Here, in short, is the dilemma. Prospective buyer calls and says if I can find a screaming deal, he’ll jump on a plane in the near future to take a look and possibly purchase.
Sounds simple enough, aside from a few of the details …
1) If it’s really a tremendous deal, the kind that sticks out like a sore thumb in the MLS, odds are we’re not going to be the only ones who see it. Screaming deals, well, scream out for attention.
2) If it’s really a screaming deal, there may not be time to jump on that flight unless you have a jet waiting to go wheels up at the airport and a pilot ready to yell “Clear prop!” (If you watch The Bachelor, that last part should make sense.)
3) If more than one other person spots the deal and more than one offer is submitted, the odds that it’s still going to be a deal once the bidding starts and the price rises are slim.
It’s a common topic here on the website but in most cases the onus is on the buyer to create their own deal. Case in point … one of my clients is two weeks away from closing escrow on the lowest-priced casita in the Gardens in Ventana Lakes in several years.
How? We looked at the property and made an offer.
Last March, another buyer picked up a detached home in Westbrook Village for less than all but a handful of casitas have sold for. How? He made an offer.
After that was done, several other buyers told me if I could find another deal just like that one they’d jump all over it. Here’s the thing … the deal already was there. The difference is he identified the opportunity and made the move. The others didn’t.
I can show you comps but ultimately it’s up to you to determine value, at least in your own eyes. Sometimes homes are priced lower because they’re lower priced homes, if that little catch 22 makes sense.
Ultimately, though, the onus is on the buyer to decide whether they want to try and create a deal for themselves or instead wait until one bites them on the … um … nose.[tags]Phoenix real estate[/tags]