Right now we’re seeing a softening market from a buyer’s perspective. That’s what we’ll be talking about today. Thanks for tuning in to the Real Estate Today podcast.
I’m Bob Nelson, real estate investment broker with Pacwest Real Estate Investments. And I’m Marcia Edwards, residential broker with Windermere Real Estate.
Marcia Edwards: We’ve been talking about the shift in pricing and strategy and movement in the market that is a bit of a slow down. It’s not a crisis. It’s not a tail spin. It’s consumers trying to get a hold of the best opportunity at the time that’s right for them and in doing that we’ve got to take a look also at buyers. As you feel the market’s slowing of shifting or adjusting, how do you respond in a respectful way to be successful in a purchase, but also not overpay for the property?
Bob Nelson: Certainly you’re gonna try the time tested procedure of low ball offer just to make sure that you get kicked out of the game and what you’re doing is you’re setting up the next person who would like to buy that property to have an easier transaction. You come in low, the sellers ticked off, the next person comes in higher, but maybe still low. They’re gonna talk to them, not you. You’re out of the game. You have just become first loser or second place either way. So be really careful if you see what you want and it produces the benefits, the ownership benefits that you’re after and you have looked for a while and you haven’t seen it, now you’re seeing it. Be really careful in kicking yourself to the curb.
Marcia Edwards: I think another way to look at that is you’ve got to make a decision whether you’re willing to lose out if someone overpays or buy it now above the price of the market place. Or there’s a third alternative and that is the market beat up that seller sort of speak.
Bob Nelson: Right.
Marcia Edwards: Help them understand the reality of situation they have in the market place today. Then come in as respectful as you can at the price that’s right for you. So right now I’ve got some first time buyers. It’s hard for them because they’ve really been looking for the right opportunity. We recognize there’s no way I could resell this property at the price suggested right now so we’ve gotta go in and decide whether we’re gonna try to educate them ourselves or let the market do it a bit.
Bob Nelson: That’s a tough one because if you really are anxious for a particular property, to be able to be patient and sit on the curb and watch the parade go by and then hope that it becomes your turn, that’s hard to do in all cander. I don’t particularly use that strategy when I’m a buyers broker. I have got maybe a different strategy where I come in with what’s needed to control the property and then if there’s some adjustment to be needed, I’m going to be doing that once I have quote unquote control of the asset.
Marcia Edwards: That’s a little bit of tell them what they want to hear first I would think.
Bob Nelson: Yep. A little bit.
Marcia Edwards: I’m Marcia Edwards with Windermere Real Estate.
Bob Nelson: And I’m Bob Nelson, real estate investment broker with Pac West Real Estate Investments.
Join Bob Nelson and Marcia Edwards Eugene, Oregon, real estate experts daily at 5:30 on KPNW for the “Real Estate Today ” radio show.