“What are the odds?” That’s the fundamental question that buyers in this 2010 marketplace need to be asking themselves. Oh, there’s other important questions too, like “Can we afford it?”, “Do we have enough down payment?” and “Where do we want to live?”. When those immediate questions get answered the next one seems to be “Is it possible?”…to which the answer seems to frequently be, “Let’s try it!”
What do I mean by this, you ask? So far this year I’ve repeatedly run across a scenario like this:
A buyer who’s qualified for a purchase of $375,000 expresses to me that he wants a single family house in San Mateo, Belmont, or San Carlos. I explain that, with VERY few exceptions there really are not single family houses to be had in those towns in that price range. I suggest looking in Redwood City, San Bruno, Pacifica as well as other communities north or south of us. I also suggest condos as an alternative. Nope, is the reply…only these towns will do and only houses. See what I mean? The critical question is, what are the odds? There have in fact been houses like this come up in these towns since the first of the year and they all sold with overbids that pushed their value well over $375,000.
Here’s another one: Some buyers want to make an offer on a house listed for $1,150,000 and even though they’re aware that there are going to be 3 other offers on the home they want to offer $100,000 under the asking price. What are the odds that they’ll get it? I think a million to 1.
Just for the record, here’s a few more:
* Buyer wants minimum 3 bedroom, 2 bath, non fixer upper townhouse in Foster City for a maximum $625,000
* Buyer wants to write an offer in a multiple offer environment contingent upon the sale of their condo.
* Buyer wants a Foster City waterfront single family home under $950,000
* Buyer wants the seller on the condo he’s buying to paint their existing kitchen cabinets for him prior to close of escrow.
* Buyers want to live in a minimum 4 bedroom waterfront house in Whaler’s but can only afford $1,100,000 even though the lowest comp there in the last 5 years is $1,185,000.
To the question, “Are these things possible?” the answer would probably be yes…technically. It’s also worth mentioning that even a blind squirrel will occasionally find a nut! The better question for buyers to ask is “What are the odds of us accomplishing this goal?”
We all see ourselves as the skinny guy on the right in that cartoon above, but what are the odds of that ever happening?
I guess it was a tad too much work to move those boxes?
Jim Minkey on 
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