Articles
How To Buy In This Great Market
by Bill Jardine Nov 15, 2007
We are always amazed that people pay so much attention to how much some one is asking for a house. After all, these same folks would not get worked up over their child’s long list of Christmas wishes, and, well, wishes are wishes. If wishes were horses beggars would ride.
The asking price is just the Seller’s wish, and he or she are free to ask anything that they want, so why would a Buyer care about that?
Since I have faith in our Waimea Realtor community, I know that the Realtor representing the Seller has probably told them that they will try the “high-hopes” price for a while to see how the market responds. In a normal market the response is usually negative, and in a Buyer’s market such as we have today the response is ALWAYS negative.
So what should you do if you’d like to take advantage of today’s incredible buying opportunities? Should you wait for the stock market to top out? Should you wait until prices come down further? The answer is “no”.
If you wait for the elusive “top” of the stock market you will almost always miss it, since no one knows when it arrives … especially you, right? The same is true of waiting for the “bottom” of the Buyers’ real estate market! A big problem with waiting for a bottom is that you are likely to pick up more competition for the property you want. After all, there are lots of folks just like you and I who would like to buy great properties at great prices, and they are waiting too!
The absolute best plan is to get in there now and make aggressive offers that reflect what you think the bottom would and should be.
Sure you may get rejected by those Sellers who still have high hopes, but even the most delusional of them will eventually come around. If you think asking prices are 20 percent too high, get in there and start making offers that are 20% below the asking price.
We do this all the time, and we have a bunch of happy buyers as a result.
Call us … you will be glad you did!
Imua,
Bill Jardine
