You want to see how many houses in Yardley, Newtown & Bucks County?
Are you a, “picky” home buyer?
My answer is, it depends.
Interesting article in the Wall Street Journal this morning, prompted me to address this question. The article described one California buyer, who spent over 2 1/2 years, and looked at 298 homes, before finally purchasing the house of her dreams.
I have had buyers ask me, how many houses am I supposed to see, before I make a decision? More often than not, that sort of question is asked by first time home buyers.
So, my answer is, that as a buyer, you should see as many houses as it takes for you to be fully comfortable with the decision to make an offer. I suggest to clients all the time, that the more houses you see, the more you learn. You begin to appreciate, value in the market, relative to price. Personally, I think it is extremely important that buyers make fully informed decisions. In order to get to that point, buyers have to see enough homes to feel confident that they understand the market.
According to the National Association of Realtors, buyers spent 10 weeks on average, searching for homes, before making an offer, this past year. That compared with 8 weeks in 2008. Average buyers looked at between 10 & 12 homes, before reaching a decision.
So how many homes, and how long, is enough? That number is very different for different people. In my experience, I have had relocation buyers, who have been through the process many times, come into the area, see 3 houses in an afternoon, and make an offer on one of the three.
On the other hand, I have had first time home buyers spend months and months with me, checking out dozens and dozens of houses, before reaching a decision. I have also had buyers who were making, what I call, elective moves, take months and months, as well. I recently had a client close on a house in Upper Makefield Township , who started the process with me over a year ago. They were fortunate, becasue, like the California buyer, they were able to negotiate a price for their dream house, that was quite significantly lower than what they would have paid, when we first started the process.
I don’t mind spending whatever time is necessary for a buyer to be comfortable with their decision. I think that is the critical point. As realtors, I believe that we have an obligation to make sure that our clients are comfortable with their decisions. We should have the patience to allow the process to take whatever time is necessary for that to happen. My only criteria for the prospective buyer is to be sure that once they do find the right house, that they are able to buy it.
If you have thoughts or comments, please let me know.
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