Every once in a while, I like to look through old blog post drafts that never got published. Well, today was one of those days. I wrote what is below on 12/29/2011. The day after my anniversary. Now, I have no specific recollection of either day in 2011, but I have been married long enough to know that it makes your wife feel good when you can reference your anniversary date…..so that was for you babe!
A lot has changed in nearly 6 years. All of today’s first time buyers would be amazed that they could have picked from 50-100 houses in their price range back then. Today, they may have 4 listings on their preferred side of Lexington in their price range. I remember spending many full days where I never left Masterson Station because there were soooo many houses for sale. Buyer’s would get confused. They couldn’t remember one house from another. I would say stuff like “This is the same floor plan as the 2nd, 5th and 9th house we saw earlier, only this plan is reversed and the vinyl floor in the kitchen is blue instead of brown.”
I had to laugh when I read the draft below because now I have people looking for deals and there just really aren’t any these days. Also, today the challenge is finding ANY house for a buyer whereas back then it was about helping people pick the needle in the haystack. Selling listings today is like shooting fish in a barrel. In 2011, getting a call from a potential seller made your palms sweat because you weren’t sure it would sell.
Here is what I was thinking about late December in 2011:
When I was a kid, that Kenny Roger’s song was popular. You know, the one that said “You gotta know when to hold ’em. Know when to fold ’em. Know when to walk away. Know when to run.” It was about gambling, but it could just as well be about being a realtor.
Each deal is different. The people are different. The house prices are different. To get the best deal for a client, you have to be able to analyze a bunch of different factors and figure out how something is likely to go down, then take action.
Several months ago, I wrote an offer for a bank owned property. It was rather unique. They countered our offer, but it was still way too far outside of anything remotely realistic. We politely said no thanks. My investor client and I both thought that the time of year, the market, and the ability of other investors to borrow money meant that there really wasn’t much of a market for this property other than him. We also suspected that the bank would soon want it off their books. We knew when to “Hold ’em” basically.
Not too long ago, the bank came back and agreed to our original terms. We’re still working out details, but I’m pretty pumped that my buyer is about to practically steal this property. Think I’ll buy that song on iTunes and listen to it on the way to the closing…….or that Tom Petty one that says “The waiting is the hardest part.”