Real estate agents - claim thousands of ready buyers??

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dm200
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Real estate agents - claim thousands of ready buyers??

Post by dm200 » Sat May 05, 2018 1:53 pm

In this area (Washington DC) there are two heaily radio advertised agents that claim:

1. Each has thousands of ready buyer (one claims over 8,000 and another over 5,000)
2. Each claims to sell faster than average AND higher than average sales prices
3. Each claims thay will BUY the house f it does not sell withing agreed time and amount

Seems too good to be true - how can they each really have (over 8,000 and over 5,000) ready to buy purchasers?

Wellfleet
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Re: Real estate agents - claim thousands of ready buyers??

Post by Wellfleet » Sat May 05, 2018 2:02 pm

We have the same ad in Boston as well. Santana Hudson...is the ad read by one of the local news radio personalities?

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dm200
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Re: Real estate agents - claim thousands of ready buyers??

Post by dm200 » Sat May 05, 2018 2:06 pm

Wellfleet wrote:
Sat May 05, 2018 2:02 pm
We have the same ad in Boston as well. Santana Hudson...is the ad read by one of the local news radio personalities?
yes - one is a radio sports talk guy. https://www.thelaheygroup.com/

This one claims over 8,000 ready buyers on their "list"

codedude
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Re: Real estate agents - claim thousands of ready buyers??

Post by codedude » Sat May 05, 2018 2:07 pm

Maybe they have access to a database of 5 or 8000 buyers and can claim they have 8000 buyers.

They said they will buy the house, but are they saying they will buy at the list price or at a lower price, say 25% less).

As the saying goes, the devil is in the details 😀.

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dm200
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Re: Real estate agents - claim thousands of ready buyers??

Post by dm200 » Sat May 05, 2018 2:17 pm

codedude wrote:
Sat May 05, 2018 2:07 pm
Maybe they have access to a database of 5 or 8000 buyers and can claim they have 8000 buyers.
They said they will buy the house, but are they saying they will buy at the list price or at a lower price, say 25% less).
\As the saying goes, the devil is in the details 😀.
Oh, yes - I would be sure the "buy" price and terms are less than the advertised price.

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Re: Real estate agents - claim thousands of ready buyers??

Post by kjvmartin » Sat May 05, 2018 2:31 pm

2-3 weeks ago we were dealing with 8-10 offers on each house we wanted. They were typically pending and under contract by the close of the 2nd business day on the market. It was still pretty wintery outside.

It has become spring/summer. I am seeing more notifications from my Realtor for our desired area/budget. We flagged three for showings with open availability after work on our end. They were gone before dinner time that night, we couldn't even see them. Realtor says the increase in listings has been eclipsed by an increase in buyers. Each listing creates a "frenzy" of attention. Prices are through the roof.

Not by choice, but I am holding & growing my cash hoping for an opportunity down the road. We've outgrown apartments, and rents to accommodate a family of five have become absurd. Three kids in a bedroom for now and no yard or basement. A mortgage payment is better for cash flow, and we have savings, but the market has become uncooperative. Our in-laws bought a modest 1000 square foot ranch, in 2014, in a middle class area for under $100,000. We just bid on one around the corner asking $235,000. We bid $241,000 and found we were "blown out of the water." Our city did not suddenly become Amazon HQ, Silicon Valley, or develop a new industry. This makes me feel like prices are inflated beyond sustainable.

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123
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Re: Real estate agents - claim thousands of ready buyers??

Post by 123 » Sat May 05, 2018 2:38 pm

So instead of a 6 month listing they should be able to agree to a 30 day listing agreement!
The closest helping hand is at the end of your own arm.

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dm200
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Re: Real estate agents - claim thousands of ready buyers??

Post by dm200 » Sat May 05, 2018 2:47 pm

kjvmartin wrote:
Sat May 05, 2018 2:31 pm
2-3 weeks ago we were dealing with 8-10 offers on each house we wanted. They were typically pending and under contract by the close of the 2nd business day on the market. It was still pretty wintery outside.

It has become spring/summer. I am seeing more notifications from my Realtor for our desired area/budget. We flagged three for showings with open availability after work on our end. They were gone before dinner time that night, we couldn't even see them. Realtor says the increase in listings has been eclipsed by an increase in buyers. Each listing creates a "frenzy" of attention. Prices are through the roof.

Not by choice, but I am holding & growing my cash hoping for an opportunity down the road. We've outgrown apartments, and rents to accommodate a family of five have become absurd. Three kids in a bedroom for now and no yard or basement. A mortgage payment is better for cash flow, and we have savings, but the market has become uncooperative. Our in-laws bought a modest 1000 square foot ranch, in 2014, in a middle class area for under $100,000. We just bid on one around the corner asking $235,000. We bid $241,000 and found we were "blown out of the water." Our city did not suddenly become Amazon HQ, Silicon Valley, or develop a new industry. This makes me feel like prices are inflated beyond sustainable.

kjvm
We are not buying or selling now - but in the last year - we know many folks who have sold their houses very quicky at asking price or above. Amazing ...

We know one family (2 children) bought a small 2 BR side by side (very small) for $375,000.

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Re: Real estate agents - claim thousands of ready buyers??

Post by bob60014 » Sat May 05, 2018 2:50 pm

If the MLS or even Realtor .com shows 8000 listings, there are your potential buyers, they have to go somewhere. A quick search of realtor .com does indeed show 8622 listings in a 10 mile radius from central DC.

kjvmartin
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Re: Real estate agents - claim thousands of ready buyers??

Post by kjvmartin » Sat May 05, 2018 8:01 pm

dm200 wrote:
Sat May 05, 2018 2:47 pm

We know one family (2 children) bought a small 2 BR side by side (very small) for $375,000.
That's crazy, depending on the area. I know there are outliers, but for much of the country that would be unattainable. My wife and I are degreed middle class full timers and would be unable to afford that small 2 bedroom.

This is either a bubble or the start of a crisis, IMO.

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pointyhairedboss
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Re: Real estate agents - claim thousands of ready buyers??

Post by pointyhairedboss » Sat May 05, 2018 10:17 pm

Jonathan Lahay commercials in DC are played all the time. I had the same question as the OP - where does he get his exclusive database of home buyers? I know its just a sales pitch, but I am still curious the basis of the statement.

Personally I think its a weak commercial. If Jon has this large database with home buyers, than wouldn't it be better for the seller to find a different listing agent to avoid dual agency? If Jon has the buyers, great, let me get a listing agent and we can work a deal.

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pointyhairedboss
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Re: Real estate agents - claim thousands of ready buyers??

Post by pointyhairedboss » Sat May 05, 2018 10:26 pm

Frankly Real Estate is a good site to query MLS info in the DC/DMV area

Here is Lahay's actives and under contracts:
http://frankly.com/default.aspx?m=R&s=( ... &l=0&h=ALL

Notice more than half of the listings have been on the market for 42 days or more. Also consider that DC is a seller's market right now.

Here is a list of the Lahay's sold properties since 2016.
http://frankly.com/default.aspx?m=R&h=A ... x=sold2016

I don't see very many sold's where Lahay represented both sides of the transaction. This is a good thing, but it does rebut the notion that he has the buyers.

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jabberwockOG
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Re: Real estate agents - claim thousands of ready buyers??

Post by jabberwockOG » Sat May 05, 2018 10:42 pm

Agents compete extremely hard to list a home for sale because as the sellers agent they have to do almost nothing in terms of real work yet they still earn a significant commission on the sale. The reality is that the listing agent usually does almost nothing on a sale while agent working with a buyer does 95% of the work in any sale of a home, showing their buyer sometimes dozens of homes over many weeks to find the right home and then making sure the sale is executed.

Agents offering to list your house for sale that say they personally have thousands, hundreds, or even a dozen ready buyers for your home are lying, plain and simple. These same listing agents will also tell you how hard they will work to sell your house - this is pretty much pure horse pucky since there is very little they can do as the listing agent. Sadly naive home sellers love to hear this kind of BS pitch because the vast majority actually don't understand how real estate is actually sold these days.

I would not do business with this kind of person because what else will they lie about in your deal? I would think pretty much anything would be fair game.

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dm200
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Re: Real estate agents - claim thousands of ready buyers??

Post by dm200 » Sun May 06, 2018 7:26 am

kjvmartin wrote:
Sat May 05, 2018 8:01 pm
dm200 wrote:
Sat May 05, 2018 2:47 pm
We know one family (2 children) bought a small 2 BR side by side (very small) for $375,000.
That's crazy, depending on the area. I know there are outliers, but for much of the country that would be unattainable. My wife and I are degreed middle class full timers and would be unable to afford that small 2 bedroom.
This is either a bubble or the start of a crisis, IMO.
It is in Arlington, Virginia - right in my neighborhood. Two income family. Sure seems crazy to me as well - but, who knows? Public schools are well regarded by such folks.

Actually, it is even worse than my original post -- they paid $475,000 - had a typo in the OP.

IngognitoUSA
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Re: Real estate agents - claim thousands of ready buyers??

Post by IngognitoUSA » Sun May 06, 2018 7:32 am

dm200 wrote:
Sun May 06, 2018 7:26 am
kjvmartin wrote:
Sat May 05, 2018 8:01 pm
dm200 wrote:
Sat May 05, 2018 2:47 pm
We know one family (2 children) bought a small 2 BR side by side (very small) for $375,000.
That's crazy, depending on the area. I know there are outliers, but for much of the country that would be unattainable. My wife and I are degreed middle class full timers and would be unable to afford that small 2 bedroom.
This is either a bubble or the start of a crisis, IMO.
It is in Arlington, Virginia - right in my neighborhood. Two income family. Sure seems crazy to me as well - but, who knows? Public schools are well regarded by such folks.

Actually, it is even worse than my original post -- they paid $475,000 - had a typo in the OP.
And if Amazon moves into the area....

Sam1
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Re: Real estate agents - claim thousands of ready buyers??

Post by Sam1 » Sun May 06, 2018 8:05 am

dm200 wrote:
Sun May 06, 2018 7:26 am
kjvmartin wrote:
Sat May 05, 2018 8:01 pm
dm200 wrote:
Sat May 05, 2018 2:47 pm
We know one family (2 children) bought a small 2 BR side by side (very small) for $375,000.
That's crazy, depending on the area. I know there are outliers, but for much of the country that would be unattainable. My wife and I are degreed middle class full timers and would be unable to afford that small 2 bedroom.
This is either a bubble or the start of a crisis, IMO.
It is in Arlington, Virginia - right in my neighborhood. Two income family. Sure seems crazy to me as well - but, who knows? Public schools are well regarded by such folks.

Actually, it is even worse than my original post -- they paid $475,000 - had a typo in the OP.
475k in arlington is a steal. That’s a studio or crappy one bedroom in DC.

The reason for this is that wages are fairly high in dc. Most families are dual income. It’s easy to pull in 300k in HHI with two educated workers. This is why the $1 - $1.4 mm price point is so expensive. For a long time dc real estate was very underpriced given the salaries.

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dm200
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Re: Real estate agents - claim thousands of ready buyers??

Post by dm200 » Sun May 06, 2018 8:10 am

Sam1 wrote:
Sun May 06, 2018 8:05 am
dm200 wrote:
Sun May 06, 2018 7:26 am
kjvmartin wrote:
Sat May 05, 2018 8:01 pm
dm200 wrote:
Sat May 05, 2018 2:47 pm
We know one family (2 children) bought a small 2 BR side by side (very small) for $375,000.
That's crazy, depending on the area. I know there are outliers, but for much of the country that would be unattainable. My wife and I are degreed middle class full timers and would be unable to afford that small 2 bedroom.
This is either a bubble or the start of a crisis, IMO.
It is in Arlington, Virginia - right in my neighborhood. Two income family. Sure seems crazy to me as well - but, who knows? Public schools are well regarded by such folks.
Actually, it is even worse than my original post -- they paid $475,000 - had a typo in the OP.
475k in arlington is a steal. That’s a studio or crappy one bedroom in DC.
The reason for this is that wages are fairly high in dc. Most families are dual income. It’s easy to pull in 300k in HHI with two educated workers. This is why the $1 - $1.4 mm price point is so expensive. For a long time dc real estate was very underpriced given the salaries.
Small, unimproved single family homes sell for about $650-$700k. This is only 2BR, older (1940's) - side by side (sometimes called duplex). My guess is that location (good public transportation and desirability of schools) were high priority for them. That is quite cramped, by todays standards, for families though.

mrpotatoheadsays
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Re: Real estate agents - claim thousands of ready buyers??

Post by mrpotatoheadsays » Sun May 06, 2018 9:00 am

Google "snake oil salesman".

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Re: Real estate agents - claim thousands of ready buyers??

Post by cherijoh » Sun May 06, 2018 9:10 am

dm200 wrote:
Sat May 05, 2018 1:53 pm
In this area (Washington DC) there are two heaily radio advertised agents that claim:

1. Each has thousands of ready buyer (one claims over 8,000 and another over 5,000)
2. Each claims to sell faster than average AND higher than average sales prices
3. Each claims thay will BUY the house f it does not sell withing agreed time and amount

Seems too good to be true - how can they each really have (over 8,000 and over 5,000) ready to buy purchasers?
I suspect that they are counting the same people and counting them multiple times. House A goes on the market and has 10 potential buyers. House B goes on the Market and has 10 potential buyers. Seven of them bid on both houses - the realtors count it as 20 potential buyers when it is actually 13 unique potential buyers.

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Re: Real estate agents - claim thousands of ready buyers??

Post by LadyGeek » Sun May 06, 2018 9:27 am

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