A potential buyer mentioned that the market was feeling bubbly, and they were wondering if they should wait to buy until things settle down later this year.
First, let’s describe what we need.
We need to find the right house at the right price with the right sellers and the right listing agent.
Any of the four can screw up your chances of securing the right buy. If the price is right, but it’s not the right house, would you buy it? Probably not. If the rest is good is good but the sellers need a 90-day rentback and prefer that their 8 dogs and cats never leave the house, you may not buy it either.
Getting all four to line up is a formidable challenge. As a buyer, you need to keep looking 12 months out of the year just to have a shot.
- In the off-season, the selection isn’t as good. But you only need one, so keep looking!
- Stay in the game just to keep your chops up. If you stop looking, but then come across a house that might be a fit, you may not recognize it because you haven’t been watching lately.
- Being active in the marketplace keeps you analyzing where and what you are willing to compromise. You don’t want to make a mistake here.
- Generally, the pricing isn’t going to change. We will see more than 90% of the sellers using today’s comps and tacking on the usual 5% or so to determine their list price. If there was a downturn, it wouldn’t be obvious until sales decline for an extended time.
Keep plugging – it’s only takes one!