Do you have a client(s) who has been tracking the market, waiting for a good time to buy, while watching prices fall? How many times over the last 24 months have you heard, "If I wait to buy, prices will be lower."?
We all know that watching for falling prices leads to two things, "waiters" and "buyers". Most likely, sitting on the sidelines will get you nowhere, and more times than not forces you to spend more than you could have by making a move in the first place.
I received a call from a "looker" on one of my listings who was tracking prices in a specific community, with the hopes of getting in at a price he liked. I reduced the price on my listing and a few days later, I had an offer from another agent. After agreeing on a sales price, and pending the listing to close, the "looker" called me with a serious interest. Needless to say, he was to late. He tracked himself right out of a purchase, and has now potentially forced himself to look in the same community for $100,000 more!
The best advise I can give anyone working with a buyer that takes this approach is this: We are talking about real estate ownership. This is not a baseball card collection that if you miss out on getting one, likely you can find another one later. If you miss out on purchasing a property, especially a limited availability property, you have missed the boat. The key to building a real estate portfolio is actually BUYING property to add to it. The simple fact of getting your hands on something that is NOW YOURS, is the value in itself. After all, once you own it, EVERYONE else has to come to you to get it, thus creating the DEMAND factor needed to increase values.
All the best and continued success!
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