We know it is a Buyers' Market...who could miss it with the media screaming it out daily! But what does that mean?? We hear "I want a deal". What exactly is a deal? Most Buyers have not taken it to the next level and have not zeroed in on precisely what a deal is to them. If in our education process we attempt to clarify "deal" for that particular buyer we run the risk of misinterpreting and ultimately alienating that buyer.
To address this area of confusion I have given some thoughts to the questions that buyers should be asking themselves so that we, as real estate professionals, can help them acheive their goal...getting a deal!
Here are some basic issues that should be addressed:
What is the most important thing you are looking for in a home? (size, location, price, condition, floorplan,amenities)
What are the criteria that need to be met to qualify a home to meet your approval in that category?
In listing your preferences what is non negotiable?
If more than one person is purchasing, do you both agree as to the single most important criteria?
If not, what is the major difference in your preferences?
Is one more critical than the other?
Define "deal"...Is it the most house for the money?...The best priced home in the area?...The home with the least amount of "fixing" for the lowest price?...The lowest list price to selling price ratio?..or is it the home that most meets your needs, that is priced below market value?
Deal is different for everyone, and with our large inventory of homes, there are lots of choices. It is a bit like going through a produce department...you need to find the ones that are ripe for your personal tastes. We really want to be able to guide you towards your "deal", but we need your help in determining what it is you want.
One of my associates had a client who was adamant about purchasing a home for a specific % below listing price. After many futile attempts to purchase at that "percent below", (homes that were already aggressively priced), my associate asked "Am I showing you the wrong properties...should I be looking for homes that are listed X% over market value, so that you can realize your percentage below list!
Obviously it was said "tongue in cheek", but there is some truth to it! Most Sellers are now getting serious about their list price and while they are willing to negotiate on many levels, they know that they need to be competitively priced to get an offer.
Realistic expectations for all parties is what makes it a "deal"! Mortgage rates are going down...a good time to get a deal.
Comments (1)Subscribe to CommentsComment