Kyle Whissel talks about how being patient and taking emotion out when making an offer can save you 1000’s of dollars.
Being patient can save you thousands of dollars when buying a home.
Hey, guys, it’s Kyle with the Whissel Realty Group. And in today’s video I want to talk about the importance of patience when it comes to buying your next home.
We are now, finally, after a 10-year run, starting to see a little bit of a shift in the market. When I say that, it means we’re starting to see inventory, or the number of homes for sale, is starting to increase a little bit. We’re starting to see the time it takes for a home to go into escrow increase a little bit.
Now the key is when you go and you look at a home and you see that there’s not just one home for sale in that neighborhood you’re looking at, now there’s four or five homes, maybe 10 homes for sale in that same neighborhood. This is where the patience comes into play. Six months ago when you were writing an offer if you didn’t come in at list price or above, you were getting beat out, and you had to do that within the first day or two of that home getting listed. But now that there’s more inventory, and it’s taking longer for homes to sell, now you need to be a little bit more patient. So when you see that home that’s listed, let’s just say it’s listed for $600,000. Six months ago you better come in at 600 or higher otherwise you don’t have a chance. But now, now you can be a little patient. Now you can maybe offer a little bit lower especially if you see that there’s a lot of other homes for sale in that area.
And if you’re working with a good agent, they’ll be able to help you understand not just that home you’re looking at, but what’s happening in that particular market. So if you see there’s a lot of homes for sale, now instead of offering the 600 they’re asking for, now maybe you can offer a little bit less. Maybe there’s two or three homes in the area that you like. Maybe you go and offer 550 on all two or three of those homes. And what you’re going to find is maybe in the beginning, the seller’s like, “Whatever, screw you. That’s a low-ball offer, we don’t want to touch it.” But if you could be patient and wait it out for a little bit you have a good agent who checks in on a weekly basis with that seller, the seller might come back around after their home sits for a little while and come back to you and say, “You know what? Hey, I know we told you take a hike with your 550 offer, but the seller’s actually willing to entertain it. Here’s a counter-offer.” And now they come down a little bit. But you’ve got to be patient.
So go out there, find the home that you really want, but be patient. Be willing, like when you go buy a car, what’s the number-one strategy to get a better deal on a car? It’s to walk out the door. And what happens? They come chasing after you. You’re going to start to see that happen a little bit more in the real estate market. But you’ve got to be patient. So don’t be afraid to write an offer a little bit below list. But also, don’t be afraid to walk away if they say no initially, because they might come running after you just like that car salesman comes running after you.
So that’s the tip of the day for you guys. If you are thinking about buying a home here in San Diego County, we would love the opportunity at Whissel Realty Group to help you out. You can call or text me, Kyle Whissel, at 858-699-3895. Thanks for watching.