What did we learn from ‘Buy My House’?
I’d explain it as Shark Tank meets Selling Sunset. And that is no exaggeration, as a panel of 4 property investors listen to a pitch presented by the homeowner, before the panel put forward their bids to own that piece of property!
We enjoyed it as who doesn’t like a sneaky beak into someone else’s home! And who doesn’t like to see the true value placed on bricks and mortar. So, in 6 half hour episodes a handful of sellers find out whether or not they’ll be walking away with a cash deal for their home, or be served with a cold harsh reality check, that their home perhaps isn’t worth as much as they imagined it to be. A famous Australian line comes to mind ‘Tell’em they’re dreaming!”. But it’s great to see that the majority walk away happy, and in the cases where Glenn Kelman (CEO of Redfin) is successful in his bid? Down the track there will be another happy family, moving into a newly refurbished affordable home!
What had we learnt from the show?
United States is huge! We had a reasonable understanding of US geography, but we’re even more clued in now after the 6 eps. So much useable/liveable space out there!?
Houses can be affordable! Now if you live in Sydney Australia, seeing those US home prices almost makes you want to cry. Sure, they’re talking US dollars, but where in Sydney can you buy a free standing home for under $400K? But in the United States you can!
Negotiation tactics. We’re pretty bad with negotiating, especially I! Perhaps I don’t want to come off looking like the ‘cheap Asian’, so the several times I put in a bid, I’ve actually offered a couple Gs above asking. As I want to be victorious with my first blow! But seeing those Property moguls’ low ball the sellers. It was quite incredible. A few tactics I’m going to exercise the next time we go property shopping. Moohaaha!
The role of the Agent. And as much as we enjoyed seeing the buyer and seller coming together in ‘Buy My House’, however several times you do hear the Property Tycoons, lamenting the reason why they don’t like meeting the sellers. As it puts a face and story to their situation, which then makes it more difficult to low ball them. Haaha. So yeah, let the Agent do all the work on your behalf!
And no one wants a condo! And I’ve heard it a thousand times, land is land and you must always have land! And in this hot property market, only homes on land are selling at a premium, while condos (apartments to us Aussies), they’re not selling at all! From the two condos which appeared on the show, if I remember correctly, neither of them sold. Boo!
So yeah, a quick glimpse into the “real” real estate market in the US, and the format of the show made it fun and insightful! If you want to check out ‘Buy My House’, just search for it in your Netflix app! Now who wants a holiday home in the US!? I know I do!