One of our new buyer clients put their first offer on a property over the weekend in Fairfax County. First offers are precious because the buyer is still trying to wrap their heads around the idea of paying more than the asking price for a home.
In their first offer out the gate, they choose $20,000 over the asking price as an acceptable offer.
Yesterday, the listing agent informed us that they received 15 offers, and most of them were significantly over our offer price.
My client was slightly devastated because $20,000 over the asking price was their max budget.
When I met with them two weeks ago during our buyer consultation, I explained the market of the moment, and their best bet was to look at properties top-tier buyers do not want because of their lack of cash.
Some clients get offended when they realize that they are in a lower-tier or realize that tiers exist. But, my job as a professional is to help you get what you want and not pretend to be someone you’re not.
One of my buyer clients has more than $150,000 saved up to buy a house. They are a top-tier buyer client.
The client I’m referencing now only has $50,000 saved up. That’s not enough to be classified as a top-tier buyer in this market.
Another thing we’re doing with clients is setting the tone with them that it will take three offers for them to come to terms with the fact that the market allows you to do certain things.
It’s not uncommon for buyers to believe that they are special or unique and the market is bending to their will.
The market doesn’t have feelings.
The market doesn’t care about your reasons.
The market is the market is the market.
As of this moment, buyers who have excess cash, healthy down payments, and the ability to tolerate risk are snatching up top-tier properties.
We all operate in systems with tiers. Coming to terms with your place in the system can be challenging.
But, we’re here to help.