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Buying In A Sellers Market Part II
Dated: March 18 2014
Of course cash is king. All things being equal, it is very difficult to beat a buyer with lots of cash, particularly one who is willing to spend it. But, all things are rarely equal. All too often, highly qualified buyers fail to prepare and document their assets in advance and miss a fantastic opportunity, just because they made the assumption they can always do it after they find a suitable property.
In a seller’s market, holding multiple Open Houses, prior to accepting offers, is very common. This, combined with heavy internet exposure, will often times generate multiple offers, which in turn drives up the price. If a seller limits exposure to the home or is willing to entertain offers as they come in, this can create a tremendous buying opportunity. You want an agent that is always proactively looking for this type of situation and when it comes, does whatever it takes to get your offer in quickly, avoiding as much competition as possible.
Of course the final component of this strategy is market knowledge; having the understanding and ability to spot a well-priced home. Leveraging this knowledge with preparation, and the capacity to act quickly and decisively, can be the difference between a fair deal and a great deal even for strong buyers. For those just starting out or with less substantial assets, it might make the difference between getting a home and possibly not getting one at all.