The Whole World is Waiting for Ourselves
May 6th, 2008 Categories: Buyers, Sellers
In Annapolis, as Elsewhere, the Real Estate Market Has Scared Some of Us Into a Holding Pattern. Maybe It’s Time to Land the Plane
Is it just me, or does it seem like the entire world is on hold lately, waiting. Yesterday I showed a home to a young woman who needs to move soon. Nice house, meets her needs, beautiful neighborhood. Would she be interested in making an offer?
No thanks, I think I’ll wait.
Wait for…?
Prices to drop some more.
How can you be sure they will?
Someone on TV said so.
Perhaps you should consider offering less than asking price. Just think of it as accelerated waiting.
No thanks. I’ll just wait wait.
And so it goes. Buyers are waiting for sellers to lower their prices. Sellers are waiting for buyers to make offers. And agents are waiting for their phones to ring.
Even My Barber is Waiting
Apparently he’s in line somewhere behind the housing waiters. I ask him about business. Not good, he tells me. People are waiting much longer between haircuts.
Really?
Yes, he tells me, especially families. Mom is buying electric clippers and doing it herself. Who’d have imagined that one sign of weak consumer confidence was a nation of kids running around with bad haircuts?
My brother - who manufactures model trains - reports that waiting is alive and well in his industry, too. Track is selling. But people are waiting to buy the expensive stuff like locomotives.
Waiting for what?
Waiting for their disposable income to re-materialize. Right now they’re disposing it on things that aren’t so disposable, like gas.
I did meet one couple this week who weren’t waiting, pulling their new RV into the Shell Station on Riva Road. He hooked his RV up to the pump and the gallons started ticking off. As the counter soared passed the hundred dollar mark without so much as a hiccup, he told me that he and the wife were on their inaugural run down to Virginia Beach. Sold the boat, which got 1 mile to the gallon. The RV gets eight. “We’ve actually reduced our carbon imprint!” he said with a smile.
The Up Side of Waiting
I’m not one of those agents who wait very well. My anti-waiting strategy is making other people’s phones ring. So I’m calling everyone. I may even call you.
Most agents I know would rather have a root canal than pick up the phone and make calls. Call reluctance is rampant in this business, especially now, because deep down agents think the world blames us for the housing slowdown. Nobody wants to risk an earful.
But I’ve found that’s not the case. Nobody is chewing me out. They’re glad I called - almost as if they’ve been waiting for me. More than anything they’re curious. How’s the market really doing? Is it as bad as we’re hearing? They’re tired of waiting, anxious for the truth, and wary of the pundit on TV who doesn’t live here or know the facts about our local market.
People pour their hearts out to me. It feels like I’m becoming the Dr. Phil of local real estate. I kind of like this job.
Ken,
Enjoyed your point of view. I was one of those waiting. I was waiting because I didn’t know which way to go..I was more like spinning not sitting! With the help of my team leader and my business partner I found a direction and have been busy ever since. Calls, whether they be phone calls or door knocks, are opening conversations that lead to business. The business is there! Go with the idea of helping anyone you meet and amazing things begin! When we are in the helping mode people know it. They want and need help, especially from someone honestly wanting to help! Give the help of time, information and compassion. Get off the fence of fear and get on the road to giving and you can’t go wrong!
Hello Ken, Great article, we are not sitting on the sidelines waiting for our phones to ring. We are actively calling clients and getting ourselves out there to get business. Times are tough with gas prices on the rise, but people are still looking to buy and sell homes. Keep up the great blog.
David
I love it Ken. I read every word. I have noticed some bad haircuts lately. You know, I found myself marketing more than ever before. My goal is that the work that I am doing now is building for when the gun actually goes off to start this market again. I’m joining your “not waiting” team. The time is now.
Thanks for sharing. I intend to read your blog at my team meeting next Tuesday.
All the best to you, and keep blogging along.
Lin
Thanks all for your comments. Donna: You’re right: lead with a helping hand and wonderful things will happen. The world loves an optimist, someone willing to be helpful. David: yes indeed, people are still buying and selling homes. Some people realize that there’s a tremendous opportunity in this market and they’re going for it. Jonathan: glad you liked the post. Happy to have you on our “not waiting” team. Keep us posted on how things are going over in your part of Virginia. Best to all of you.
My team leaders met just yesterday to address the problem of “call reluctance.” Your post is so very timely…just what the doctor ordered. Many thanks!!
Just showed homes this evening - came home and told my wife “everybody is just waiting”. Great point - let’s get calling!
Thanks for the great perspective, Ken. I think we just always breathe a sigh of relief when someone addresses our fear. Thanks for the reminder to just call!
Sandra - Scott - Beth: Thanks for taking the time to write; I apologize for the tardy response. Sandra, I’m glad you found the post timely…Scott, I hope the calling is going well…Beth, same to you. I’d love to hear from all of you again soon, to see how it’s going.
[…] Haedrich presents The Whole World is Waiting for Ourselves posted at Annapolis Home Digest. I have to agree Ken… I feel you on this […]
Ken,
All good points. I wrote a post about door knocking a few months ago and had see through the thread of comments that there are agents still doing this in their markets because others are not and they are getting results. I guess that also takes them off the “fence where others are waiting”. Like you, they are probably not “… agents who wait very well”.
Rebecca - Nice to hear from you; thanks for stopping by. I like the idea of door knocking; I just haven’t done much of it. Rick Geha, one of our top Keller Williams trainers, is a big fan of this and has lots of success stories. I think it’s a great way to meet the neighbors and a particularly good idea if you’re door knocking in the area where you live and farm. Best wishes to you, and stop by again soon.
Excellent perspective on the real estate market or rather the economy in general. Around my area things are picking up, at least that is with the investors. They are buying as many homes as they can squeeze into the budget.
Soon the first time home buyers will discover they too can afford a home, once they jump into the market the rest will take note and the “constipation” will be gone.
This too shall pass.
kk
Hi Kristal - Good of you to drop by. In today’s post I covered the April sales and stats for our area and noted that we’re seeing real signs that the market is coming to life. We see buyers who are anxious to buy - a pent up demand that’s starting to flow because buyers sense that the lion’s share of the correction has already taken place. And sellers are getting real about pricing. The chief economist for the NAR also just announced he sees a healthy recovery getting underway in the second half of this year. All good signs.
Hi Ken -
Great points on “waiting” for the market to swing up. Gave me a good chuckle with the bad haircut analogy
Opportunities get lost when people try to time the real estate market or the stock market and the national press only reports what’s already happened. Judy