How to buy right in a Buyer’s Market

1. Median prices of homes sold in the first half of 2007 are down about 13% in Truckee and North Tahoe. That’s $100,000! This means that some buyers did what they were supposed to do, they BOUGHT! And, they got great values and are enjoying summer in the Sierra. Ironically, buyers often wait out a buyer’s market because they want the rock bottom price. Instead, they find themselves buying during rising prices, frequently paying more than they would have just months before. Why not short-circuit the process and get a great deal NOW!
2. Position yourself to negotiate a great deal. Here’s how: Fall in love with one home and “in like” with 2 others. With prices declining, a seller might be really motivated by the fear of the loss of your offer, especially when I tell his agent that I have your offers on two other properties signed and ready to present. Hint: We’re not allowed to lie about this.
3. Ask to see a “Best Buy.” A Best Buy is a nice home that is in a great neighborhood, is in great shape, has a good floor plan but maybe needs a little updating or landscaping. In today’s market with a large number of homes for sale, homes like this get overlooked and can prove to be bargains.
4. Buy from “Motivated Sellers.” These are sellers who have had their homes for sale for over 6 months in Truckee and Tahoe. They may have reduced their price, withdrawn, cancelled or allowed their listings to expire.
5. Be a focused negotiator. The issue is finding a home for a fair price, not about grinding out the last dollar or the personalities or styles of the people. The most important part of my job is to shield you from those distractions and keep our actions driven toward the goal of getting your home for the best price.