(BETHESDA REAL ESTATE)
Some folks are just great negotiators. That's a good thing, right? We all want to get the best deal possible and feel like we won. Depending on the circumstances, you can negotiate yourself right out of a home with this strategy though. I know. I've been through it often enough lately...
Here's how the conversation goes:
Client: I am going to want to really negotiate for this and get the best deal.
Me: That's great. What area are you looking in and what kind of price range?
Client: I'd like something in new construction in Cabin John for under $950K
Me: You realize there are about 10 sales per year in that location and much of those are for new construction well over $1M? There is not that much property that fits your specific needs. This particular home is not likely to come up again anytime soon and it's under priced right now.
Client: But this is a depressed market and I want to get the very best deal possible. If we can offer $750K do you think they'll take it?
I wish I were making this up. The folks lost this house to another buyer who listened and made the right offer. Those buyers are now living in a beautiful newly constructed home that was a screamin' deal!
The national press would have everyone believe that all homes are in foreclosure, all sellers are desperate and you'll pay pennies on the dollar for a house. Now, I grant you that there are many opportunities for good buys out there. I've gotten them for my clients - even when I was shocked the seller would take the deal - but the reality is that when buyers start to narrowly define their wants they can find that there is really not that much inventory from which to choose.
As soon as that happens the shift in strategy needs to be taking place from wanna deal to wanna house! The goal is a home, not a contract writing exercise. If there are fifty properties that suit your needs, let's write! But if there is one home, you have more at stake and should be working towards a winning strategy not just trying to prove that you're a better negotiator.
He who has the house wins. Not the one who writes the most contracts...