Waiting to hear....it's tough being a buyer today

It's tough to be a buyer today in the Silicon Valley and the San Francisco Peninsula.

We've had a shortage of inventory in most areas and in most price points for two years now. For most of 2013 it has been an extreme shortage. Now in September it is growing ever so slightly, but multiple offers are still the norm.

When a buyer does make an offer, they are kept on pins and needles for hours, or perhaps a day or two, before learning if their offer has been chosen from among 4, 5,......12 or more offers!

This morning I submitted an offer for a buyer. Since the seller is out of state, we were requested to give 48-hours response time to the seller. I know my first-time buyer will be in agony, waiting to learn the outcome.

HelpThe best way I have to help ease the waiting is to keep in touch.

  • I've asked the listing agent to give me an update before today is over; I'll follow up with her again tomorrow;
  • I'll share anything I learn with my buyer
  • I'll shoot him an email or text occasionally, reminding him that the seller is not on hand,
  • I'll let him know when the listing agent will be talking with the seller,
  • I'll remind him that he wrote a great offer with superb terms and a wonderful price
  • I'll remind him to call me when the tension gets too high and we'll talk things through.

At this point, my buyer needs to know that I'm there, empathizing with him, standing by with him, doing whatever I can to ease his mind during this tense period.

It's tough to be a buyer today in the Silicon Valley and the San Francisco Peninsula.

--- Come for a visit; Stay for a lifetime!

Lottie Kendall, Realtor®

Today | Sotheby's International Realty

San Carlos, California, 94070

CA BRE#01215160; 650-465-4547

Lottie@LottieKendall.com;

www.LottieKendall.com

www.SFCondosForMe.com

 

 

Comment balloon 36 commentsLottie Kendall • September 24 2013 05:24PM

Comments

Homes are scarce because underwater sellers cannot move due to the sort sale process. This is a country wide problem that is not going away too soon. I hope the economy holds up.

Posted by Jimmy Faulkner, The Best Of St. Augustine (Florida. Homes Realty & Mortgage) about 4 years ago

Jimmy, that's not what we're seeing in the Silicon Valley and the SF Peninsula. In many of our areas and price points, prices are higher now than before the downturn. Our economy is strong, with many high paying jobs, and these people need homes. Sellers aren't anxious to leave. It's tough.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 4 years ago

Lottie, Love your suggestions for 'hand-holding' with your buyers during the negotiation process.  Best of luck to your buyers.

How was your escape day?

Posted by Mary Yonkers, Erie/PA Real Estate Instructor (Alan Kells School of Real Estate/Howard Hanna Real Estate) about 4 years ago

Lottie, just an excellent post on dealing the the anxiety of be a buyer in a super heated seller's market. If I was buying a home in the San Francisco area I'd want you for my agent. Suggested.

Posted by Nancy Laswick, Your REALTOR® For The Valley Of The Sun (United Real Estate) about 4 years ago

There's no question about it!  Being a homebuyer in areas of California (or the nation), which have a shortage of inventory is tough!  We are of like circumstance here in Sacramento!

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) about 4 years ago

Oh I hope your clients get this property. They are lucky to have you as an agent and you are doing such a good job holding thier hand while they wait in anticipation. Good luck!

 

Posted by Elisa Uribe Realtor #01427070, California Homes for Sale in the East Bay (Golden Gate Sotheby's International) about 4 years ago

Lottie, havinig a plan for how to help your buyer through the waiting time in a sellers market is the sign of a great agent who is planning for success for herself and her customers.  Good luck.

Posted by Kelly Young, Colorado Springs Real Estate ~ 719-226-0126 (The Platinum Group Realtors) about 4 years ago

Hi Mary, hand holding is a big part of the job, isn't it? I managed to take about 2 hours this afternoon, then it was back to work, but ---- my buyer got the house!

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 4 years ago

Nancy, thank you so much for your supportive words and the "suggest." If you were buying in San Francisco or the Peninsula, I'd want YOU for my client. :)

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 4 years ago

Growth plans are hugely important. Good luck! I think within 3 months, it'll bounce back I believe!

 

Love and light,

Laura

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) about 4 years ago

Myrl, your Sacramento area has made a huge turn-around this past year. I'm glad things are improving so dramatically.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 4 years ago

Elisa, thank you for sending such good thoughts out way -- they worked! My client's offer was accepted.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 4 years ago

Thank you, Kelly. This is a time when I put on my "mom" hat, and give support especially during the waiting period.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 4 years ago

Lottie - While the waiting is hard to do, your San Francisco Peninsula and Silicon area clients are really lucky to have you by their side to wait with them as they go through the process!

Posted by Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com, Tahoe Real Estate Agent Helping Buyers and Sellers (Coldwell Banker, Tahoe City, CA (530) 414-1260) about 4 years ago

Laura, we're in it together--I don't abandon them. Tonight, I was able to share the good news that my client's offer was accepted. Let the happy dance begin!

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 4 years ago

Hot markets require agents who have their head in the game at every moment and know how to communicate effectively with everyone involved in the process-- especially the buyers. It sounds like you are doing a great job Lottie!

Posted by Ralph Gorgoglione, Hawaii and California Real Estate (800) 591-6121 (Maui Life Homes / Metro Life Homes) about 4 years ago

Yay! I'm glad your clients' offer was accepted.  They can breathe a sigh of relief.  On to the inspection....

Posted by Rosie Moore (Serving Sugar Land, Richmond, Rosenberg, Missouri City) about 4 years ago

Good strageties to help hand hold the buyer because there are in the waiting room wanting to know if it's a boy or a girl . . .

Posted by Carla Muss-Jacobs, Principal Broker (503) 810-7192, Buyer Focused ~ Buyer Results (BuyersAgentPortland.com | Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% of the Time) about 4 years ago

Lottie

It is, indeed, a huge challenge these days. And even when buyers do all the right things, it takes time, and they may not get the acceptance. Overcommunicating is probably the key here as you clearly do. Even tougher when buyers have sold their current home and face being homeless.

Jeff

Posted by Jeff Dowler, The Southern California Relocation Dude - Carlsbad (Solutions Real Estate ) about 4 years ago
Communication is key - in this situation and throughout any real estate transaction.
Posted by Margaret Woda, Maryland Real Estate & Military Relocation (Long & Foster Real Estate, Inc.) about 4 years ago

Same inventory shortage issue here in Charlotte, Lottie. So I feel your pain. I've learned that the first step is to really inculcate into the buyer's head up front what it might be like making an offer and negotiating in such an environment. It's all about setting expectations and then managing them. Sounds like you have a great plan to manage your client's expectations.

Posted by Nina Hollander, Your Charlotte/Waxhaw/Fort Mill Area Realtor (RE/MAX Executive | Charlotte, NC) about 4 years ago

Laura C - We'll see when our inventory levels approach a more balanced level - 3 months would be great.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 4 years ago

Hi Ralph - you're right, communicating is so important, especially when that's all we can do! Thanks for your words of support.

Rosie, in our area sellers generally get inspections before listing the property for sale; when buyers feel confident they know the condition of the property, rarely do transactions fall apart.

Carla, happily in my client's case, it's a ....... home!

 

 

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 4 years ago

Good morning, Jeff - yes, that's another time when frequent communication is imperative

Margaret - Amen! I don't know why clear and frequent communication is too often neglected.

Nina, interesting how many market areas are experiencing inventory shortage. I'm sure you help your buyers through the process well.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 4 years ago

Lottie, educating the buyer up front as to what to expect helps. Keeping them informed as you do also helps ease the tension. Glad to hear it worked out for your buyers.

Posted by Michael Setunsky, Your Commercial Real Estate Link to Northern VA about 4 years ago

Thanks, Michael! You're right, educating a buyer about what to expect is crucial. But then, letting them know they aren't alone, that you're at their side while they wait, is much appreciated by a nervous buyer.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 4 years ago

Good post and comments...You learn so much in this business too

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) about 4 years ago

Lottie great post. Congratulation :)

Posted by Teresa Tims, Teresa Tims (TDR Mortgage & Real Estate Group ) about 4 years ago

Hi Richie - I know you do your share of hand holding!

Teresa - thanks!

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 4 years ago

It can indeed be an anxious time, especially for a first-time buyer.  You sound like you're doing an excellent job with them and they're lucky to have you.

Posted by Matt Kombrink, Top Local Realtor, Trusted Advisor (RE/MAX All Pro) about 4 years ago

Lottie, it's been a long time since we had to worry about multiple offers in our area. It would be a welcome change for sure

Posted by Ed Silva, Central CT Real Estate Broker Serving all equally (RE/MAX Professionals, CT 203-206-0754 ) about 4 years ago

I think you handle the process very well and with most folks in these situations it's better to over communicate than under-communicate.

Posted by Bryan Robertson, Broker, Author, Speaker (Intero Real Estate) about 4 years ago

Thanks for the kind words, Matt. It seems like sharing the anxious times with a client is the right thing to do.

Ed, maybe the grass is always greener on the other side of the fence. What's great for sellers here is terrible for buyers - I'd opt for a bit of balance!

Bryan, thanks! communication is key -- with clients, other agents, lenders--just about anyone.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 4 years ago

Remember how you felt when you made an offer on your house? Mmm hmmm...

Posted by Ray Mikus, Green Means Go! (Green Light Real Estate) about 4 years ago

I sure do, Ray. Maybe that's why I make sure to be there for him, stay in touch often.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 4 years ago

You are right.  Buyers have a lot of things to think about.  And they do get scared when they have too much time to think, worry, and question whether they made the right offer on the right house.  That is where we come in.  Supporting, empathizing, and empowering them to hang in there.  Great post.  Thank you for sharing.

Posted by Karen Feltman, Relocation Specialist (Cedar Rapids/Iowa City, IA Lepic-Kroeger REALTORS) about 4 years ago

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