Palm Beach Real Estate and Loans

Yesterday I discussed the mistake of waiting way too long for a mortgage rate change to occur-

Today I'm going to talk about the mistake of waiting and waiting longer and longer for a price drop that might not happen!

It happens more then you'd think - Clients find the home they want, but instead of making an offer they decide to wait a 'just a little while' because:

• 'they KNOW the price will go down' OR
• 'their friend knows all about real estate and he/she said we should wait' OR
• 'the newspaper said.......'

I'm not sure which one is the worst, but they can all keep you from getting the home that you really want.

Let me throw out the standard line to silence the annoying comments that I'm sure will pop up.  I do not EVER want one of my Clients to make a snap judgement and rush into a deal that they don't want!  

What I do want to do is get across the point that when you find that piece of Palm Beach real estate that you and your family DO want, you need to get rid of all of the hearsay and the rumors and seriously consider making an offer.

You probably want to pay less then the listing price - frankly, you'd be crazy if you didn't feel that way!

There is a right way and a wrong way to handle this.  Let's look at a home listed for $500,000:

RIGHT:  You think the home is worth $450,000, so you have your Agent put together an offer for that amount.  It's either accepted or then the negotiations start.

WRONG: Same situation, but instead of making an offer, you decide to just wait until the list price comes down to what you think it's worth.  In the meantime you risk losing the home to someone who knew that they had to make a move.

It really is that simple.  But what probably complicates things the most is the widely held belief that "nothing is selling". Well, it is.

Here's a perfect example: I'd shown a couple a few local homes - they found one that they said that hey really wanted.  They wouldn't make an offer - they wanted to WAIT.  

Now, you might think that maybe they really didn't want it, they just needed an excuse..... but after they left town we kept in contact weekly.  Did the price change yet? No, and I don't think it will. This went on and on.

Finally they called me - they were going to make an offer but .... you guessed it, it had already sold!

They were shocked  because, they said:  "Nothing was selling!"

Nope.

It's so simple, if you want the property, make an offer OR don't be surprised when someone else has bought what you want - sorry, wanted.