THIS ONE WON’T LAST
Many home buyers no doubt wish
they had a dollar (or a property!) for every time a real estate agent
has told them “this one won’t last long.”
Inexperienced agents use this
cliché to create urgency regardless of whether it is appropriate or
not. The result is that professional agents wishing to give their
best advice to purchasers in circumstances where the comment is in
fact justified, hold back or risk disbelief.
Purchasers need to do their
own research to determine whether they are buying in a sellers’ or
a buyers’ market.
If there are more buyers than
sellers, then there are ipso facto not enough properties to go round –
a bit like musical chairs. In this situation buyers who spend too
much time deciding whether to make an offer end up losing the
property to another more aware buyer.
Certain types of properties
are more sought after than others no matter what the state of the
market. Popular property categories vary from location to location.
But a property that is well priced will almost always sell faster
than one that is grossly overpriced.
Agents are knowledgeable about
property values over a broad geographic area, price band, and property
category. Buyers, on the other hand, may start their search looking
more broadly but by the time they are ready to buy they are
specialists in a more narrow category and price range. They will also
be well aware of the type of market they are shopping in.
In fact, buyers who are ready
to make a decision should be able to answer the question of whether a
particular property will or won’t last as well as the agent they
are talking to.