Buying a Home in a Buyers Market
Claude Braunstein GRI, CRP, GMS
Contrary to popular belief, the real estate market is alive & well in San Diego. Although total sales volume is lower than it was a few years ago, there are still plenty of homes changing hands.at prices unheard of just a few years ago.
Buyers should study the market before jumping in. Mistakes can be costly so do your homework. Look for value. You want to buy the best home at the best price.
Look for a home in good condition, with the features you want, that is offered at a competitive price. If you did your homework, you will know when you find such a home.
Consider purchasing a lender owned home. Such homes have been acquired by the lender-owner through the foreclosure process. They are usually vacant and the lender-owner is anxious to get rid of the property. These properties are usually sold As Is and may, or may not, be in good condition. If you purchase such a home, be sure to have it inspected by a qualified home inspector as the usual disclosure requirements do not apply to lender-owners.
If the price is not competitive, negotiate. But if the price is competitive, and you want to purchase the home, dont waste your time making ridiculous offers. You will alienate the seller, and lose the home to a more reasonable buyer who will make an offer more commensurate with the value of the home, while you attempt to negotiate a super duper deal.
What if a property is, in fact, overpriced? Stick to your guns and make a reasonable offer. If the seller wont listen to reason, pass. There are many beautiful homes out there. You will find yours.
In any market, it is always advisable to work with an experienced Realtor who can help you evaluate the true value of the home you love. Dont be afraid to ask the hard questions: How long has the Realtor been in business? Full time? Has the Realtor earned any professional designations? How many homes did the Realtor sell in the past 12 months? Does the Company carry Errors & Omissions Insurance? Dont be afraid to ask for references.
Claude Braunstein has been listing and selling homes in San Diego for over 30 years. He is affiliated with Windermere Home & Estates. In 2005, he ranked in the top 1% among Coldwell Banker agents worldwide. Claude can be reached by telephone at 858-271-7770, or e-mail at Claude@ClaudeBraunstein.Com