Do you want the best deal or do you want the best house?

By
Real Estate Broker/Owner with Coldwell Banker Sky Ridge Realty

In real estate, the best deal and the best house are two different things.  The first decision a buyer has to make is which they want…. The best deal, or the best house.  There is a misconception held by many buyers… Many think that the market is slow and that they don’t have to act.  Some feel like the longer they wait, the better the deals will be.

 

The best deals come and go… meaning that if something is a good deal it won’t be a better deal later, because it won’t be available later it will have been sold to some other proud owner that just made a great deal.  Nearly every one of the best deals isn’t the best house.  Rarely, will a great property sell under value.  It happens, but when it does, it has less to do with someone waiting, and more to do with the sellers circumstances.  Most often the best houses sell over market value, because the buyer of that home is focused on what they want which is the best house that fits their needs.

Location, amenities, and condition are the three major factors that differentiate between the best properties and the also rans.  A few buyers I have talked with lately have tried to justify the position that they should be able to “steal” one of the best homes in the market by using comparisons to the less desirable properties with inferior locations, amenities, and condition.  I have pointed out in those conversations that they are free to purchase one of those lower priced properties.  Their answer is we don’t want to purchase those properties, we want to purchase the best property and the seller should understand that it is a buyers market.  I understand… but let me try it this way.

Lets call the best property “Cadillac”.  Lets call the best deal “Ford”.  Bill walks into the shop where the guy who sells the Cadillac and says, I know you want $65,000, but I am going to give you $32,000 and you should take it because Ford will.  What do you think Cadillac says….. your right Ford ain’t no Cadillac.  Buyers in this market shopping for homes are comparing in some instances and making decisions using inappropriate comparisons. 

To the buyer who wants the best deal…. They are out there and we are happy to help you find them.

To those who want the best house, we are also happy to help you not only find them, but to also negotiate the best price possible on that home, but don’t expect to buy it for the price of the wrong home in the wrong location.

 

In either case, buyers today need to realize that they need to be prepared to act quickly, the best houses and the best deals are both selling… if you find one don’t wait because next weekend it will likely be gone.    

 

 

 

Comments (2)

Kim Sellers
Lake Arrowhead, CA Coldwell Banker - Lake Arrowhead, CA
Lake Arrowhead Realtor - BRE#01412099 - Lake Arrow

Very good post.  Case in point... I came in to the office today, looked at the new listings for the day, awesome lake view property that was originally $799K is now $359K, I shot it out to everyone I could think of, a couple of agents in the office were walking by and I said to them, hey if you have anyone for something like this hit it now.  But, like you are saying, great deals are out there and they wont be there tomorrow if they are a great deal, people will see the value if we can take them to it.

Feb 07, 2009 07:50 AM
Jenniffer Lee
RE/MAX Complete Solutions - Boca Raton, FL
Broker/Owner/Realtor at RE/MAX Complete Solutions

Isn't it funny that they understand they won't get a Cadilac for a Ford's price but they have such a hard time translating that to real estate.  Great post!

Feb 07, 2009 08:59 AM

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