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September 5, 2012

1

Mastermind for August 29th. I Will Only Buy a House if it is a Real Deal

by mark mclean

I feel like it has been awhile since I posted anything. I have been on a whirlwind tour of duty. Not just one, but three company events, a long weekend and a painfully wrenched back, not to mention a few TREB meetings along the way. Regardless, there is still plenty of real estate going on and lots to write about.

 Last week we had an interesting Mastermind which covered The Summer Market and clients who are looking for a deal. Like the beginning of the year, the Summer is an excellent time to get everything in order for the fall market. I have covered downtime in another post that you can look at here.http://realtylaboratory.com/2011/07/18/how-i-spent-my-summer/…but this was an interesting Summer. For the first time in a long while, the slowdown we experienced had all the markings of a traditional Summer Market. If you have been a Realtor for 10 years or so, you will probably know what I mean. In our discussion it was noted that for a good part of the summer it was simply too hot to get anything done. Clients and agents alike were taking the heat in stride by finding a nice place to keep cool. Forget about jumping in and out of hot cars looking at houses. This year we also had the added stress of cautious buyers and sellers.  As a result, I think it is quiet possible that this is going to be an overly active fall market. So be prepared. Our office recently had a listing downtown that had over 140 showings in one week. Wow.  

How many times have you heard a potential client say they would like to buy something but only if it is a deal? The first time I heard it, I have to admit, I was young and naive. I had met what I thought was a genuine prospect looking to buy a condo in Yorkville. They had seen everything available but thought it was all just too expensive. I went back to the office and scoured through the mls for a deal. There were one or two interesting places that I thought looked promising, but after inspecting them I quickly came to the realization that if it was too good to be true…..well you know the rest. As it turns out, in Real Estate, there is no such thing as a deal. The reality is that you actually have to buy something to realize you got a deal. You know this already. How many times have people said, I bought this place when the market was low and now look at it…..wow did I ever make out like a bandit. Yeah you did. Ask around and people will say  that if they could go back in time they would most certainly pay what they thought was an exorbitant amount for a house they walked away from.

 So, it may have taken me a while to figure it out, but now when someone says to call them  when I see a good deal, I tell them that if I hear of a good deal, I will buy it first.Remember the old saying….  “don’t wait to buy real estate, buy real estate and wait”.

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1 Comment Post a comment
  1. Sep 18 2012

    In terms of real estate, one thing that smart homebuyers have learned is that summer can be a good time to buy a home without the frenzy of multiple offers . Homes often sell more reasonably in the summer months, when only the most serious buyers are out looking in earnest. After the frenzy of the spring market, many buyers who are fed up with losing out in multiple offers find it easier to purchase the home of their dreams without breaking the bank.

    Reply

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