nature of the market is definitely necessary but I still struggle a bit with ‘how much and how soon’. I can give an honest overall evaluation of the big picture but the bulk of the reality will be learned through experience and possible disappointment(ssss).
When first-time buyers find a perfect home (but very early on in their search) & want to make their very first offer, this is exciting for them! They expect to have to make a clean, strong offer based on our conversations about the market. However, in early 2021, a perfectly strong (over list price), clean offer just doesn’t cut it…so, here comes “Part 2” of that initial conversation.
“Remember when we talked about this market…well, it appears there are 17 offers on this home already and so if you really want this house, there are some different strategies we should discuss to see if you are comfortable with any of them…” I then have to explain ridiculously competitive, seller-centric, ‘whatever-you-want’ offer strategies plus the potential risks, would-be scenarios, and the probable outcomes. I have to lay all this on a new buyer’s lap and then reassure them that I can get them through it safely and even then - we still may not have our offer accepted. It’s tough.
I can’t tell my clients what to do (or what’s best) - but - I can provide them with valuable information to help them make an educated decision that is best for them with my guidance.
So, when you are going on your fifth or sixth offer with the same clients and they call you to say, “We’ve discussed it. We want to make an offer and this is what we are comfortable with…” and then they proceed to list off aggressive terms like it is standard procedure and without any concern or questions because they have used all the tools you have taught them to evaluate the market values and risks, well, the evolution has occurred.
Of course, we still discuss everything again to be safe and sure…because, I’m me.
While it’s a wild & whacky market for buyers, they are learning so much - and - I feel thankful that I am able to help them navigate this adventure. I have so much more to offer to my clients in 2021’s market…maybe should have titled this, “The Evolution of (my role) a Buyer’s Agent”.