As I look back over the last decade in real estate, I am awestruck by how wildly todays market continues to change. The number one rule in real estate is no longer location... it is now price and condition. And home buyers are coming to the market well equipped to shoot it out until they win or move on leaving a trail of sellers' scalps and wounded agents along the way.
The world wide web created a playing field in which all are invited and none are favored. Today's buyer, whether moving up or down, spends hours on the web mining for a real steal or, at the very least, a super duper deal. They are willing to write the most embarassing of offers, despite our coaching, and we as their agents, must present and negotiate on their behalf. Sometimes,if we are really sharp and very patient, we make it all the way to the closing table.
One thing is for sure: in this market we need to be well prepared for wild indians, famine, and drought. Often that means writing 5 offers to get just one to close escrow or attaching 5 addendums to just one offer. Or worse, we watch the deal just die in the middle of the street because the undertaker, I mean appraisser, couldn't get it up.
I am already ordering more "Reduced" sign riders... could someone please make one that says "Price Slashed"? Because those are the types of cheesy banners and ads that are making my phone ring. "Seller Loss=Your Gain!", or "$100,000 off 06' Price!" "New Sheriff says Lower Price!" Argh... it's a bad spaghetti western.
Plus, here comes another wave of foreclosures, short sales, court house sales and tax sales.
In this market, you have to give away the drink just to get them into the saloon... whatever it takes to tickle the buyer out from under the table. At least Uncle Sam knows this. And, we need to keep giving it away. Because real estate drives so many different markets. We also need to offer it to second time homesteaders, 1031's and vacation homes. Wouldn't that be a rosy picture?
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