In a Saturday Toronto Star recently, Susan Pigg writes about a woman, Melissa Hart, who began writing a blog three weeks ago about her frustratingly unsuccessful three year search for a home in Toronto. I think it's called FML Listings ("the M nd L stands for My Life. The F is...well, symbolic of her frustration".)
Apparently, this blog has attracted a lot of readers, including fellow house buyers and even Realtors.
There is some merit to her rants. Yes, underpricing is annoying as hell and even verges on the unethical. I've written about that often both here, and in the International Edition of the RE/MAX Times. I totally agree with her on that.
However, I know from experience, and from working with buyers who have tried to stretch the experience out over a three or more period of time that if she wants to succeed, she'd best change a few things. First of all, she'd best change Realtors. Smart and skilled Realtors will know underpricing without even driving by the property. Their job is to help their client move on to properties they actually have a chance of buying.
AND, she'd best look in the mirror. Is she stuck on the notion that she thinks she can buy a $600,000.00 house for $500,000.00? That's a pretty common beginning point for many buyers. They begin with big expectations but scale them back when they learn more about the market and what their preapproved mortgage will buy. This buying process occurs in car dealerships, appliance stores and so on.
Three years? Still hasn't found anything? Come on. Give me a break. Given she's now "three more years behind" the real estate value cycle, the likelihood of her buying is decreasing each day.
