I think I can… I think I can… I think I can.
If at first you don’t succeed, try, try again.
You didn’t fail. You learned how not to do it.
Need I go on with the quotes? Get the gist?
Recently, I have been working with a buyer who has been hesitant. Despite seeing a number of properties together – most of which fit the stated search criteria – we’ve only just reached the point of being comfortable submitting an offer. And that’s totally understandable; it’s been a long time since they last bought/sold a property – not to mention how cautious everyone’s been since prices started falling a year ago.
But spring is now in the air. Things are changing. Again.
Throughout our journey (and I emphasize ‘our’ as I’m there, every step of the way) and especially recently, we’re actually starting to see multiple bids once again. As a corollary, some properties are selling for over asking. Not to the extent we saw previously; however, it’s clear that low-balling when submitting offers is no longer a viable strategy. Last, attractive properties are selling more quickly than we’ve seen in recent months.
All I’m saying is that if you’re serious about buying, and you are ready to pull the trigger, it is best to act quickly and decisively. Often in these types of circumstances, I will advise for my clients to put their best offer forward from the start.
$5,000 to $10,000 is a lot… and a little.
I know it sounds a little #firstworldproblem and I recognize that $5,000, $10,000 or even $25,000 is a LOT of money. However, in terms of how much those amounts represent as a percentage of the total cost of a property – or how few extra dollars a month they cost when mortgaged over 25 years – is it worth losing the property you want/best fit for you over those amounts, provided you remain within your budget?! In my personal experience, no client has ever expressed regret over the marginal added expense after they close on the property that they were happy with. This is especially after a series of showings and losing out on an offer or two.
10-15% of the time, it works every time.
Something I’ve always encouraged my buyer clients to do is to write a personal note to the seller that I would include with their offer. After all, not every transaction is awarded to the bidder offering the highest dollar value; there are many different aspects and nuances to an offer, the merits of which may be prized differently between sellers.
For example, while a seller may be rooting for your client to be successful, they may elect to go with a ‘cleaner’ offer without any conditions. That said, a personal note can certainly swing the balance should two offers be nearly identical otherwise. Nothing ventured, nothing gained.
And don’t forget one thing: you always have to go in with a positive attitude: I think I can… I think I can… I think I can.