The Golfi Real Estate Show

Is Buyer Fatigue Starting To Set In & Strategies For Buying In A Seller's Market | The Golfi Real Estate Show - Hamilton Edition (Feb. 27)

March 02, 2021 Rob Golfi Season 3 Episode 26
The Golfi Real Estate Show
Is Buyer Fatigue Starting To Set In & Strategies For Buying In A Seller's Market | The Golfi Real Estate Show - Hamilton Edition (Feb. 27)
Show Notes Transcript

On this week's Hamilton edition of The Golfi Real Estate Show, Rob Golfi and CHML host Rick Zamperin talk about whether buyer fatigue is starting to set in, the strategies for buying a home in a seller's market, and how listing your house for $1 is usually a bad idea.

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Good morning Hamilton. This is Rob Golfi with the Golfi team. Welcome to the Golfi real estate show Hamilton edition with host Rick Zamprin. Good morning, once again, Rob Golfi.com is the website you want to visit. If you are thinking about selling your home, or maybe you've tried to sell your home and you just can't sell it in this market.

I mean, that would be remarkable.  To, to understand because we are in a seller's market, but remember the Golfi team gets it sold and they do so safely during this COVID 19 pandemic call Hamilton and Burlington's number one Remax team in volume and unit sales at (905) 575-7700. That's (905) 575-7700.

You can check out the Golfi team all over Instagram, Facebook, and Twitter. Awesome videos and listings. Of course, I always like to see those listings crop up on my Facebook feed and I'm watching these amazing videos with the music and the scenery. And even in the, you know, the dead of winter things are looking fantastic in terms of, you know, sight lines and neighborhoods.

Kind of,   when you get the drone footage,  awesome videos on the Instagram, Facebook and Twitter of the gulpy team. And if you have a question or a topic idea that you want us to address on a future program, send the Golfi team. An email that email address is questions@robGolfi.com. Again,  questions@roGolfi.com.

I'm going to talk about a few different things today, including how do you buy a home in a seller's market? We're in one right now. And for some people, it is,  it's rewarding for others. For many others. It is frustrating. We'll get into that. Let's talk about why that house is listed for $1. Rob is going to take us on a trip down to the big smoke Toronto, because, well, there's been a few homes over the years that have been listed for a dollar and a more often than not you'll find out it doesn't really turn out the way that the home seller is hoping for.

But to begin today, we're going to talk about what's happening in the local market and a lot is happening. In Hamilton and Burlington what's happening a lot is happening still multiple offers. We're starting to sense buyer fatigue.  What's going on out there is,   there's,  less showings happening per listing.

And I mean, there's, the buyers are still out there, but now they're starting to drop off the ones that didn't get the houses. They're saying, Hey, You know what I'm just getting out of this market, forget it. I'm done. And we're starting to see that that starting to happen.  Those people are just waiting on the sidelines and,  so, so it's, it's, it's starting, it's starting to last, like, like I said, this market is not going to last forever people.

If you're looking at selling your house, you better do it. Now, if you want top dollar, otherwise, When the market changes, you're going to want what your neighbor got and it's not going to happen. And then you're going to be frustrated what I'm sensing right now, as we're putting houses up for sale, the sellers right now are seeing there the houses on their streets selling.

So let's say one house sold on their street for 600 while they want, they want 700. So they want to list that 600 set, six 50 and what's happening is, and they're holding offers. And they're not getting anybody. We're already starting to see realtors sending, sending us messages, saying, Hey, we got no offers registered for this, this house that we were holding offers for, bring yours in now.

You're, you'll be the only one. You know what I mean? So that is what's starting to happen. And,  so. Again, we're going to see changes.  Like we're not going to find out the actual numbers probably till,  April the beginning of April, because March is going to be the month that we're going to really find out what's really going to happen with this market right now.

So we're already starting to see a little bit of a shift. So,  you know, this is,  right now is the best time to sell.  The best time to buy was last year in April. Have you bought then and you want to make some money. This is it. This is the time to do it.  So, and, and, and, and, but, but I'll tell ya,  do you have those numbers that I sent you in regards to average, to the list of sale ratio?

Sale price to list price. Yes. Hamilton, you can see like it's been climbing like from November, December, January. We're like so far this month we're 112.8, 4% list sell ratio. So, and that's the average and that's Hamilton and surrounding areas, including Stony Creek water down in Flamborough,  unbelievable a how it see how it's climbing there.

Does that mean for Hamilton, for example, because this,  you know, it looks at the trend or it looks at the, the statistics really,  from November, December, January, and February.  Does that mean that 112.8% in February, the sale price was 112% over the list price, right? That's right. It was. So let's say, so let's say you had a host that was a hundred thousand dollars.

You, the average was sold for 112.84. $112,000. Amazing. That's incredible. And,  in Burlington,  it was hovering around a hundred to a hundred, 204. And then look at that February, it jumped 109. So, so far, I mean, we haven't had, we we're not finished with the month yet. We still got some time left. So, well, I'm curious to see what the month is going to finish off at with that, but 109.4, 3% in,  in Burlington.

So the month of February is been. Like rocking when it comes to selling,  selling homes,  over list price. Same story for Niagara falls as well in November,  that sale to list price was 98% and went to 99.8% in December 100, 4% in January and now 108% in February. Yeah, just,  incredible. And,  and St Catherine's is up to 110% for,  for February.

So, and they started off at a hundred in,  in November and then it climbed and,  and Welland. Again, there you go. It's 112, same as Hamilton. So they've there. They've got a,  an,   a great market in Welland and I, I didn't,  I didn't send you the Fort Erie numbers, but, but,  Welland is,  is really,  kicking butt when it's,  coming to the,  over a list, price or ratio.

So you mentioned buyer fatigue and,  I think most people, if not everyone was under the impression that this crazy market wasn't going to last forever in saying that, that did you expect February to maybe be the month to begin seeing that buyer fatigue? Or were you anticipating maybe March, maybe even April.

I think March will be the tail end of anybody getting. Their best buck out of, out of their house. I think,  I think if they're, if they're thinking about selling it April or may they better think they better change their mind and do it now,  because it's, it's going to change. And I remember in 2016, I remember 2017 when it changed.

And when it changes, we're not saying the market's going to come down, we're just saying the market's going to stop. Having that frenzy, you're not going to get 10, 20, 30, or even 50 offers on one house. You're going to get, you know, maybe one offer in that set it just, but, but the problem here is that the sellers they've done so well in the last four months, they've done extremely well.

Now they're getting more aggressive with their price. And now they're pushing it to the limit. So the, so the sellers are getting, I don't want to say the word greedy, but they're, it's, they're, they're pushing the limit when, when,  when it's,   coming to listing their house. So, I mean, they want to list their house at a high number and they want to even get even more of a bigger number in, and a lot of, and we're finding a lot of houses are being canceled after one week on the market.

Right now because they tried, they tried putting their house up on the market. They were holding offers and they got zero offers. So now what's happening. So the, you know, the agents going, Oh my God, what am I doing here? So I got to cancel the listing and we got to go to plan B and selling this house. So it, and they're not, they're not doing the,  let's hold offers for five days.

And then let's see what happens. That is changing. It depends on, on the price point. Like you, you really got to listen to your realtor when it comes to pricing points. Some realtors are not pricing it. Right. They're pricing it too high. And that's why nobody's coming. It's there already. They're already pushed the limit.

 When they're holding offers, nobody's willing to go even higher than that because it's already at the high number. So they, they gotta be very, very careful.  But, but we're noticing less things are happening per listing right now. So, so we're seeing buyers are starting to walk away. In this market and they're just going to hold back and wait on the sidelines and sees what's going to happen in the next couple of months.

You mentioned price point and there is a home on my street, but just sold.  It was listed and we were all kind of not, we, my wife and I were very surprised when we saw the listing price at five 39. This is central mountain. We know the average price is in and around $700,000. And, you know, looking at that number, we both thought, wow, they're really pricing it low to get the, that multiple offer kind of situation.

It reportedly sold that. I, I don't have any official stats on this, but I was told by a neighbor that it sold for $720,000. So one 81 over asking. So price point in this market at this juncture with buyer fatigue is extremely important. It is. And, and, and that price point under the 600. Is like a great price point.

Once you start getting into the seven, eight, 900, even over the million, we had, we had one,  property that we weren't holding offers. We just,  but it was listed at two and a half million dollars. And. We're like, well, you know, people were afraid to like, they're not jumping in like fast. Like we, we did have a couple offers we did, but it didn't sell over asking though at a two and a half million dollar Mark.

So you, you, you gotta be very careful. Like if somebody was holding offers on that two and a half million dollar house, they would have got zero offers. We did not hold offers. We did get a couple offers, but not one offer came. To the full price. So again, you gotta be very careful in this market right now.

It could hurt you.  You got one shot at it. You know what first impression is is what gets you the biggest dollar? So you've definitely got to be careful in how you price your house in this market. And,  and you'll do you'll do very well, but anything under the 600 range is gonna is, is. Is killing it out there, killing it in Nagra anything under the 500 range.

And in Burlington, anything under that seven, seven, $800,000 range is doing really well. But once you start getting a little higher than that and holding offers, you're really taking a risk. And in my opinion, you have to be very, very careful. Call Hamilton and Burlington's number one Remax team in volume and unit sales at nine Oh five five seven five 77, a hundred.

Online the website, the checkout is Rob Golfi.com. That's Rob G O L F i.com and check them out on Instagram, Twitter. And Facebook as well. When we come back, how do you buy a home in a sellers market? There might be some buyer fatigue, but we're still in a sellers market. How do you go about doing that?

Stay tuned. The Golfi real estate show Hamilton edition continues on 900. CHML. Welcome back. This is the Golfi real estate show Hamilton edition on 900. CHML. My name is Roxanne prin in studio on the line is Rob Golfi sales representative with Remax is Guttman Realty, the Golfi team for the hottest listings in Hamilton and Burlington.

Go online to Rob Golfi.com. That's Rob G O L F i.com. Call Hamilton and Burlington is number one Remax team in volume and unit sales at (905) 575-7700. And check them out on Instagram, Facebook, and Twitter. If you have a question for the Golfi team or topic idea for a future show, send them an email questions.

At Rob delfi.com still become white. Is that a house listed for a dollar? That should be an interesting discussion, but we were talking in our first segment about buyer fatigue, but we're still in a sellers market,  who knows how long this seller's market might continue for. It's probably for at least a few more months.

So how do you buy a home? In the sellers market, there's a particular strategy involved in this. Isn't it? There is. There is. So we just had a situation,  this week. And remember I mentioned about having the deposit check.  With the offer, the a bank draft. I'm not sure if we talked about that. We did, but,  so what happened is,  agents had a buyer, they were buying a Caledonia.

And,  she said to me,  Mike, the agent that works with me on my team, she said, Rob, is it okay if I just take a picture of the bank draft and send it to the agent? I go, no, you go and get that bank draft to that agent. And make sure they have it in their hands. Okay. So the bank draft was dropped off at the,  agents, agents office.

And so anyway, so,  everybody emailed their offers, right? And our agent emailed her, her offer. And for some reason it went into junk mail anyway, and he went out of his way to call and say, Hey, listen, I don't have your offer. I did send it. He found it. It was in the junk mail. So anyway, so because of the bank draft, He was focused on her offer completely because he had a cash offer in his hands and he had a bank draft.

Now, if you're $10,000, less than the other offer and you have a bank draft there, you're going to get that deal because you got a bank draft right there. That's how you win in this market. You gotta be on top of it. Like we like in this market, sometimes people will, you know, they say, okay, I'll have the check for you tomorrow morning.

Guess what? Tomorrow morning is, is forever. They, they change their mind. They sleep on it. So again, to, to win in this market and we do it and we practice that. We practice that you get a bank draft and you get, you have it with the offer. You will win that deal no matter what, because they'll work with your offer because they have the bank draft in their hands.

Everybody else doesn't want to pay the 10. I'm not sure how much it costs to put a bank draft together, you know, five, $10 or whatever, just do it. You know what you guys are going over asking. Anyway, what's five, $10 to get a bank draft done. If it does, if it's not your deal, you didn't get it. Just go back to the bank, put it back in your account and then go onto the next deal.

But like I said,  the bank draft is a huge plus a huge plus, and there's a lot of other factors involved in there in how to win in a sellers market. Well, in terms of the bank's draft,  you know, that just proves that number one, the buyer is serious and that proves that to not only the realtor, but the home seller as well, but there's also, it removes any kind of question on whether or not,  you know, this deal is going to go through.

I mean, if you have that bank draft in hand and the realtor and the home seller, Knows that they can work with this perspective home buyer that it's not a deal, unless you have,  a check or a bank draft. It's not a deal. Like I said, you can get a, you know, every, you know, everybody says, Hey, yeah, I got, I sold the house,  last night for, you know, a hundred thousand over asking, but, but we don't publish the, how much it sold over at how much it sold for anything until we have that check in our hands.

And it has happened. I'll tell you, it ha has happened where we didn't get the check the next day. And now that kind of messes things up. And the other thing, as a seller, as a seller representing as a, as an agent representing the seller, sometimes you've got to accept two offers because if the first guy doesn't bring his check, at least you got the second one as a backup that you can deal with.

So there's, there's a lot of factors. There's a lot of experience, a lot of stuff behind the scenes that you got to know on how to deal. When you're dealing with,  as, as well that's as a seller, but as a buyer, you know what that bank draft is going to be the key thing, for sure. There's a great blog on the Remax, a website pointing to the annual housing market outlook report that analyzed Canadian real estate trends from the past 12 months.

And it forecast activity for the upcoming year. And Remax is determined that 32 of the. 39 Canadian housing markets examined our sellers markets right now only five were identified as being imbalanced territory and just two West Vancouver and St. John's Newfoundland were buyer's markets.  And you know, they list that, you know, there, there's a number of things that,  a.

A home buyer should be doing in a sellers market, including, you know, be informed about market conditions, know your budget. Obviously you have to know your starting point,  be prepared to act fast. And you know, we're talking about bank crafts and, you know, getting your, your best kind of offer on the table.

You'll have to make a quick decision obviously about that. Make a strong offer, make your best offer. And one of the keys to this, one of the most interesting points in this,  you know, kind of,  suggestions from Remax is be prepared. The pivots have a backup plan in place and that, and that you just referenced that from a home sellers aspect, from a home buyers aspect,  have a backup plan in place might be easier said than done sometimes because there is some other,  you know, homes that you could be looking at as well.

Oh, absolutely. I mean, it's, it's tough. Like it's tough. It's frustrating. And buyers are getting upset and agents and agents that are representing buyers. They're getting upset, you know, and they're just wondering why didn't get the, they come in with their best offer. Then they come after and say, how come you didn't give me another chance.

I said, we gave you a chance. We told you, you know, there's 10 offers. Well, you know, you should have told him, you know, so it's just, you, you try to, you try to do everything exactly like. Th th the,  onto your real estate association, handbook, and Honda deal with multiple offers, but people still get upset.

It's it is frustrating. And,  but it's just the way the market is, and we have to live through that. And,  and it, and it's been tough, but the thing is you got like, like, like the thing is you gotta work with a pro, you've got to work with a pro, you got,  and that works on both sides in how to deal with the offers.

And,  and if you have, if you're having an agent that's representing you, you got to know, not only know the market, but know who you're up against. When it comes into working with, with,  with that buyer and you got, you actually got to get to know the,  the agent that's got that has the house listed, get to know them, find out what, you know, just, just trying to, you know, be friends with them, you know, and if you don't know him, just, you know, let them know about your client and let them know about,  you know, what, where they're going, where they're coming from, how what's happening.

You'd be amazed. Of billing relationship during the five days while you're waiting to have that offer presented. Cause you're going to be competing against everybody else. You build a relationship with that agent and you and you, and you let them know about your clients. You let them know where they're coming from.

You let them know that the family and all that you'd be amazed that he may gave that guy a second chance. Like he might be off maybe $3,000 or $5,000. He may say to him, Hey, listen, I've been talking to you and I like you. You know, if you can come in another,  $8,000, it's your deal sometimes, you know?

And, but they give everybody a chance to give a second chance. But, but the thing is you it's building relationships too. Like it's building relationships,  goes a long way when you're representing a buyer and building a relationship with the listing agent. Absolutely. It's you, there's so many factors involved and you'd be surprised how much, how far it goes when you, when you.

When you,  dealing with,  that sad circumstance. One last tip on how to buy a home in a sellers market is have a thick skin as we've seen in this market. For sure. There's only one winning bid and there could be 10, 20, maybe even more,  potential home buyers who are having to shuffle off to the next property.

Absolutely. You have to have thick skin just because like it's a, the ages you got, you got,   one out of maybe, yeah, you're right. 20 or 30 agents and the 20, 30 agents that didn't get it. Whoa. They're just, you know, and, and some of those agents that are representing the buyer, some of those agents actually do come in under asking price and they're do, you know, and they're representing their client.

And I think, and they could be new buyers into the market. So they got to get a feel of what's happening. So for instance, let's say a house is listed at 550,000. And,  an agent,  has a client they're new the, into the market, you know, and they go in at 500,000 and it asked him, price is five 50. He's telling his clients, you know, you shouldn't even be going in at all if you're not going full price or more, but, but you got to do your job.

You gotta do your job. You're representing your buyer. So they go in and then they find out after. Right after it, it's it's sold.  They go to their clients say, Hey, listen, you know, that 500,000 you went in, well, it actually sold a hundred thousand over asking. So you were we're off 150,000. So sometimes the new book I was coming to the marketplace, they need to get kicked in the butt a few times before they actually, you know, step up their game and, and get going.

And, and that's the sad part in dealing with,  when you're a sales representative, dealing with a new buyer, because it could be the best house for them and they would have paid.  A hundred thousand over asking, but they didn't do that because they're brand new into the marketplace. So that's the hard part about,  about this.

So you have to have it, you have to have thick skin. Absolutely. There's a lot of variables and, and, and it's, they should have a show on people getting, losing out on the offers. On every, all the agents, how they react and how the, how the buyers that were one of the buyer, how they reacted, it'd be a UBC surprised on,  the, the attitudes and, and,  and, and the, how people are upset about that.

And, and people get angry. You'd be surprised. I can imagine if you've missed out on a home or to call the golfing team at (905) 575-7700. That's (905) 575-7700 or online@arobbelfi.com. And they're all over Facebook, Twitter, and Instagram. As well.  Why is that house listed for a dollar a few times a year, we see a Toronto house get listed for a buck.

Media, picks it up,  the Golfi team's phones start to ring. I'm sure all the realtor's phones start to ring, but is that $1 listing? A good idea. Bad idea. Bad idea.  Because you know what it is, you don't have a benchmark. And,  and then you're gonna, you're going to get all your time wasted. So if you're a realtor that lists for a dollar, there's a couple of reasons why you're putting it for a dollar.

You don't know what the actual value is. So,  so you put it for a dollar and then everybody's going to come in with low offers. And, and again, it's, it's a lot lower than what the homeowner wants and it just, and it just goes back off the market.  It's, it's not a good tactic. To, to, to, to put your house on the market.

Now, just think about this. Now, if you're a buyer looking for a house, you're going to say, I am looking for a house between 500 and 700,000. Do you know that house for a dollar that show shows up on MLS is not going to even be on your, on your radar when it comes, when, when a new listing comes up. So, so you eliminate all that and then, and then you're expecting all this, but there's so many examples of, of, of this failing and you get, I usually get maybe one or two a year, but I'd say, I'd say at least one a year that comes out.

They list for a dollar between the Hamilton Niagara in the end, the GTA. And it's all because either the agent doesn't know his, his, his market, or he just can't get the number that he wants, or it just, there's a lot of circumstances out there and it's not a good tactic. And if your agents telling you to list for a dollar walk away, fine, find somebody else that knows the market better.

So just last week, the Toronto star picked up a story about a house in the junction that was listed for a loony.  It was on the market for a few months at a few different prices. And now the listing is claiming that it's the best offer wins for sure. 100%.  Despite the agent telling the star that they won't accept less than $700,000, you've gone through a number of homes over the years that have been listed for a dollar in Toronto.

And they haven't really panned out. They haven't, they haven't,  LA  all of them end up failing. They just,  you know what I mean, people don't know, you know, like you need a benchmark, you need to know. Okay. Hey, it's okay to list undervalue. But like, but have a benchmark where people do start at like, like $1, like, you know, as, as a realtor, I think it's, it's, it's, it's not,  it's not gonna work out well, you're gonna end up losing that client and they're going to go to somebody else that knows the market.

And then you're going to be known as the guy that doesn't know the market. So don't like, I personally don't think I would never accept to list a house at a dollar. I would never do that. And,  and. And I know any of my team members would even think about it, but,  again, the $1 is not a good tactic,  to sell your house, you will lose more money than anything.

And there's so many examples here.  Rick, that it shows they all failed. The like,  they all failed. Like they, you know, there was one in the bridal path, they had it listed it's, it's like two, three years on the market and they still couldn't get an offer even when they put it at a dollar and they, and they tried different tactics and they couldn't do it just listed at the right price.

It'll sell that's it, it just, you know, the, the people know the market out there, the people do, but when you put it on a dollar, you kind of attract a lot of buyers that don't qualify to buy that house. And, and they're just going to go in, they're going to go in at a hundred dollars and you know, you, you waste a lot of time.

And if, I guess if you only got one house you sell a year, I guess you got the time to deal with it, but,  that's not the way to go. You can listen to our show online through Spotify, iTunes, Google podcast, Stitcher, and many more. Just search for the gulpy real estate shell in your favorite podcast platform and hit the follow button.

So you never miss an episode for the hottest listings in town. And online the Rob Golfi.com. That's Rob G O L F i.com and call Hamilton and Burlington's number one Remax team in volume and unit sales at (905) 575-7700. When we return thinking about buying a home with a friend or a family member and living with them, we'll tell you how to do it.

When we come back here on the Golfi real estate show Hamilton edition on 900 CHML. Welcome back. This is the Ghelfi real estate show Hamilton addition on 900. CHML. My name is Roxanne prin. Joining us once again is Rob Golfi sales representative with Remax is Guttman Realty, the gulpy team. Check them out online@robGolfidotcomatwebsiteaddressagainisrobgolfi.com.

Call Hamilton and Burlington's number one Remax team in volume and unit sales at (905) 575-7700. That's not no five five seven five seven seven zero zero. And checked out the Golfi team on Twitter, Facebook, and Instagram. Thinking about buying a home with a friend or family member and living with them.

Hmm, it kind of sounds like there might be a lot of cons to that, but it could be some pros as well. It's become increasingly popular because a lot of first-time buyers, especially just can't afford Ava down payment or the mortgage payments because well, you know, housing prices in Hamilton, Burlington, Niagara even have absolutely skyrocketed.

So is this a good idea? Can it work, Rob? It does work, but it doesn't work a lot of the times and you have to be very, very careful. I knew of,   two cousins,  bought a house together and they moved in. Now the one cousin did not know the other cousin like to smoke marijuana. So, so the house was always smelling like marijuana.

Well, the other cousin would go into work smelling like marijuana that didn't smoke marijuana. So it was, it was pretty bad. It was,  it was,  so that lasted probably I think.  Six months, six, seven months.  And they eventually bought one, bought the other one out. The parents helped out, but one the other one out and then the other one ended up getting their own house.

But it, you, you gotta, you gotta know the person that you're buying the house with and that you're moving in with, because it can be a nightmare. And now you got this asset that has.  That, that, that your tangible together with, and it could be, it could, it could be a very bad, bad,  relationship that could go bad for the rest of your life with them.

So be very careful. It, it, it, it, it does happen, but it there's a lot of breakups. I'll tell you that. Yeah, for sure. There are, there are a couple of pros. Obviously you're going to have a greater down payment with more than one kind of income contributing to that.  Initial down payment,  operating costs.

Obviously it can be splits or whether it's, you know, the AC bill or the furnace bill, the hydro electricity, all that kind of stuff.  Maintenance costs. You know, if you have to fix the roof, you can pull your resources together. I think at the end of the day, there has to be some sort of understanding as to.

Yeah. You know, how the bills are going to be paid, who's responsible for what having that initial kind of money meeting is absolutely crucial. Absolutely. And, and, and I know of people that have,  moved in together to buddies and,  they live together for,  three, three, four years. And,  the one buddy is,  you know, he's got a girlfriend now.

They want to move in together in their own house. They sold it together and they both. Went separate ways, but they're great friends still. So it worked for those guys and it does work for a lot of people, but like I said, you have to know who you're moving in with,  if you're going to buy an asset, but it there's a lot of positives.

That's for sure it is cheaper. And a lot of people are doing it now because the way housing prices are going, they need to do it. It's the only way to get into the housing market. And you almost have to have like a prenup, you know, like who, who pays for what who's responsible for? What, who lives in what area of the house, I guess.

Yeah, absolutely. Who gets that? Who gets the bedroom with the en suite, all that kind of stuff. That's a big factor.  But yeah, if you and the lawyer puts something together for you, when you're, when you're closing a deal, they'll do a little. Little little small prenup or,  just kind of like just saying here's the Brown, like the buyers that are buying it, like the two people,  they come up with their rules and then they'll say, Hey, this is our rules.

This is what I'm going to be paid. Cause I get the house, I get the room with the en suite. He doesn't. So that means I should be paying maybe, you know, a certain percentage more because I've got the luxury of the, of the home.  But definitely,   you, you have to have something in writing so that you've got your boundaries there and, you know, and if it doesn't have a finished basement, it's tough because now you're sharing the same living room.

And then, you know, but if you do have a finished basement, then each of is, you know, you can have your own separate ways of going with, you know, your own, your own friends and stuff that you can hang out with. But,  there's a lot of pluses and there are a lot of minuses about it, but right now a lot of people are looking at that because it's the only way they can afford it.

Looking to make your next move or trying to take advantage of this seller's markets. Call the Golfi team at (905) 575-7700 online@romGolfi.com. That's Rob G O L F i.com. Don't forget, Golfi gets it sold and they do so safely during the COVID-19 pandemic and checked it out on social media, Facebook, Instagram, and Twitter.

When we come back buying a home sight unseen. Ooh, talk about diving in feet first. The golf, the real estate show Hamilton addition continues on 900 CHML and one more go around here on the Golfi real estate show Hamilton addition on 900. CHML my name's Rick Zamprin on the line. Once again, Rob Golfi sales representative with Remax is Gartman Realty.

The Golfi team call Hamilton and Burlington's number one Remax team in volume and unit sales. The phone number is nine Oh five. Five seven five 7,700. That's not Oh five five seven five seven seven zero zero. online@robGolfi.com. That's Rob G O L F i.com and check them out on Facebook, Twitter, and Instagram as well.

If you have a question for the Golfi team or a topic idea, you want us to tackle in a future episode, send them an email questions@robdolby.com. Again, that's questions@robGolfi.com. We're still in a pandemic. We know that, you know, certain protocols. Have to be followed when,  realtors are showing homes.

And in homes are going up for sale. You can't just, you know, stumble into open houses anymore. Like you used to,  there's a lot of safety protocols that have to be adhered to, and to that end, you know, some people are buying homes, sight unseen. They, they don't go, they don't physically go into the home.

They're checking it out on,  obviously on the MLS,  maybe there's some social media videos. Like the Golfi team puts on Facebook and Twitter and Instagram.  They're not actually there, but they're buying the home because they like what they see. On their screen. Yes.  In, in my first year, in real estate, I did have somebody buy a house sight unseen and it's, it's a scary moment for even the realtor.

They were buying it through me. And,  and I, and I, and so I said, listen, I prefer to have a friend. Or a family that looks at the house for you, and then they can walk around the house and kind of show it through,  you know, some kind of a way. And back then it was in 1990. Eight, I think it was. And yeah, basically there wasn't like there wasn't 3d tour, only photographers.

Basically we had to have,  a family friend walked through the house and they, and they basically described it and say, well, in this room is this. And I mean, they had all the measurements. And the one thing about that is if it's not. In a sellers market.  That's fine.  You can sell it, but if you're in a seller's market, you better have that deposit check with you because a lot of times they could have buyer's remorse.

Also a lot of people that do buy houses, sight unseen, they end up selling within two to three years after they move in. Because they may have, they could have been in a different country or a different province. They couldn't get there. The house came up and it looked, sounded good. And it was the neighborhood that they wanted.

But, but really it's not quite the, the floor plan or whatever, but they said, this is the neighborhood I want to be in because this is where my kids are going to go to school. That's where we see a lot of stuff, sight unseen. Now, right now we've got technology like crazy.  We've got 3d tours, we've got videos, we got photography.

And we got so much information that people are buying them because of COVID sight unseen, just cause they want, they need a house and they, and they don't want to go through because they're,  you know, worried about,  with this COVID,  that's happening. They're buying it, but th but you have to put in to your offer that they are purchasing this house without seeing it physically themselves.

 So that everybody is aware of that. And,  so the agent that is representing the buyer, that's buying that is not gonna, you know,  be in trouble and saying, Hey, well, my agent said this and it doesn't have that. So we just kind of, you know, Hey, you want to buy it sight unseen this, you know, we're not, we're not,  you know, condoning it, but if you want to do it.

This is the, here's all the information, but I always try to get a third party in there. That's a family or friend that walks through so they can, but they get scared too. Cause they don't want to say this is great. Yeah, buy it. And then all of a sudden they move in and they go, what? You're my friend.

You're supposed to help me on this. So nobody wants to take the full responsibility and pushing a friend into buying a house that they didn't see. That's a good point. Two of the most popular reasons why people buy homes, sight unseen apart from COVID obviously,  would be that, you know, they're moving to a city, maybe they're moving cross country or the moving to a new country.

And another reason is, you know, that the home is going to be gutted or torn down anyway. So they don't really care what it kind of looks like inside.  We have about a minute,  you know, scouring the neighborhood or learning about the neighborhood apart from just the home is also important as well. Oh, absolutely.

 People know neighborhoods. They know like, you'd be surprised. We, we get people calling us. They say, I need to be in this neighborhood. And then we will even try to help them,  by,  knocking on doors and sending out letters to people that have the style of house that they're looking for in certain neighborhoods.

You know, they may say to us, I need a three bedroom. I need a bungalow with a garage. And the lot size has gotta be this. And we'll describe that into a letter and send it out to that neighborhood. And somebody's gonna say, Hey, this is, this is exactly what I have. And I think, you know, we can probably make a match here.

And,  and we do do that quite often. If somebody's looking for a particular house in a certain neighborhood, we will put out a letter,  to that neighborhood. So to see if somebody's,  S see if we can match somebody to the, to the house that they're looking at, buying. No forget golf. It gets it sold online.

Rob Golfi.com. Call them anytime at (905) 575-7700 Rob. Thanks for joining us once again and thank you for listening to the Golfi the real estate show Hamilton edition. We're back next Saturday at nine on 900. CHML.