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Getting a Deal and a Steal in Buying a Home for Sale in Lancaster

By
Real Estate Agent with Keller Williams Elite RM423455

Getting a Deal and a Steal in Buying a Home for Sale in LancasterA common misconception I have discovered working with buyers of homes for sale in Lancaster is, “I can get a deal and a steal in this market!” When asked to further articulate what this means for them, buyers will state, “This is a buyer’s market. I want to offer 80% of the offer price. I want a deal!”

This is a misconception. As I have noted in my market reports for September 2011, homes for sale in Lancaster zip codes recorded sold prices in comparison to list price at:

§  17543 – 96%

§  17601 – 97%

§  17602 – 98%

§  17603 – 95%

“I know, but my neighbor or father or a guy I work with told me he got a great deal on a property,” you might say. Occasionally someone finds a gem, but that is very rare, even in this market. If getting a deal and a steal means buying a property at 70-80% of list price, it is not likely.

However, with the proper mindset and the realization that affordability rates are the best in 50 years, one will get a great deal even buying at 95% + of list price. A buyer of a home for sale in Lancaster will get a deal by buying during this period of time. Now is the time to act! Interest rates are low.

Contact me to learn more about homes for sale in Lancaster.

Posted by

 

 

Living in Lancaster Group

 

An agent who places your interests as his first priority. 
Cal Yoder

Your Homes for Sale in Lancaster Agent

Keller Williams Realty Lancaster

1630 Manheim Pike

Lancaster, PA 17601

Office Phone: 717-735-1145

Cell Phone: 717-413-0744

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Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

The statistics speak for themselves Cal.........facts are facts.  Everyone wants a deal, but it's rare that they actually get what they are looking for.............well said my friend.

Oct 26, 2011 12:11 AM
Cal Yoder
Keller Williams Elite - Lititz, PA
Homes For Sale in Lancaster PA - 717.413.0744

Thanks Roger and have a great day!

Cal

Oct 26, 2011 12:22 AM
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Cal,

It can be challenging to manage a realistic mindset in today's market. People can begin to believe the extremes (good or bad) are the norm and that's just not true.

Steve

Oct 26, 2011 12:27 AM
Cal Yoder
Keller Williams Elite - Lititz, PA
Homes For Sale in Lancaster PA - 717.413.0744

Steve, so true. I have found that part of the process is helping buyers come to understand this. Have a great day.

Cal

Oct 26, 2011 12:29 AM
Robert Hammerstein -
Christie's International Real Estate - Hillsdale, NJ
Bergen County NJ Real Estate

Cal - We couldn't agree more. You said it perfectly. You have to have the correct mindset and be motivated to buy a home these days. Heck most homes are steals and deals these days...But of course you must shop.....

Oct 26, 2011 06:11 AM
Krystal Knott
Christie's International Real Estate - Summit Colorado - Breckenridge, CO
Breckenridge CO Real Estate & All Summit County CO

Cal, those types of buyers typically don't end up buying.  If you show them the stats and they still don't care then keep them on the side burner and focus on a more realistic buyer as the "deal" they are looking for won't come around often.  --Krystal

Oct 26, 2011 07:03 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Cal, Good tip to share the statistics with buyers looking to make a low ball offer.

Oct 27, 2011 01:12 AM
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

If getting a deal means getting something at 80%of the fair market value, then we must realize that what we are really saying is that we hope to find someone who is in a desperate situation and then take advantage of them. It doesn't sound like such a good deal when we realize what we are doing. One day we may need to sell as well. YIKES!

Oct 27, 2011 03:30 AM
Cal Yoder
Keller Williams Elite - Lititz, PA
Homes For Sale in Lancaster PA - 717.413.0744

To all my friends, thanks so much for your comments. I learn from each of you on a regular basis. I, too, have found the best clients will listen to my advice and learn from me on values. If they are stuck on that 80% number then it is best to move on.

Cal

Oct 27, 2011 07:31 AM
The Scott Loper Team Bux-Mont Premier Properties
Keller Williams Real Estate - Montgomeryville - Lansdale, PA

Hi Cal,

This is so accurate; these buyers need to readjust their thinking.  I liked Joni's comment, if they are looking for 80% of market value, then they are looking to really take advantage of a seller and most sellers won't play along.  We seem to have buyers too who want the house at 80% of market, but they also want a home sale contingency (on their overpriced listing) and have little to put down.

Lisa

Oct 28, 2011 12:55 AM
Roy Kelley
Retired - Gaithersburg, MD

Excellent advice for home buyers.  It is a time of great opportunity.  Those that are ready to purchase may not see these conditions again in their lifetimes.

I hope you are having a great weekend as we cope with winter like weather.

Orchids in the Conservatory at Lewis Ginter Botanical Gardens in Richmond, Virginia.  Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

Oct 29, 2011 07:12 AM