As seen in The Seacoast Scene
June 3, 2007
Seacoast Homes at 50% Off!
Come on now, you don't really believe that, do you? If you believed everything you were fed by the media, you would think that the market is crashing and that you can buy foreclosure homes for pennies on the dollar.
Good deals on homes can be had in the seacoast right now to be sure, but this false sense of "crashing" values sets unachievable and unrealistic expectations in the minds of some home buyers. Some feel they can go in and place low ball offers and the home seller will have no choice but to take it.
The funny thing is that many of these unrealistic buyers that think they can steal a home for 40% off are the same folks that will not place the homes they're selling at a realistic price. Which brings me to a startling point: it's all relative.
So how do you know when you're doing well buying a home? Nobody wants to pay too much, they want to feel like they got a good deal on their dream home, right?
The secret is in the numbers, the data... it always is!
When I'm marketing property I represent the seller, and as such want to counsel the seller to properly price their home so that it will sell for the best price in a reasonable period of time. I do this by, among other things, giving home sales data and market information to the seller to assist in their pricing. I also pull out all the stops to create a "sizzle" on their home, create a buying emotion from prospective buyers.
Similarly, when I represent a buyer, I want to be able to provide them with proper market information and recent historical sales data on homes similar to the ones they're looking at. This way I can realistically set expectations that they are not paying too much for the home. I also try to mitigate some of the emotional part of the purchase for my buyer clients, which could cause them to pay too much, or conversely offer way too little.
Many buyers don't realize that when you make a low ball offer you run the very real risk of irritating the seller to the point where they will, (often irrationally), refuse to reconsider a second, more realistic offer. This creates a confrontational negotiation process, where very often no one wins.
It's in the numbers, folks. It always is...
This is a very good time to be buying real estate, whether primary or secondary homes: Unprecedented inventory levels (lots to choose from), market values have declined, and we still have historically low interest rates available. All signs point to buy!
You won't get your next home for 50% of market value, but at these prices and interest rates, chances are you'll find the right home for you at terms that will also be in your favor.
Now call your Realtor, have a good discussion about what you're looking for, what you're comfortable paying, get pre approved by your lender and get about the task of finding your next home on the seacoast.
It should be a very positive experience!
Bill Faulkner is a Realtor® with ERA The Masiello Group in Hampton and can be reached at 603.601.1112 or bill@BillFaulkner.com.
Comments(0)