There’s an uncanny aura that surrounds a house at that moment when a Buyer becomes interested.
This is a mystical happening that we REALTORS witness time and time again. We do everything we can to warn our Home Buying Clients (and comfort our Home Selling clients when showings don’t appear to be yielding offers) that their interest in THAT house is going to attract other buyers.
Try as we might, we cannot explain this phenomenon. When good things happen for our clients who believe us and take ACTION, we often score good credit we don’t neccessarily deserve because it’s a “Karma Thing.”
There ain’t no ‘splainin’ it . . . It just happens.
For those who aren’t believers? Often, they miss their chance because while they’re “Sleeping on it” and considering their options instead of pulling the trigger on making an offer . . . That magic mojo is swirling and pulling other buyers into the mix.
That house that has been on the market for weeks in this HOT SELLER’S MARKET, goes from lots of showings and NO offers to relatively quiet (few) showings (Calm before the frenzy) to MULTIPLE OFFERS within the period of a couple of hours.
If that first Buyer TAKES ACTION FAST, she very well may achieve Binding agreement before the other Sharks (Buyers) pick up on the scent . . . She wins the prize, and they become “Back-ups” or swim away shaking their heads . . . missed ANOTHER!
Consider the real life (and scary) scenario playing out in North Carolina with an unusually high number of shark “attacks” this summer. Most experts are clear that “Human” is not a normal menu item for sharks. These sharks are simply cruising inland for FOOD and are striking at anything they encounter. This is indiscriminate foraging at its finest, and nearly all of these “attacks” involve a hit and a bite, and then the shark loses interest (because human is not on his diet) and moves on. there are only more attacks on humans because the food (small fish) they prefer to eat is plentiful where the humans swim.
How is this any different than this real estate market?
The Sharks are the Home Buyers . . . they’re foraging – often outside their preferred geographical area and will look at darn near ANY house in their price range that pops into view. Many of these buyers will strike (make an offer) even if the house isn’t “perfect” . . . and then we hear things like “I’m not in love with the house, but it was the one we got.”
Sadly, this scenario leaves a trail of bites and damage in its wake as a fair percentage of these Buyers don’t make it to closing because they don’t love the house and ultimately kill the deal due to resentment (Buyer’s Remorse).
The good news for the sellers is this Shark bait phenomenon . . . Their savvy listing agent knows all of the above and has kept the interest of other Buyers (or secured back-up contracts) and is poised and ready (and eager) to replace any disgruntled buyers who bit too soon.
These waters are infested with sharks (Buyers) and the food (Houses for sale) is scarce. The better Home Buyers and Sellers understand their respective roles (their lines), the smoother their House Buying and selling experiences will be.
We REALTORS (Especially the Vital Few at Pareto Realty) hone our skills every day to more effectively coordinate this complex process.
Whether you’re the shark or the food, we’re equipped to shepherd you skillfully with minimal collateral damage.
Them waters are infested . . .