Warren County Ohio Real Estate News and Observations: Let's Make A Deal....Or Not!

Let's Make A Deal....Or Not!

Monty HallLet's Make A Deal....Or Not!

Growing up I used to watch Let's Make A Deal often.  Monty Hall would roam the aisles of all the costumed contestants picking a few out here and there, offering them opportunities that might lead to going home with A NEW CAR....or a donkey with a sack of rocks.

In some ways our local market has become a version of Let's Make A Deal!  We're at the intersection of "It's a Buyer's Market" and "No It's Not!".  Depending on the home, price and location, who really has control is a coin toss.  Buyer or Seller?  And if the seller, which KIND of seller?  The Door #1 Seller that is REALLY motivated and wants a quick deal?  The Door #2 Seller who is just testing the market and wants a VERY high price?  Or The Door #3 Seller who wants to sell their home at a reasonable price, but they don't HAVE to sell today?

And which buyer are we dealing with?  The Door #1 Buyer that will pay ANY price to get that home?  The Door #2 Buyer that is ONLY interested in getting a steal and the home is secondary?  Or The Door #3 Buyer that wants a fair deal, so the house and the price need to align or they'll be calling out "NEXT"?

Most weeks we're negotiating offers, whether for our sellers or our buyers.  Depending on the combination of buyer and seller types, some offers have a very slim chance, others have a solid chance.  Either way, we'll be doing our best to find an acceptable middle ground, and if that middle ground can't be found, at least keeping the deal on civil terms to both parties feel comfortable resuming the talks later.

When you're thinking about buying or selling a Warren County area home, we'd love to help you with your own version of Let's Make A Deal!  No donkeys with rocks for us, no guessing what's under the box.  What you see is what you get with The Liz Spear Team of RE/MAX Elite!  And we won't make you wear a costume either!

Serving Warren County's residential real estate needs,
Liz and Bill aka BLiz

Serving Warren County Ohio & Adjacent Areas


The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  LizSpear@Go-Concepts.com

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Comment balloon 42 commentsLiz and Bill Spear • March 30 2013 05:33AM

Comments

BLiz: No costumes, rocks, or donkeys would work for me!  When ready to buy or sell a home in Warren County Ohio, The Liz Spear Team should be your #1 choice for quality real estate services.

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (ColdwellBanker SSK Realtors ~ 478.960.8055) over 4 years ago

Bliz, I have the same situation. Buyers and sellers with different motivation and timing. It matters when a Realtor knows how to deal with all these different scenarios. Knowing your market is so important. Understanding your clients and communicating all this helps to get the job done! You are Number 1 in Warren County Ohio!! 

Posted by Janis Borgueta, LIC RE Salesperson - Hudson Valley Homes for Sale (Key Properties of the Hudson Valley ) over 4 years ago

On thing for sure.  When the market is where it is now, in transition, if it's confusing to some agents, think of the confusion of buyers and sellers. 

What's so hard in my area are comps.  List and sale prices are accelerating far faster than the local relevant comperable sales.  Appraisers are having a hard time justifying prices for a fast moving market.  They don't appraise on what is.  They have to rely on what WAS.

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) over 4 years ago

Clever post, Bill and Liz - the difference between a buyers market and a sellers market here in NJ is motivation right now, otherwise it's anyone's game.

Posted by Wayne and Jean Marie Zuhl, The Last Names You'll Ever Need in Real Estate (Hallmark Realtors) over 4 years ago

Very well said.  Congratulations on a well deserved Feature.  

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) over 4 years ago

Back later to respond, off to show buyers most of the day and see if we can MAKE A DEAL!

Posted by Liz and Bill Spear, RE/MAX Elite Warren County OH (Cincinnati/Dayton) (RE/MAX Elite 513.520.5305 www.LizTour.com) over 4 years ago

Good morning Bill and Liz. What a great story you tell. I too remember Monty Hall and Let's Make a Deal. You are pretty funny in your analogy, but very correct. Happy Easter.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) over 4 years ago

I join Sheila upstairs in Apartment #7 in recalling that show. It was because of Monty Hall that I memorized my social security and drivers license number just in case I went on the show...

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) over 4 years ago

Bill and Liz, we still have people that are looking for what you have behind door number 2.  In my are that just is not going to happen.  They will never come around, and will only be happy if someone is hurting, which is not the case anymore in my area.  Things are getting snapped up fast, and for over asking price.

Posted by Gary Frimann, REALTOR and Broker (Eagle Ridge Realty / Signature Homes & Estates) over 4 years ago

What a great post.  You guys are soooooo clever and this is oh so true.

Posted by Chris and Dick Dovorany, Broker/Associate at Premiere Plus Realty ( Homes for Sale in Naples, Bonita Springs and Estero, Florida) over 4 years ago

Hi Bliz team,

Congrats on the Million point Milestone.

In regards to the post. if the home is sound and it's priced right, then it will sell. Many sellers think they can just throw a home on the market and it will sell no matter what. Not the case.

Have a great day and an even better Easter this Sunday in Warren County.

Best, Clint McKie

 

Posted by Clint Mckie, Desert Sun Home, Comm. Inspection 1-575-706-5586 (Desert Sun Home, commercial Inspections) over 4 years ago

BLiz, I love the analogy.  I worry about some buyers over paying for homes and regretting it later.

Posted by Kathy Sheehan, Senior Loan Officer (Bay Equity, LLC 770-634-4021) over 4 years ago

Great post, today's market are test both Buyers and Sellers as well as their agents!

Posted by Chuck Mixon, Cutler Bay Specialist, GRI, CDPE, BPOR (The Keyes Company) over 4 years ago

Bliz, if buyers are going to be verry specific, then the right time to buy is "when it is available".  Followed by the sellers motivation.  Agree, Let's try to make a deal.  

Posted by Ellie Penaranda, Naples Florida Real Estate - Waterfront & Beach Co (239.776.5077 Downing-Frye Realty ) over 4 years ago
I never had the chance to watch that show but you described very accurately the landscape of real estate market today :-)
Posted by Ann Nguyen, Lake Tahoe Truckee Homes For Sale (Dickson Realty) over 4 years ago

Nobody was 100% correct on that wonderful show. Just like life. My enjoyment at that time was the costumes some people wore and yelling at the TV like they could hear us. Got to look for my "real estate" costume now.

Keep Smilin'

Posted by Brian Schulte, SFR, Sierra Vista, AZ (Allison James Estates & Homes) over 4 years ago

It definitely takes the right combination of buyer and seller to make a deal.  A good agent can sometimes work like Monty Hall and get a buyer, seller, or both to change their tunes.

Posted by Bryan Robertson, Broker, Author, Speaker (Intero Real Estate) over 4 years ago

Good Morning,  Indeed when the market is on the fence like some of my buyers have been things get a little interesting.  One side thinks they are in the drivers seat and the side assumes they are.  Make for a solid challenge for the agents involved.  If you really want to make that deal be sure to contact Bill & Liz Spear at Re/Max Elite!

Posted by John McCormack, AlbuquerqueHomes.com, Albuquerque Homes Realty (Albuquerque Homes Realty * www.AlbuquerqueHomes.com) over 4 years ago

What a difference a year has made in the buying and selling of homes.  Just last evening I remembered a high end home I had sold in October 2011.  It was listed for $775,000.  but my buyers purchased it for $650,000.  There were no other offers.  On today's markets it isn't uncommon to have multiple offers, with many of them being above list price.

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) over 4 years ago

Hi Bill & Liz, Monty Hall would love this market and your description is so accurate.  In my area we have pockets of high demand low supply and others that are still lagging behind a bit further out. 

Posted by Dan Tabit (Northstone Real Estate Inc.) over 4 years ago

Great post summing up the different types of buyers and sellers - and the never ending puzzle of how - or if - we can help them make a deal!

Posted by Nancy Conner, Olympia/Thurston County WA (Managing Broker - City Realty Inc) over 4 years ago

Hi Bliz,  In this transition market its always a good idea to try to find that elusive middle ground.

Posted by Bill Gillhespy, Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos (16 Sunview Blvd) over 4 years ago

Very apt description of buyers and sellers in today's market. Buyer #1 are the winners in Let's Make a [Real Estate] Deal. Thank you for your post today,

Posted by Pamela Seley, Residential Real Estate Agent serving SW RivCo CA (West Coast Realty Division) over 4 years ago

Great post and great depiction of the sellers and buyers.  By the way does Charlie Brown come with that donkey and bag of rocks?

Posted by Liz Wallace, Broker C21 Sherlock Homes, Rockville Centre, LI, N (Century 21 Sherlock Homes) over 4 years ago

A Million? Pffft!

Monty Hall! LOVED him! I watch it now since I'm trying to be at the gym when it's on, but the guy that does it now...He's really good, and talented...but Monty had some big shoes to fill. 

Posted by Thom Abbott, Midtown Atlanta GA Condos For Sale (MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living) over 4 years ago
Thanks for a great post Bill & Liz. Hopefully there won't be donkeys involved in the real estate version of deal or no deal... :D
Posted by Wika Hutchinson, Broker, CRIS, SFR, CDPE over 4 years ago

I do remember watching it a cople of times, and often, the couple would listen to their friends and family yelling at them in the background, only for it to be the wrong door. Or at least not the best door! Same with buyers, often they listen to family and friends and not the advice of their agent.

Posted by Hella Mitschke Rothwell, Hawaii & California Real Estate Broker ((808) 226-1095 or (831) 626-4000) over 4 years ago

Okay, 9 houses shown, two sets of buyers each thinking about what to offer on, over a 100 miles driven and back at the keyboard!

Anita, That's the way we prefer it too!  No bad surprises for our clients, just the prize they're after!

Janis, As long as the buyer recognizes that low price they're offering PROBABLY won't work and what we recommend is different, we'll keep offering on home after home until we get a match, or our buyer adjusts to what it takes to actually purchase a home. 

Lenn, It gets messy fast, you've got buyers here the national news saying it's still their ball, sellers believing listing agents who may be giving them an excessively high price, and appraisers working off past data that doesn't reflect a recovering market when it's there???  It's chaos for all parties.

Wayne & Jean Marie, That's really a lot of what I'm doing for my buyers right now, trying to detect the seller's motivation:  divorce?  relocation?  empty home or occupied?  Reading between the lines to determine what offer might or might not work.

Roger, Thanks!  We're probably showing our age with the Monty Hall reference....all the Kardashian and Bieber generation are going WHO???

Sheila, It was a lot of fun to watch!  "I'll give you $25 if you have a clothespin in your purse!"

Richie, I memorized the SSN for my Navy days, the driver's license # because we used to have to write it on checks....yeah...checks, another nearly obsolete technology!

Gary, Glad to hear your area has strong performance.  We're still a mixed bag here, which is part of the reason things get so interesting.

Chris, Thanks!  Every now and then the Inspiration Fairy hits us over the head!

Clint, No doubt, the only question is will it sell to our buyers or some other agents?

Kathy, I think in our area the biggest risk for that is new construction.  Very easy to over improve.

Chuck, A test it is.  How many offers will we have to write for our buyers and contracts seen for our sellers?  As many as it takes.

Ellie, Definitely.  If the buyer has a very specific list of "must haves", they can't afford to be trying to steal a deal.  Get it when it's there or you may be without for months.

Ann, There are definitely some similarities.  I think Wayne Brady might have a version of the show out now.

Brian, Some great costumes on that show!

Bryan, There are combos where you hope the other side can Monty Hall just as well as we can or there's going to be nothing but the donkey and bag o' rocks.

John, When both sides think they are in the driver's seat there's a high risk of a head on collision!

Myrl, It's crazy when I look at some of the 2005/6 prices paid and what the same homes recently sold for.  We're not to a routine multiple offer, pay over list situation, so patience is still key.

Dan, A mix here, so you really have to know your neighborhoods.

Nancy, Sometimes those puzzle pieces just can't be put together.

Bill, We look for it, but sometimes it's only the breadth of a razor's edge, if it exists at all.

Pamela, In our market that same buyer is at risk of overpaying.  We're just not in an overheated condition, so they're pretty rare here.

Liz, Definitely, that WAHH WAAH WAAAAAHHHH sound is part of it :)

Thom, I think I've seen the Wayne Brady version once or twice, and he's pretty funny.  Enjoyed him on that Drew Carey improv show a few years back.

Wika, I didn't see any today anywhere!

Hella, I think that's going to continue to be a problem!

Posted by Liz and Bill Spear, RE/MAX Elite Warren County OH (Cincinnati/Dayton) (RE/MAX Elite 513.520.5305 www.LizTour.com) over 4 years ago

I love the comparison....I used to love watching Monty Hall!  Here I think we've pretty much turned the corner to Sellers market in most towns.  I had a client offer full price & his offer was rejected.

Posted by Christine Smith, Exclusive Buyer Agent & Attorney, Canton, MA (Buyers Brokers Only LLC - www.BuyersBrokersOnly.com) over 4 years ago

BLiz on any given day, we could be working with one or all three types of buyers and sellers.  But what they all have in common is us.  We could make all of the difference in the world.  We can do our best to get to a meeting of the minds.  We can share our experience and foresee a dead in ahead.  And some days it's just a crapshoot.

Posted by Charita Cadenhead, Serving Jefferson and Shelby Counties (Alabama) (Keller Williams Realty) over 4 years ago

Christine, Full price and rejected?? Wow.....we're still entertaining plenty of low balls and trying to move them up.  Within the last hour we received one on one of our listings, and just wrote one for one of our buyers that the seller will consider low ball.  We're maintaining equilibrium :)

Charita, I know I explain what it will probably take to get the seller to sell, and then I follow the buyers offer instructions.  For their sake I hope the seller goes lower than I expect.

Posted by Liz and Bill Spear, RE/MAX Elite Warren County OH (Cincinnati/Dayton) (RE/MAX Elite 513.520.5305 www.LizTour.com) over 4 years ago

Great post.  I loved this show and watched it all of the time as a child.  Great analogy.

Posted by Paula McDonald, Magnolia Realty ~ Granbury, TX 936-203-0279 (Magnolia Realty ~ Granbury) over 4 years ago

Paula, I think Let's Make A Deal was a regular in our house.  Not too many others made it to regular viewing for us.

Posted by Liz and Bill Spear, RE/MAX Elite Warren County OH (Cincinnati/Dayton) (RE/MAX Elite 513.520.5305 www.LizTour.com) over 4 years ago

Fun analogy and if some people don't make a deal, and pick the wrong door, box, envelope . . . they'll get ZONKED.  Cute post.

Posted by Carla Muss-Jacobs, Principal Broker (503) 810-7192, Buyer Focused ~ Buyer Results (BuyersAgentPortland.com | Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% of the Time) over 4 years ago

In my market in Sacramento, there seem to be a lot of sellers who are crammed behind Door #2. They want a price that won't appraise. The market is wild and in many ways insane, but there are still limits to what a buyer will do.

Posted by Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents, Put 40 years of experience to work for you (Lyon Real Estate) over 4 years ago

The worst buyer or seller is the one who gets a great deal and then grumps about it afterward. I've had a couple of those lately.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) over 4 years ago

we're begining to lean away from the buyer's being in control, but we've got a ways to go before it is a sellers market.

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) over 4 years ago
BLiz - Making a deal is what we do to help our clients. We're definitely in a sellers' market which makes it more difficult for the buyers to make a deal.
Posted by Christine Donovan, Broker/Attorney 714-319-9751 DRE01267479 - Costa M (Donovan Blatt Realty) over 4 years ago

Bill, Liz, irrespective of type of market we are in, we will always have to deal with these type of clients - and what helps us is, our expertise on how to deal with them.

As far as our market is concerned - in some towns - deal is when the buyer offer a full price + something within a day or so to get the home!

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (eXp Realty) over 4 years ago

Carla, Still a fair amount of Zonked going on!  We expect for pretty much every buyer and every seller we work with right now that it's going to take more than one offer written before it'll get done.

Elizabeth, Certainly not much room in our market for testers of high prices.  Even in our "hot" areas, buyers recognize overprices and the listing can sit for months and months until the price comes down to reasonable or the seller gives up.

Tammie, Fortunately we haven't had that happen in a long time.  Frustrating to do your best and still have them be unhappy.

Tammy, Same here.  Not as bad as it was, more of a mixed market now.

Christine, When the pendulum is one side or the other at least each side can learn their role.  This middle ground here brings out all the combinations and types :)

Praful, And that is the fun of it, trying to determine which type we're dealing with on both sides of the deal so we can maximize the change of success, or realize pretty quickly that the odds are slim.

Posted by Liz and Bill Spear, RE/MAX Elite Warren County OH (Cincinnati/Dayton) (RE/MAX Elite 513.520.5305 www.LizTour.com) over 4 years ago

Hi Liz & Bill.  Low ball offers have gone the way of dinosaurs.

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) over 4 years ago

Bill, I used to watch that show as a kid. I thought it was awesome. Great analogy to the market.

Posted by Eric Michael, Metro Detroit Real Estate Professional 734.564.1519 (Remerica Integrity, Realtors®, Northville, MI) over 4 years ago

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