How Many Homes Should We See before making an Offer?
I recently started working with a few new clients, a couple of which told me, before we even met in person, that it was entirely possible that they would put in an offer on the first day if they liked the house I was about to show them. I’m assuming they felt the need to say this as if they needed to earn my business, rather than the other way around. In the end, both of these clients looked at dozens of homes before making their first offers.
Some buyers find that home they love quickly, and then there are the other side of the spectrum where they need to see every home on the market before they can make a decision.
Some buyers find the home of their dreams on the first day out, but are nervous about making a quick decision for fear a better home is still out there.
There are buyers that do make a decision on the first day out and know what they want and are solid with their decision. Some fall in love when viewing a home on the Internet and is even better when they actually see the home! You will know the home is right when you get those “warm and fuzzies” once you enter the front door. You can see your furniture and family living in the home.
It is difficult for buyers from an area where the homes were much less expensive, and on the market for a longer period of time. It takes a while to get their thinking aligned with the current market. After 15-20 homes, buyers know what their money can buy, especially when the Realtor has a good vision of the home they are looking for!
There are buyers that THINK they want to move, but after viewing a multitude of homes, we have to have the conversation about whether they really DO want to move. After viewing what is available, there is a chance they want to stay put and make changes to the home they already own!
Buyers always want to know — how many homes should we see before making a decision. I think it depends on the buyer!
What you should expect from your Realtor
You should never work with an agent who makes you feel uncomfortable about not putting in an offer. This is the biggest purchase of your life, and you should be able to take as much time as you need to feel comfortable with the inventory, your agent and the buying process.
If you feel like your agent is putting too much pressure on you, speak with him about it. Many times, your agent has been in this position with other buyers, and has found that buyers need an extra “nudge” to help them make the right decision. What you feel is excessive pressure might be his way of trying to help.
What your Realtor expects from you
Communication is a two-way street. Your Realtor expects you to give feedback about each house you see, so that he can monitor the inventory and highlight those homes that meet your needs.
A good Realtor will work with you for as long as it takes, but expects your commitment to him. Since you aren’t going to be paying any money for your Realtor’s services (the seller will pay his commission), it’s easy to forget that your agent’s time is valuable, and his livelihood (ie. keeping a roof over his family’s head, food on the table, kids tuition, insurance, etc) is at stake. It can be devistating for an agent to invest dozens of hours, including nights and weekends away from his family, only to have a client jump ship for no apparent reason. If you are going to work with an agent during the buying process, the expectation is that you will be open about your feelings and concerns, and give the same weight to the decision to fire your agent, as you would to firing a member of your office staff.
The most important part, however, is taking that first step and contacting me so that we can discuss your needs, your financing options, and start looking for your next home!
— part of this article was originally posted here.