When to Cut Bait with Buyers
This a perfect example and scenario when to cut the reins when buyers are dilly dallying. The writer is from MN, but the Real Estate landscape in my local market in Connecticut is similar to his.
Buyers who dilly-dally make problems for themselves often.
Don’t get me wrong. I understand the search for the perfect house. This is where buyers will live, and they will pay for for quite some time.
I get it.
But, the perfect house doesn’t exist. Ask anyone who has built one, like me, for instance.
If buyers continue to hem and haw, if they have to bring every living relative along to approve the purchase and then start bringing the friends who know plumbing, electrical and construction, you have a problem.
And so do they. Every visit to a property lessens the negotiating power of a broker or agent to present a fair offer that is favorable to the buyers.
My strategy is to look at eight or ten properties and then find one UNLESS, none of those properties is optimal for the buyers. But, normally, out of ten properties in our area, one will be what they are searching for in price, condition and location.
Playing a waiting game in this market will guarantee you will lose….nearly any property that has interest. Other buyers are searching, too. Some of them will make offers at or above list price to get what they find to be a “good buy.”
Don’t be a tire kicker. If the seller believes that the buyers are interested, the seller might be more interested in a quick but fair offer rather than another offer. The more days on market generally means a lower net for them in the long run, too.
Take the reins, buyers. This is no longer a buyers’ market.
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