It has been a Seller’s market for years and it is impossible to accurately determine when that will change. Regardless of whether it is a Buyer’s or Seller’s market, there are always opportunities to get a great buy if you play it correctly and you are prepared. Here are my best practices to make a great buy.
It has been a Seller’s market for years and it is impossible to accurately determine when that will change. Regardless of whether it is a Buyer’s or Seller’s market, there are always opportunities to get a great buy if you play it correctly and you are prepared. Here are my best practices to make a great buy.
Know the market. When you really know the market, and a great opportunity comes up, you will recognize it, not hesitate to act on it and offer the right price. Lots of inexperienced Buyers just low ball any offer regardless of how good of a buy it is and that Buyer does not have a chance.
See if the Seller has a problem you can fix. I once had a Buyer offer to lend the Seller $1,000,000 on the spot and in turn got a great deal and beat out a number of other Buyers. Numerous times I was able to offer a long leaseback to the Seller which made a great deal happen.
Look at properties that have been on the market for a long time. Often the best deals are Sellers that overpriced their home and now 6-12 months later or longer they are anxious to sell and don’t have the same attention as a new listing on the market.
Make sure Agents know that your Buyer is interested in their property, even if they don’t write an offer. If their Seller gets very motivated and the Agent knows your client is circling, you’ll get the call.