A really nice listing came up last week. One that, at first glance, I figured will sell quickly and at full price and maybe even in a multi-bid situation. I was contacted by 5 people via Realtor.com, all prospective buyers apparently lacking agent representation and all requesting showings for the following week (3-8 days later.) As I anticipated, the property was under deposit in under 48 hours. This is the new reality for buyers navigating a sellers’ market due to an ongoing inventory shortage.
The Five Reasons Someone Else Bought Your Favorite Home
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You’re lollygagging on Zillow. You are relying on Zillow or some other site (we syndicate our data to 79 sites) to notify you via an algorithm when the home of your dreams hits the market.
- You are attempting to work with the listing agent only. Is this really a thing? Realtors pay for placement and purchase zip codes to appear as the preferred agent. It is likely you are not speaking to the listing agent or company even if you think you are. The listing agent has a fiduciary responsibility to the seller, not you. The notion of an agent working harder for you to get double commission has gone the way of My Space.
- You don’t want to sign anything. Buyer agency is the law in Connecticut. You need to sign something so we can legally show you the property. If you choose to be unrepresented, any confidential information you reveal will be conveyed to the seller which puts you at a disadvantage in negotiating. Wouldn’t you rather have someone representing your interests rather than those of the seller?
- You have not obtained a legit pre-approval for a mortgage. In fact, you have no idea what you qualify for. Any contract should be submitted with a pre-approval from a mortgage lender. That pre-approval is vetted further (or should be) by the listing agent when the seller is considering offers. If you can’t get your online mortgage company to provide a decent one, you should consider one of our known and trusted mortgage vendors.
- You don’t have an agent working for you. The value of the experience and negotiating skills of a professional realtor cannot be overstated in the current market. At HST we share our clients needs and wants with each other so we are both not surprised by a listing appearing on our your listing feed without us knowing about it first. Check out our Coming Soon listings.
If you are a casually or passively looking for real estate then the lollygagging approach makes sense. If it truly doesn’t matter if you are the winning bidder or if your intent is to low ball everything and see what sticks, then by all means, carry on. However, if you have a specific property, area or amenities that are must haves, you should have an agent in your employ. As we like to say at HST: You Don’t Pay More for Experience, You Get More! And you will probably get that house.
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