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I love to see buyers’ eyes light up when they really want a property. Once that light bulb goes off, the buyer’s inevitable next words are, “What’s next?”
A bit of science and a bit of creativity answers that question. There are three factors you must study:
1. The marketplace. Any good real estate agent will do a thorough analysis of the real estate transactions in the area. This is the “comps” – a comparable analysis. You need to answer this question: “What’s the environment in which I am making this offer?”
2. The seller’s mindset. You must judge the seller’s mindset – his or her “world view.” A good real estate agent collects information from the other side – little by little – gathering up as much information as he can with repeated calls and meetings. You and your agent must do your best to analyze the seller’s situation and what he or she is trying to do, regardless of market conditions.
3. Your mindset. What do you want to do as a buyer? You need to determine where on the continuum you fall. Are you so passionate about the home that you must get it no matter what? Or are you the cool, calculating investor who won’t be satisfied unless you steal the property at an amazing price? Or are you in somewhere in between, like most buyers? Your answer helps drive the strategy.
To discuss real estate buying strategies, please give us a call. Eng Garcia Properties has some of the top buyer-agents in the Mid-Atlantic region, including the top two agents here in Washington, D.C.
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