Now that I’m done counting to 10 …
Here’s how a real estate agent works to find a client homes. Client tells the agent what they want to buy. Agent makes sure client is qualified with a lender and for what amount, as it’s pointless looking at homes too high above what someone has to spend. Client provides the information. Agent goes into the MLS and runs a search to see what’s available.
If, by chance, the search comes up empty it’s generally not because the agent wants to push the buyer into a higher price range. Rather, it’s a matter of what the buyer wants and where they want it slamming headlong into the reality of the real estate market.
To whit … for the past few weeks I had been working with a buyer looking roughly in Glendale/Peoria/North Phoenix at a set price point. Financing changed and the price point was cut in half, eliminating all of the homes we had been viewing. It’s not an impossible price point – there are homes in many other communities available for the amount or less, just not in Arrowhead Ranch where even the condos at Arrowhead Fairways are above this level.
Today I was informed the buyer found another agent who already had found properties for them in their price point. To which, I have to say, bulls***. They may be receiving a bill of goods but they’re certainly not receiving information on the homes in the areas we discussed because they don’t exist. Think about this one logically – why would someone who works on commissions intentionally hold back listings meeting a buyers’ criteria that the buyer might actually purchase? It’s a stupid premise.
And it’s also based on emotion. These buyers happen to be frustrated with a lending system that allowed utterly unqualified buyers to purchase a half-decade ago and now won’t let qualified buyers in the door except under the strictest of standards. I get that. But channeling that frustration with the lender into an accusatory tone with the agent is pointless.
Bottom line … I don’t know where these folks are buying but I guarantee you it’s not where they said they wanted to be. Hopefully this other agent will be able to get them pointed toward a different area where their price point exists (such as Buckeye, which the buyer cited as proof I wasn’t looking hard enough even though Buckeye is 40-plus miles away from the search area they set.) Because if the agent can’t, these folks are going to stew in their rental home a long time waiting for Arrowhead Ranch to shed another 40 percent in value.
Communication is a two-way street. So is honesty. I’m going to be up front with you. You need to do the same with me.