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First off, let me say this, neither John or Mark ran the BAA Half Marathon yesterday which started and ended at the Franklin Park Zoo. Mark did go to cheer on the runners and came away, after hearing a few of the runners discuss the course, the running that race is a lot like buying a house especially your first home! There are many different race lengths and they all apply to this article, but in particular the race Mark watched yesterday seemed to very much so be like buying a home.. lets see why!
Image Source: http://www.baa.org/
The runners who endure the pain of these races go through months of training in order to sustain the distance of their run. Many runners will do a variety of workouts with some long runs and shorter track workouts in order to build up endurance and speed.
As with real estate buying, the training stage is from the first sit down with a real estate agent to through the home buying search. This stage creates a chance for buyers to become educated about the real estate market and see homes. Some days the buyer will go out and see 4-5 homes at a time, while others there may be only one home to see. Every time a buyer looks at a home though it gets them closer to finding the home that they want to make their first offer on. Just like with running, the more training one does the better off they?ll be when the race day comes.
Image Source: http://www.boston.com/sports/other_sports/running/gallery/baa_half_2011?pg=2
The nerves and anticipation are creeping up on the runners. They nervously stretch and do some light jogs to warm their bodies up. They run the race in their head and study the course. They stand at ready, waiting for the gun to sound. All those months of training have led up to this moment and then boom, the gun goes off and they start to run.
In real estate, the starting line is the submitting of a buyer?s first offer. The buyer has worked hard with their agent, diligently looking at properties and eliminating the ones that do not fit their buying criteria. Finally, a property that they want to make an offer on appears. Along with their agent, they sit down and go over the market analysis, write out the offer and submit it to the listing side. They wait in anticipation and, possibly, have a few counter-offers (the light jogs to get warmed up) and then boom! the seller accepts the offer and the transaction is off and running!
During the course of any run there will be some downhill slopes. With these stretches of the course the runner will feel as though they can conquer the entire course and maybe do so in a personal best time! It is easy to forget the many different aspects of the race at this point, the length of the race and the other factors that will make it a long and difficult run!
In real estate there are many time when there is not a lot going on in the transaction ? between the Purchase & Sales agreement and the Mortgage Commitment date there is a period of maintenance where the buyer feels in the clear.
Like in running it only takes a small hill and stick in the road to cause a distraction to the runner, this too is true for buyers. A small hill can be seen as a major setback, when it?s just another obstacle to climb. Lets talk about those hills.
There are, as any runner knows, many different types of hills ? small ones, medium ones, gradual but continuous ones and then heartbreak hill type ones that are almost unbearable. Runners train for hills, but even so they are difficult to maneuver when you?ve been exerting such energy during your run.
In real estate, there are many hills along the way that can cause the transaction to slow down (like I do when I go running and reach a hill ? I slow WAY down). Inspection issues, mortgage commitment snags and more can cause a transaction to hit a minor bump in the road. Just like in running, all of these snags can be overcome but sometimes it takes just a little more exertion and effort to get there. That?s why a good real estate agent is crucial because, like an elite runner, they?ve done it all before and have trained for bumps in the real estate transaction road.
Image Source: http://www.boston.com/sports/other_sports/running/gallery/baa_half_2011?pg=4
You can see it in the distance or maybe (like at the BAA 1/2 Marathon) you run by it during the course of the run. With a mile left you can sense it getting closer and closer, your anticipation of being done is building and your legs are wishing it was over at that moment. The runners push through though and finish the race regardless of the pain that they?re in. A medal is hung around their neck in honor of their accomplishment and their loved ones give them hugs (regardless of how sweaty they are) because they are as excited for their accomplishment.
In real estate, the finish line is obviously the closing. You start to get close as the mortgage commitment is finalized and then you attend the final walk-through. Finally you arrive at the closing and the anticipation builds. Every signature and initial on the paperwork makes the buyer that much closer to home ownership when finally the paperwork is done and instead of a medal around their neck they receive the keys to their new home!
A transaction is no longer a light jog at your local track ? it has turned into a 5k, 1/2 marathon or sometimes a full marathon. There is no transaction that with the right agent, right training and mindset can?t be overcome. The buyers goal is always the real estate agents goal ? to move through the transaction as smooth as possible, but to conquer any minor bumps in the road as they come along while proceeding to the end goal.
Related posts:
- Myth: Go Direct to the Listing Agent to Save Money!!
- CENTURY 21 and The Madden Team ? List Your Home $8,000 Sweepstakes
- Who Represents YOU?
- Handling Offers ? Do Listing Agents Disclose Other Offers?
- NAR?s Profile of Home Buyers and Sellers Stats ? Then and Now
Source: http://www.themaddenteam.com/?p=1835
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