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my experience now with realtors so far...

July 15th, 2016 at 10:24 pm

Okay we're house hunting now. Not aggressively but slowly. We're using redfin, but we might change to a regular realtor. I haven't been impressed with the redfin agents but maybe it's because we are using a discount service. I LOVE, LOVE, LOVE the fact that I am able to see homes without pressure. I love the fact that the realtor showing me the home is being paid per house and not there to pressure me into buying. I love the fact it's based on them just being free to tour me on the house.

So what am I having an issue with? Well I've changed agents once with the redfin agent who is supposed to write the offer. Why? The first agent never wrote back to me or contacted me. The market is hot so I suppose he was too busy. Valid point since we weren't in a rush to buy and not interested in a bidding war or closing a deal fast. I actually got an email from him saying that I needed to be faster and put in offers in a bidding war style. He also wrote me an email that I needed to let go of having an inspection or mortgage contingency. He and I obviously did not mesh.

This second realtor has followed up on my tours and asked questions about my preferences. However this realtor as well has made commentary that I need to get in on this bidding war situation. I need to be ready to move.

I'm not ready. I feel like a kid being peer pressured into buying a home I don't want. Hence why I am keeping these realtors at an arms length. I know what I can afford. I know what I am looking for. I know that I am not interested in offering on a house in a bidding war period. We aren't desperate and we don't have to move. We have the financial situation to buy but we aren't going to rush in and buy without contingencies. We aren't doing it and any house we buy will allow us our contingencies or it's not the house for us.

I know this because I know myself and DH. This is a lot of money. This is a big investment and a hefty chunk of change. I am not going to buy a house after visiting it once. I am also not going to buy a place to settle and regret it. If I am buying a place then I better really like it.

My strategy is to see homes that have been sitting a month. This is not uncommon in the price range we are looking at. It also is not uncommon that people in this range are "overpriced" and I've seen many sales below asking simply because they are asking too much. I've watch price per sq foot. I've been watching the market for a year and tracking data on a spreadsheet.

I really am annoyed with these realtors. When I see something I like they'll know. They'll know because I'll drag my DH to see it and we'll see it at least 2x before making an offer. They'll know because I'll tell them instead of them asking me. They'll know because I won't be submitting an offer on an offer review date. I mean I flat out told them I'm not going in on a bidding war. But this second realtor isn't listening.

A friend recently bought a house for $680k and regrets it. It was listed for $675k, they offered $5k over asking and it had been on the market for 24 days! This is in a super hot market where the average days on market is 14. So they obviously listened to a realtor and put in an offer over list price. They say they regret buying a 30 year old house and wish they had bought a newer house. Personally I thought they nuts. I'd have gone in and offered $625k and seen where what they came back with. My DH said it's because they were first time home owners who only saw themselves making another 10% next year. Now they have doubts it'll appreciate that much in 1 year and are worrying if they bought at a peak.

Personally I think the market won't go down. But I think that perhaps appreciation will slow down or stay flat until incomes catch up. I also think for these homes to go up another 10% is a lot to pay $750k for what they bought seems too pricey, but I could be shocked into being wrong. Maybe it'll go up 10% more in 1 year. It will go up I believe, just not perhaps at the rate previously seen. Where it went up about 40% this year alone.

So how do you prevent this from happening? I think staying strong to your plan. Buy the house you want for the price you want. Don't let yourself get emotionally attached to any house. Don't let yourself get caught up on making money on the house. I'm struggling because I want to move and settle. But I don't want to make a financial mistake because I'm feeling impulsive.

I'll keep readers updated. Right now nothing I've seen has been the right house. The location, layout, yard, etc has all been wrong. There was one house but it's been on the market for 6 months since January severely overpriced. We're not ready to move and they obviously are hoping for the moon.

Do you have any more tips on how to find a house? What should we compromise on?

5 Responses to “my experience now with realtors so far...”

  1. AnotherReader Says:

    Agents don't make any money unless you buy. It's a seller's market and bidding wars are the norm. Agents do not want to work with someone that is not ready to buy and you are telling them you are not buying in this market. It's a waste of their time.

  2. snafu Says:

    There is a huge change taking place. Millennials have a different criteria, than those that seek value for money. House hunters can get pre qualified and pre-financed on-line. MLS listings, short videos, and details are easily tracked on your computer/smart phone. Look at the neighborhoods and check school ratings with a few clicks. All stores, restaurants and services are listed by community.

    Their agents are not seeking to build a long term client relationship. They list the 10 - 12 preferred features, usually work with a team to complete legalities and offer no safety points. Millennial buyers don't care about kitchen layout, they don't cook three meals a day except for special occasion dinners out. Must have hard stone counters, stainless looking appliances and current color palette.

    It's similar to viewpoint on marriage. It's all about this big party with expensive details. If you're not happy find a lawyer and divorce and move on. If the focus is a house, you just sell and move on. If it's a job, where you feel unappreciated, move on...

    Are you better to hire an agent with 25 years experience and something like 50 y/o? They can walk you through actual homes.

  3. ceejay74 Says:

    It does sound like you're feeling pressure from this realtor. You'd probably be able to find a realtor that's able to listen to your desire to slowly peruse the market, but it might take some trial and error. Maybe look at online reviews to see if any local realtors get reviews to that effect?

  4. Ima saver Says:

    We build houses. The average price to build a house is $125-130 per sq. ft. Hope that helps!

  5. livingalmostlarge Says:

    Another Reader that's probably it. I prefer to not feel pressure. But then again I should mention that's why I was using redfin. I like the disconnect between people showing houses and those writing offers. Showing agents get money for showing homes, not sales. I want to find the right now bidding war no go.

    I might look for a more personal agent.

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