Market Insights: Smart buyers are buying, not looking
Special to the Daily
Editor’s note: This is the fifth and final article in a series describing the 10 steps the smartest buyers take.
To read the previous steps, go to http://www.summitdaily.com, and search for “market insights.” The steps previously discussed are: 1) Know what you can afford, 2) Know what you need vs. what you want, 3) Working with one Realtor, 4) Define a timeframe, 5) Pick your neighborhood(s), 6) Do your homework, and 7) Search online.
Smart buyers do not see every property on the market before they buy. No way. They use the first seven steps in the process so that when they hit the road with their Realtor, they are focused like a laser.
Why not see a zillion properties? Five reasons:
a) You will become overwhelmed,
b) Seeing properties that do not match your needs and wants confuses the process,
c) You end up exhausted, which impairs your ability to make the right decision on which property to purchase,
d) Quickly you lose track of which property has which features, and
e) It is a waste of everyone’s time.
Years ago after taking our kids to Paris, I coined the real estate phrase, ‘the museum effect.’ Visit too many museums in a day and what happens? You lose interest. After a while, you could care less that you are experiencing the most magnificent art ever created. Even the museums start to blend together as you lose track of which piece of art you saw where. Same thing happens if you view too many properties.
Negotiating is a topic that fills dozens of books. One of my favorites was published over 40 years ago (which means it is cheap second-hand), “You Can Negotiate Anything” by Herb Cohen. The best advice I can provide in this short article is to talk with your Realtor about negotiating in advance. Discuss the various strategies that you might use. If your Realtor’s only strategy is, “Make a low ball offer,” find a Realtor with more training and experience who cares about your best interest. An extremely knowledgeable and experienced Realtor will be worth, literally, tens or hundreds of thousands of dollars to you (depending on the price range you are in).
This is when the fun begins. And assuming you have followed all the steps, it is the easiest. Signing the paperwork should be exciting and calming at the same time. At this stage you are confident in your decision, have all your ducks in a row, know you are making the right choice and are ready to buy. How great.
Whatever you do, don’t procrastinate because there might be a better time to buy in the future. That could be true. However, with an attitude like that, you may never buy and never have the chance to enjoy all that Summit County offers.
Right now it is a great time to buy deed-restricted local housing resale properties in neighborhoods such as The Wellington in Breckenridge. With prices low, buyers are ending up with tremendous value. And I mean tremendous. Just look at these photos of a deed-restricted home in The Wellington.
Take action. We know prices are down and interest rates are low, low, low. I hear it over and over again in my office. People say, “Gee, we should have bought back 20 years ago.”
Daniel Webster Johnson has earned the national Quality Service Certified Platinum award in recognition
of earning 100 percent client service satisfaction, as measured by Leading Research Corporation. He is a broker associate at Resort Brokers Real Estate in Breckenridge. Contact him at (970) 393-3300 and/or Daniel@YourMountainBroker.com.
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