For those who know me, they know, if asked my opinion, I’m going to give it; right, wrong or indifferent. Well, no one has asked my opinion, but I’m going to give it anyway. In a buyer’s market, if you want a good deal you have to be a visionary—see value before anyone else does.
To sit and wait for someone to offer you a good deal, you’ll be sitting on the sidelines. If you want a good deal, you have to ask for it.
When we were in a “seller’s market”, we were getting “low-ball” offers all the time. Some were accepted, some negotiated and some summarily refused.
A lot of people are sitting on the fence these days. “We want to wait and see what the market does”, they say. Well, yes, the market is continuing to go down, but if you want to get the best deals you have to step to the front of the pack and take the initiative.
Don’t wait for the market. If the market here continues to fall for a while, why does it make sense to make an offer now? The best of distressed real estate deals may often happen relatively early in a downward cycle, simply because quality products at a good discount tend to sell first – even when the market is still declining. So if you continue to wait for a terrific price on a good property, you are likely to lose it.
Another point: many market rebounds have been “V-shaped,” meaning once they hit the bottom, the rebound is steep and almost immediate. Real Estate recoveries tend not to be as “V-shaped” as the stock market, but trying to “time” the real estate market here, or anywhere, is a very difficult game.
Do you think Warren Buffet waits for something to happen? No, he makes it happen. Bill Gates? Did he get where he is because he waited for the right time? No, he made it the right time. You need to do the same if you are going to win and win big.
If you see the property you want, ask yourself: if I were to buy this property, what price would it take to make me happy? Then make the offer.
They could say no, but if they say yes… congratulations, you’ve won. Be a leader not a follower is the “buy-line” in today’s market.