For the past several years we have been experiencing a seller’s market. Buyers have had to wait, make aggressive offers, and, sometimes, lose out over and over before they find a home that their team negotiates to closing. Sometimes they have had to take a home that was not their first choice (or even close). This, of course, makes people nervous and disappointed, and it is a ton of work and stress for all parties engaged in the purchase (buyers, lenders, appraisers, and of course AGENTS.)
Now what is happening as we shift to a more normal sales environment is that buyers will have more time to negotiate. Sellers have been warned this year, by slowing markets and increased interest rates to seriously consider all offers, but they too are having to be patient with deepening market times. Buyers need to NOT get greedy if they want the property. Sellers need to listen to wisdom of “the first offer may be the best one”. We all need to remember that a negotiation has everyone winning something and not everything being one-sided.
As to being patient, I have to say that no matter how hard we try, each transaction has its ups, downs, and pitfalls. I could list a 1000 different things that the lenders will ask the borrower to produce, and still not list them all. So anticipate the challenges ahead of time. Using an agent and lender who have experienced many transactions really does make a difference because we are able to anticipate some of the challenges long before they come about and attempt to avoid those. That said, there will be others that we just have to deal with as they arise.
Recently, I have a first time homebuyer with a complicated loan package. I found the perfect home for their needs, but the property also had challenges. We met conditions each week during the entire escrow. Custom dictates that we have dealt with most conditions early in the transaction, but, in this case, we had them every single DAY, and many were “oh my dear I haven’t been given that condition EVER”. So even with all the expertise, we run into things we have to troubleshoot and overcome during the escrow process.
As hard as we try, this is just the truth of real estate sales. Having an agent with a “back-up plan” each week is helpful, but navigating rough waters is required of all of those involved. In this case it was the buyer’s, their family, their friends, agents, and loan team all had to live creatively the entire escrow. AND the buyers didn’t get all worked up (this agent has that covered!!!), and remained mostly calm and not pointing fingers. It is such a different life when the people I am working with understand that getting upset doesn’t add a single thing to our efforts. The stresses are there, but getting ugly, angry, or yelling doesn’t close the deal. Patience does!
The buyers, sellers, and the agents all remained calm and pushed and pulled until everything was worked through. As a result the sellers have sold their home, the buyers are delighted, and the team is ready for a holiday party!