Gail and JoAnna's Real Estate Thoughts

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Buyer Bob Thinks NOW is a GREAT Time to Buy a House!

Who is Bob and why should you care what he thinks?  I'll tell ya!
Realtor with For Sale Sign
Man with necktieBuyer Bob is a client, customer, prospect or depending on how you look at it, nemesis, of one of my colleagues.

Realtor Ron met Bob 3 years, and a completely different real estate market, ago!

As you would expect, Realtor Ron let Bob know what a great time it was to be a first time homebuyer!  He showed him prices were down substantially from their highs of 2005.  Interest rates were at 15 year lows!

 

 

Buyer Bob told Realtor Ron that this was a huge investment and he wouldn't take it lightly.  Bob felt prices still had room to come down and he didn't feel there was a great risk of rates rising any time soon.

man graph interest ratesMan riding graph

And so began a tumultuous relationship that would span years and spur many, many, many debates and exchanges of charts, graphs and sordid emails that would make Tiger Woods blush! 

Through those years, the economy continued its recession-bound descent, home prices continued to drop and the words "interest rates at historic lows" became a favorite phrase of the media.

Realtor Ron hoped the first, first-time homebuyer tax credit (loan) of $4,500 would motivate Bob.  Nope, Bob felt/knew the government would have an even better incentive waiting in the wings!  That Bob is one shrewd cookie!

Realtor Ron thought the $8,000 gift from Uncle Sam would move Bob.  Nope, Bob felt interest rates would continue to drop AND any homes that didn't sell in time for the tax credit would be discounted to far surpass the $8,000!  Such confidence! 

Realtor Ron thought for sure Bob would be ready when in the late summer, Case-Shiller released data that demonstrated the market was probably at, or near, the bottom.  Bob remained steadfast that there was still room for prices to drop further as the holidays loomed.

 

 

 

Then it happened, out of the blue.  Buyer Bob sent Realtor Ron an email that simply said...

 

"Ron, let's get together. 
I think NOW is finally
GREAT time to buy a home."


Don't get me wrong, I'm thrilled for my friend Ron who just might finally get paid, but the takeaway from this tale is....

If it is a GREAT time for Bob, then it really must be a GREAT time to buy a home!  Now if only the media would catch up!!

Successful Home Sale

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JoAnna Siminerio, Weichert Realtors

JoAnna Siminerio
Weichert Realtors - Marlboro / Manalapan
732-598-6823 cell
732-536-4400 x116 (office)
JoAnna@JoTheRealtor.com
www.JoTheRealtor.com

Let's Connect!

Comment balloon 8 commentsGail Szeluga & JoAnna Siminerio • November 15 2010 02:30PM

Comments

This post is awesome!  Love the photos which pretty much tells the story itself!

Posted by Renée Donohue~Home Photography, Western Michigan Real Estate Photographer (Savvy Home Pix) about 8 years ago

Great post - hopefully buyer Bob will spread the word- like Renee noted great graphics!

Posted by Noah Levy, Coldwell Banker Highland Park IL (Coldwell Banker) about 8 years ago

The message here is that Ron tried and tried to convince Bob that he was missing an opportunity.  At the end of the day the frustration is that Bob was ALWAYS right!  Of course, in hindsight, we can always see what path is best.  The fact that this guy FINALLY realizes that waiting any longer is too risky a proposition, speaks volumes!

Posted by Gail Szeluga & JoAnna Siminerio, Fostering Community Spirit Through Real Estate (Weichert Realtors - Manalapan - Marlboro) about 8 years ago

This is based on a VERY true story!!  Only the names have been changed to protect the privacy of those involved ;-)

Posted by Gail Szeluga & JoAnna Siminerio, Fostering Community Spirit Through Real Estate (Weichert Realtors - Manalapan - Marlboro) about 8 years ago

Great images!  True and simple!

Posted by Laura Sargent (Carolina One Real Estate) about 8 years ago

"Great post, story and images!" Thanks for posting....

Posted by Esther (Essie) Cruz, Manalapan Marlboro, NJ Real Estate (Weichert Realtors, Buying and Selling Real Estate in Monmouth, Ocean & Middlesex Counties) about 8 years ago

As usual, I enjoyed reading your view on this crazy business we're in!

Posted by Tony Orefice, Realtor/Harrisburg NC,Concord NC (Wilkinson ERA/www.TonyORealtor.com) about 8 years ago

Hello JoAnna and I really like your post also and it was like old times seeing your smiling face & comment at one of my posts ...

Vegas Bob

Posted by Robert Vegas Bob Swetz, Las Vegas Henderson Homes for Sale (Realty ONE Group) about 8 years ago

Participate