I get that. I would too.
I have never had a buyer client say I want to overpay for a property. It is rare that they even want to pay fair market value.
While everyone wants a deal, very few buyers will actually act accordingly when a deal presents itself. Buyers tend to get caught up more in the list price / offer price / sales price than the market value, so much so that when the right deal does come up, they miss it.
The fact is that even in this “horrible” market, there are still an average of 50 buyers per month looking to buy property here in Big Bear. If the right deal comes up, trust me, you will not be the only one to know about it and you will not be the only one interested in it. We are still seeing multiple offers on these type of properties.
Don’t get caught up in how much off the price you can get. Many times, that has nothing to deal with what a property is worth. Rather, get caught up in what a great value you are getting and move forward.
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Nice summary Tyler. I believe it sums up the prevalent mindset of most buyers today. I work hard to educate my clients on the current market value of a home and de-emphasize the seller’s list price. When the list price is too high, they are generally agreeable to a much lower, more aggressive offer. But when the list price is *below* market, getting them to pay list (or close to it) is always a challenge. Normally, we need to loose a house or two before they understand.
Thanks Bruce.
My thoughts, and experiences, as well.