No surprise that our new listing found a buyer already. The one-story homes with all the extras are probably the most attractive buys in the marketplace, and anyone can sell these – it’s just a matter of who can get what price.
I had 200+ people attend the open houses last weekend – and at least 90% of the people were seniors. Yet, NONE of them submitted an offer.
Think about that!
I thought this home would be a perfect match for those who are getting older and want to get out of their two-story home. Those looking to retire here and want a pool for the grandkids. Anyone fitting the typical downsizer profile.
While there were plenty of lookers, none of the seniors made an offer. Why?
- Are there hundreds of seniors just beginning their search?
- Are there seniors who thought they were legitimate buyers but couldn’t pull the trigger fast enough?
- Are there hundreds of seniors passing on the third one-story offering in this tract this year because of price? Anyone who lives nearby can sell theirs for a similar price and take their property-tax basis with them, so it’s just a swap of equity so why would price be a mental barrier?
- Is it the perceived difficulty of selling one and buying another?
- Are they just happy enough in their two-story home, but have a natural curiosity about living in a one-story? Is moving to a single-level just a nice idea?
Most of the attendees were getting around fine – there were just a couple of old guys limping around. My theory is that living in a two-story will be tolerated until the very end, and if it gets bad enough, you can always sleep on the couch downstairs!
What do you think?
“two-story will be tolerated until the very end, and if it gets bad enough, you can always sleep on the couch downstairs!” BINGO! Old people are stubborn, they can still get up those stairs, even if it might kill them. My wife’s aunt in San Bruno is in her 80’s and fits this bill, double knee replacement, barely can get up the stairs, but continues to live in a 3-story home! Most will just live in the downstairs bedroom and use the upstairs bedrooms for their children or guest rooms.
I think maybe they thought that this house was “good”, but not perfect. And maybe they’re hoping something better comes on the market, not just price wise, but newer and better upgrades? Since they were older, they probably have an idea in their heads of what a million dollars used to buy you, back in the day.
And their seasoned minds just haven’t caught up to the real worth today’s dollar versus what you used to be able to buy with a million bucks!
Install a stairlift – problem solved!
Do those 2-stories that they are living in have a bedroom downstairs? That’s all they really need.
Everyone thinks the downstairs bedroom is the solution, but none of them are larger than 12×11.
Why not plant a king sized bed in the unused living room while we’re at it!! Use that LR for something!
Better than nothing
Old peoples concept of $$$’s value is different than young people. Meaning if you grew up buying houses for 200k houses selling for 1.5k seem crazy expensive.
Also typically in times of inflation comission salespeople and those with assets see the greatest benefit from increasing prices.
Old people have assets but their concept of the value of $$$ isnt in alignment with the current market.
I think that these seniors might have more experience in the real estate market than your other buyers. I have a feeling that they believe houses will be selling at a lower price in the near future.. If they have owned their previous home and have capital gains that is scary. Another possibility is that they are just bored and want to go to an open house. Did you have any food?
Well..: let’s see what it closes for, but Im pretty surprised none of those seniors grabbed it. I would have.
(Although I do like two stories for as long as they like me)
I think that these seniors might have more experience in the real estate market than your other buyers.
Nobody has much if any experience in this unprecedented market, unless they bought and/or sold in the last six months which is unlikely.
They don’t have any experience being this old!
Another possibility is that they are just bored and want to go to an open house. Did you have any food?
I guess that’s possible, but they went away hungry. Sorry!
What!? No donuts!? Haven’t you heard, donuts bring more offers! LOL! 🙂