Profile of a true Frisco TX home buyer
Every home buyer in the Frisco TX these days want a “good deal”. However, a “good deal” may be relative. What is good for you may not be good enough for me. And often times, “good deals” also occur in the higher-priced Frisco TX properties.
Anything $300,000 or under typically sell pretty quick (assuming it was correctly priced within range of subject property. Hence, the “need” to competitively price the property just to move it isn’t quite as necessary when compared to homes in the $600,000 and up range.
So, buying a “good deal” is a given. It’s part of a Frisco TX home buyer DNA.
6 seconds is all you need
A true Frisco TX home buyer who is looking for a good deal can spot a superb, once-a-lifetime deal from a mile away. By judging the neighborhood, it isn’t quite necessary to look at sold comparables when you know the deal presented in front of you. It shows up.
Once you open the front door, all the Frisco TX home buyer needs is 6 seconds to capture everything s/he needs of the house. S/He further walks in just to verify the house is just as sweet of a deal as s/he imagined.
Realistic pricing
Have you ever known buyers who just want to negotiate for the sake of negotiating? If the list price is a XYZ, the buyer – although acknowledging it’s a great deal may still want to go lower than XYZ list price.
But a true Frisco TX home buyer – who acknowledges the great deal, many times do not mind going over the list price – just to be sure s/he buys the house. It’s already a steal at the list price – for goodness’ sake.
Confidence in Huge earnest money, possibly large downpayment
A true Frisco TX home buyer will show his/her seriousness in the offer by presenting a large sum of earnest money (if possible). If you are a serious buyer, show it like it is to assure the sellers there’s no games to be played here. Have you seen some home buyers who want to play game simply because they think “this is a buyer’s market. The seller should pay me to buy his/her property”! WRONG. Loser always get disappointed – especially in multiple offers.
Other terms at Seller’s Discretion
No games to be played here. A true Frisco TX home buyer won’t nickle and dime the Seller for every single itsy-bitsy thing. A good deal is already a good deal.
So, do you have a profile of a true, serious Frisco TX home buyer?
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Content & Photography Copyright © 2012 by Loreena Yeo (3:16 team REALTY)
Original Post found at: A True Profile of a Frisco TX home buyer
Great info for home buyers! Kristine :)
Hey Loreena. Another great post my dear. I hope you all are doing well. Have a great weekend.
Good info and so true. Thanks and have good weekend.
Such a great post, such simpe and basic info for a buyer! ;0)
Loreena, I have to admit that it was love at first site on the home we live in now. I opend the front door and saw down the hall the most beautiful view ot the kitchen windows. I waled to the windows took in the view and said, Let's buy this house! To which my wife replied, I love the view to hney but lets look at the rest of the floor plan...first!
And yes, we were prepared to make the purchase!
Loreena, this is great information. Tomorrow you should profile the perfect Frisco, TX home seller!
Mel says he knew this house, where we now live, was the one the moment we pulled up in front by the look on my face. Sometimes the decision is easy.
Gretchen
Loreena - as usual, this is excellent! Serious buyers often do make that leap when they see the home that they know is for them! Why wait and risk losing it to someone else. Serious buyers in Frisco should call Loreena Yeo for assistance in finding their dream home.
I've bought a condo, a SFR and a duplex in my lifetime. Every single time I knew I wanted it as soon as I walked in the door. I'd call it a "sense of home".
I had some buyers relocating from New York to Minnesota a few years ago. They had a huge list of houses to look at, and only four days to see them all. I was all set. They told me before they got here what house they wanted to see first because they were in love with it and sure they were going to buy it. They knew what they were talking about. We looked at a few more houses anyways, just so they could know the area a bit more, but they wrote a great offer to be sure they got the property. I wish all of my buyers were that serious! It drives me crazy when they feel they need to get a great deal. Home prices are so low already, you are already getting a great deal on most of the homes out there. Low balling them every time isn't going to help!
Very true sometimes you just know it is the right house and it takes no time. The last house I bought I walked into I wrote the offer on the spot and closed in 30 days.
Cool post Loreena, and you are so right...my buyers immediately know if it is the right house for them or not...it is when they spend too much time analyzing or identifying the flaws that they have checked out!
Loreena, most of my homes I've bought, I've known immediately it was the right one. Hope you are doing well and having a great year.
I have found that they know almost immediately whether they want the home or not. Then they want to stay and look and look.. because they like it!
Most buyers I deal with know the house they like by the time they drive up to it. I usually give my buyers a run down on how the process of offers work in this market.
Yes, I do. A serious Frisco Buyer will make a clean offer at a fair price with a prompt closing.
A home buyer with a little bit of familiarity with the market, with homes, and with prices, is so ahead of the game.
Loreena ... Just had a call form some young buyers! They have only seen the house on the internet and they are ready to write! I said, "Shall we look at the home first?" They said ... "Yes we can, then we can write the offer!"
I don't think that counts as 6 seconds!
sometimes it is a real steal and buyers usually don't take long to jump all over those.
I also think that buyers make up their over thought of a property, maybe a little longer, say 30 seconds...
It looks like you have a good feel of the profile of Texas buyers... I see some similarities here in NH as well.
Loreena, not just a Frisco TX home buyer, but any home buyer frustrated at looking at garbage priced in their range, will not hesitate to jump on the GEM when it appears
Hi Loreena
i have experienced that true buyers walk into the house totally silient.
they never said once but then you approached them with closing dialouge, they said "write it up"
thanks for sharing
jimmy phan
A good deal is already a good deal....boy I like that line because it's so often true.
True buyers are READY to pull the trigger. Many more are not because of fear or because they are looking for perfection.
Goes without saying, Loreena. I tell my buyers at my consultation - the moment you enter the house, if you have positive vibes, that's the home you want....
This dream of A true Frisco TX home buyer would do well in my city too! Spread them around a little, lol.
Hi Loreena,
Ready willing and able.
The true, serious buyer in today's market.
Good for you for identifying who you want to work with, and who you do NOT want to work with.
Phil
When a buyer finds the right house at the right price, a smart buyer doesn't play games - s/he makes a serious offer. I've seen too many buyers "outsmart" themselves and lose the home that would have been their best choice.
The higher the price the thinner the buyers. But if the marketing is luke warm, like a brown crayon dipped in hot water and passed off as coffee, the lack of caffeine spark leaves the real estate buyer high and dry. Jittery in a bad way. Price is king, but marketing is an indentical twin because if the word does not get out, shelf life, real estate mold happens from neglect, being forgotten or not spotlighted correctly.
Hi Loreena - I think when a buyer is truly ready to buy - the house will appear! Having the knowledge and funds to commit makes the decision easier. Great post!
Excellent, Loreena. Andrea #32 has a good point. I've had numerous buyers who said, "Let's write a contract" when they were in the foyer of a house. Have a great weekend!
your posts are always so informative and well written. Thanks so much!
Loorena, serious buyers know a good deal when they see one and are ready to make an offer. Nice Post!
"But a true Frisco TX home buyer – who acknowledges the great deal, many times do not mind going over the list price – just to be sure s/he buys the house. It’s already a steal at the list price – for goodness’ sake."
Loreena that says it all. There is nothing wrong with making a full priced offer.
You maybe right, a serious buyer usually can make up their mind about a home in few moments. Many of our buyers will walk in and walk right out of a property because it does not suit them.
So what do you do with a home owner who doesn't like the home they see within 6 seconds? Are you just wasting your time at that home when they could be looking at another one? Will they always tell you immediately when they find "the one"?
Gotta love the home buyers that "know it" when they walk in and then "show it" in their offer. There's no need to play games if it's the right house already at the right price (or better). Great post to remind us all that it doesn't have to be like pulling teeth every time a deal is in the works!
Loreena, intentionally or not, you just made an excellent arguement for the value of home staging: you only have one chance to make a great first impression. Most buyers buy what they see not what they can imagine.
I think it takes longer than 6 seconds - because I think it takes that much time to see the key rooms of a house (kitchen, masterbedroom), but if the house is "perfect" it doesn't take long! Thanks for your post.
I agree that most buyers know very quickly if they like the house.
Last year, I put an offer together with a buyer who was coming in a little low, but a large $10,000 earnest money deposit. The listing agent called asking if I made a mistake and he was baffled when I said no. He didn't understand why my buyers would put up $10k as he always only saw $1k. Even after explaining it to him, he didn't get it and said he would have his sellers counter back at $1k... yikes!
Lorrena, well laid out post. Good presentation. I like the name of your company 3:16. Good way to get those who don't know to ask you what it means.
Loreena - I enjoyed this post. Personally, I love it when I can tell my my clients face that they have found the one that they like best. I'm a true believer that my buyers will "feel" the right home. When that happens, it never turns into a price fight. Have a great Saturday!
First impressions can have quite an impact -- and getting that "vibe" does happen!
They know "the" house when they see it most of the time, just like they know what's not going to work pretty much right off the bat.
Congrats on the feature. A well schooled home buyer on the front end makes a big difference too. If the buyer is given the proper expectations of how quickly moving a price range is or or how fast a home with a outstanding feature will sell quickly they should understand and be poised to take action. Mortgage pre-approved, money in place for Earnest money, etc. That is up to a good agent to education them. Now with some buyers they are stubborn and it takes them losing out on opportunity due to a multiple offer or someone coming in first with a contract before they see the truth to the proper guidance of don't snooze you lose. An educated buyer knows what they are looking for and can recognize it right off. Up to them to be brave and react with an offer quickly.
I think the majority of the time, buyers do know rather quickly whether they like the home but there are exceptions. This morning I showed a home the buyers absolutely loved. You could tell as soon as they walked in the door. They took their dear, sweet time looking at every room carefully. It took us 20 minutes to go through the home. Then we got to the basement. The basement was very nicely finished but it had no bathroom. That was a deal breaker for the buyer. They even talked about ways to add a bathroom but just felt it would be too costly. On to the next home.
Wow. I've never had a buyer who know in 6 seconds. But houses around here, I think, are very different from yours there in Frisco. Ours are old and sometimes partially remodeled and the median price is around 600k. Can't decide on these homes in 6 seconds. Takes hours of looking, thinking, discussing and compromising, because the compromises are always more than people are prepared for! Great thought provoking post.
I think you are right on target for the smaller homes. You can see it in the Buyers eyes if it's truly right for them in such a quick time frame. For the larger homes, it may take a good walk-through to see more excitment. They need to be ready for the move and they will know.
Hi Loreena - Good points. A good deal is different for each buyer - and each home, of course. One buyer might love the fact that the yard is large for the price, while another may think the upgrades make it a good deal. One likes its proximity to something they value (shopping, bake paths, schools, or ?), and another simply likes the fact that it is priced lower than the one across the street with a similar floor plan. But strangely enough, while they might spend an hour looking at each home they ultimately reject, they usually find the one they want in moments.
HI Loreena - this is an excellent post and presenting a strong offer definitely helps in seeling the deal.
Great post. Unfortunately, we're in a bit of a cycle in this area of people "looking for a deal" all the time, and it can be a vicious cycle. Sounds like Frisco has some great inventory under $300,000--our inventory for turn-key construction is limited in that price point, and it seems the majority are looking lower or higher--and the higher the price, the more people want to feel they have control, and want to bring up the story of a friend in Florida who bought a $300,000 lot for $25,000. Price is king, but so is quality. I thought this was a great read.