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April 2, 2023

Real Estate with Diane Saatchi: What Are You Waiting For?

Diane SaatchibyDiane Saatchi
in Featured, Real Estate
Home Real Estate
Real Estate With Diane Saatchi: What Are You Waiting For?

It’s what most buyers want … but odds are, it’s not going to happen.

 

In more than 30 years of Hamptons real estate, I can think of just one example of a couple who bought a house when the market was low, then sold their existing house when the market was high — all in the same neighborhood and in just six months.

 

It was a fortuitous confluence of events: A seller had to sell ASAP, the purchasers had previously seen and loved the house, they didn’t need to sell in order to buy (and had the means to transact quickly), the broker happened to learn of the seller’s situation right in time and the market tipped downward from one day to the next … then quickly snapped back. 

 

The reason I only have the one example in so many years is that a real estate sweepstakes does not often come to ordinary consumers. And even when it does, and even when the purchasers love the house, there remains the famous what if question — what if we waited? If this seller was in trouble, maybe there were other sellers in similar or worse situations; they could have nice properties, too.

 

The purchasers I mentioned above successfully turned off their inner chorus of what ifs. They took a chance, which in retrospect was a very smart decision. The seller also took a chance. What if he waited, wouldn’t other home shoppers jump at such a good deal and create a bidding war?

 

Because we cannot see the future, every deal, no matter how good or bad a market is, can become more so. It’s only in the rear-view mirror that we see the peaks and the valleys; every deal can turn out to be too soon or too late.

 

You can only buy and sell at market value.

 

Customers will tell us they’re waiting; they’re not ready yet. We’ll come back in January, they say, thinking somehow, they can outsmart the market. They think that sellers, for instance, will be more desperate in January than they were in November. In reality, that’s not the case. You need something more than the three months passing to change the market. You have to wait longer than that, or you have to change markets — buy in a less pricey location or with scaled-down expectations.

 

If someone tells me they’re waiting, I ask what they’re waiting for. And when they tell me they’re waiting for the best deal; I tell them the best deal is a property they love and can afford. The best deal is all too often missed when the aim is more for the bargain than the right property. Market timing may be great for professionals and others who are less risk adverse. But if you’re buying a property for your own use, at any given time, you can only buy and sell at market value. 

 

Regardless of market or budget, if you really want to buy and you really like a house you can afford, buy it. Same goes for sellers: If a credible offer is presented, consider it seriously as your home is worth what someone will pay, not what you wish it to be. If you wait, the market may not go in the direction you thought and/or you might fall prey to a regret I’ve written about before: the one that got away, whether the dream home you were waiting to cut its price or the buyer you were trying to negotiate up another $200,000. That one that got away becomes a shadow that falls over the months and even years to come. That shadow makes it difficult if not impossible to find something that measures up to what you could have had, or thought you had, before.

 

Beware stories of real estate triumphs

 

After this many years in the business, I’ve heard more than my fair share of real estate hyperbole. The stories generally are told in social settings, often with material facts overlooked or misheard. Many of them center around a deal that sounds too good to be true — a seller who made killing on his house, then bought an amazing property for next to nothing; a couple who bought a house at half its asking price; a seller with a property so popular that a bidding war drove up her sale price by hundreds of thousands of dollars.

 

When I hear these stories, half the time I’m familiar with the property (Hmmm, did he mean south of the highway or south on the highway?) or I can easily look it up (Seems like there are more zeros in this story than there were in the actual deal). Maybe that house needed twice the sale price in renovations, or that summer rental price quoted for the season was actually for a month. Stories of real estate success tend to get embellished as they spread, so I wouldn’t necessarily believe what you hear until you have the facts. Just as it’s hard to turn off self-generating what ifs, it’s also hard not to be distracted by the alleged triumphs of well-meaning others.

 

About those well-meaning others …

 

There is no shortage of family, friends and acquaintances with real estate advice to offer. And it seems those who are reluctant to commit tend to engage others for help and more often than not, consciously or not, the advisors selected embrace and fuel the caution.

 

There’s nothing wrong with waiting. It’s wise to know the right time to buy and sell, but generally those times have more to do with you than with the market conditions. One needs to see the future to hit the peaks and valleys of a market. Yet our housing needs are about our personal and familial ups and downs.

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Mysteries, Deceptions, and Illusions

September 22 @ 06:00 PM - October 27 @ 08:00 PM
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Once in a Lifetime Property  in Water Mill

Once in a Lifetime Property in Water Mill

  • The History Behind The Two Most Prestigious Golf Courses in The Hamptons

With more than 140 golf courses across Long Island’s 118 Miles, the Hamptons is home to 15 of those courses two of which rank numbers 4 and 7 in the top 100 Golf Courses in the world. They say Long Island’s water makes for the best bagels, so it must be something in this soil that makes these famous greens.

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#golf #golfcourse #hamptons #history #southampton
  • Iconic Marders, More Than a Nursery

“Marders” is the high essence of a Hamptons Nursery and so much more. It is the epitome of success, situated on 40 acres of prime Bridgehampton real estate. Charlie Marder of 120 Snake Hollow Road, along with his wife Kathleen have built a monument that has been providing their expertise and services to the residents of the Hamptons for about fifty years.

The stories are now folklore. Back in the day, usually wearing his trademark suspenders, Charlie was ever ready to move the largest trees of the Hamptons whether they were to be planted, relocated, or removed. He once boasted to this reporter that he had the record for the widest load moved by the Shelter Island South Ferry. Charlie said he deposited a tree onto the ferry on one side and fetched it off the ferry on the other side, recalling, “The tree was wider than the ferry, sticking out on both sides.” @marderslandscaping

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#hamptons #marders #nursery #landscaping
  • So many incredible events this weekend! 

From Westhampton to Montauk, Hamptons.com has curated the ultimate list for you!

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#hamptons #hamptonsstyle #event #weekend #songfestival #octoberfest
  • Chef’s Spotlight: Casual Luxury, Jean-Georges at Topping Rose House

Topping Rose House, nestled in the heart of Bridgehampton, is a beacon of sophistication and culinary excellence in the Hamptons. This iconic destination has earned its reputation as a bastion of luxury and style, making it a must-visit for locals and visitors alike seeking an unforgettable dining experience.

At the helm of Jean-George at Topping Rose House’s kitchen is French celebrity chef Jean-Georges Vongerichten—a culinary maestro whose talents have garnered widespread acclaim. The chef’s specialty lies in crafting a menu that harmonizes the finest local ingredients with a global perspective. This fusion of flavors and techniques results in dishes that are not only visually stunning but also explode with taste. @toppingrosehouse

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  • Discover Hamptons History with East Hampton Historical Society’s Guided Tours

We all know that September is the best month in the Hamptons. The summer renters have mostly gone (we’ll miss you!). The weather practically demands that you go out for a walk. Maybe you’ve been too busy at the beach or planning activities for the kids, but now that it’s September, take a stroll, stretch your legs, and explore the rich, beautiful history around the Hamptons.

The East Hampton Historical Society is hosting Guided Walking Tours around the Hamptons all September long, so stay a while and listen.

I love walking tours not just because of the guides, who are great storytellers, but the company and conversations sparked with other attendees. We’re the kind of people you’ll see, hands on hips, squinting to read the well-worn plaque on a historical monument. The people who read those brown signs, who pick up and read the local leaflets at a museum or hotel lobby.  @easthampton_histsoc

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  • Real Estate with Diane Saatchi: The One That Got Away

When most people think back to the one that got away, they think about relationships.

I think about real estate.

After 35 years of selling real estate, I’ve seen more instances of homebuyers and sellers getting fixated on the one that got away than you’d think. For buyers, it could be that perfect three-bedroom waterfront cottage that was snapped up the day after they viewed it.

In cases like these, the one that got away isn’t just a quiet reminiscence — it’s a shadow that falls over the months and even years to come, making it difficult if not impossible for would-be buyers to find something that measures up to what they had, or thought they had, before.

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#hamptonsrealestate #realestate #homebuyers #luxuryrealestate #relationships
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