Is your buyer really the only one out there?
I’ve often found that people looking for homes tend to think they’re the only ones looking for a home. The first clue comes when they call and ask to see a house in next 30 minutes. The next clue is when they see a home they would like to purchase but want to take a week to “think about it.”
I used to think this was just buyer insanity. Then I realized it’s really just a trick of the mind. Homebuyers are so focused on their own goals and objectives that they block out the possibility someone else could have the same goals.
During any other time, this wouldn’t bother me so much. Now, though, we are heading into the “sweet spot” for the federal homebuyer tax credit – Sales contracts must be inked by April 30.
If a homebuyer doesn’t get under contract by then … oh well. Of course, there are tons of other homebuyers working toward the same deadline. This creates a sort of “mini seller’s market” in some pockets and, more to the point, it creates a last-minute frenzy for all the other players in the real estate transaction – lenders, appraisers, underwriters, home inspectors, contractors to fix inspection items, and the title company with all the people they put into play.
As a result, some homebuyers are going to be mightily disappointed when they hear about delays caused by backlogs in the transaction pipeline. No doubt all the real estate professionals will be working long hours to make things happen.
It would be nice, though, if the Realtors® involved in the transaction prepped their clients. It’s getting close to crunch time, after all, and their buyer-clients aren’t the only buyers out there.
About the author
Ken Montville is author of the blog mdsuburbanhomes.com and a Certified Residential Specialist. He began his career in real estate in 1999 and served as president of the MD/DC Chapter of the Council of Residential Specialists in 2007.