Market Insights: Tug of war: and the winner is …
Day after day I am in the trenches playing tug of war. It’s just like on the TV show “The Biggest Loser.” The teams are fighting as hard as they possibly can. They keep pulling on the rope until they haven’t an ounce of energy left and then, WHAM: game over. The only difference between the Summit County real estate tug of war and TV is that our buyers and sellers are using emotion.I know the strengths and weaknesses of both buyer and seller because, in the morning, I prepare and submit a commitment to purchase (a.k.a. “an offer”) for my client, the buyer. Turn around, and often that same afternoon, I receive a commitment to purchase from a buyer that I analyze and send to my client, the seller. Whether you are a buyer or seller, here is what you need to win.1. Confidence: The party who knows the market the most intimately is the most confident. Study, study, study. Get to know the market inside and out.2. Realistic expectations: The buyer who assumes every property is a distressed property doesn’t win. Making unrealistically-low offers has not proven to be a fruitful approach in Summit County. Flip the coin over, the seller who thinks the market is still at peak prices doesn’t succeed either. Even crazier is the seller who says, “I know there is a buyer out there who can see the future potential of my property.” True, there are lots of them; however, they are paying the market value today, not an inflated price that reflects possible appreciation.3. Strength: Both of the above contribute to your strength. The buyer with strength delivers the commitment to purchase and says, “This property is nice; however, if it doesn’t work out, I have three others I like just as much.” Warning: The buyer who has fallen in love with a particular property and “must have it” (I have seen this happen) doesn’t have an ounce of strength. A strong seller is the one who has the ability to hold out for the market value, whereas the weak one gives in to the too-low offer too quickly.4. Experience: On “The Biggest Loser,” the players have a personal trainer. Your Realtor should have the local experience you need. Look for a Realtor who is committed to training. The best, here in the High Country, have at least these two National Association of Realtors training designations:•Certified Residential Specialist (CRS)• Resort & Second-Home Property Specialist (RSPS)
Start working out with your real estate personal trainer today. Commit to working with one Realtor who knows how to best represent you.Daniel Webster Johnson is the 2010 National Association of Realtor RSPS of the year. He is a broker associate at Resort Brokers Real Estate in Breckenridge. Contact him at (970) 393-3300 or Daniel@YourMountainBroker.com.
Support Local Journalism
Support Local Journalism
As a Summit Daily News reader, you make our work possible.
Now more than ever, your financial support is critical to help us keep our communities informed about the evolving coronavirus pandemic and the impact it is having on our residents and businesses. Every contribution, no matter the size, will make a difference.
Your donation will be used exclusively to support quality, local journalism.
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User