|Published:||Aug 09, 2013 10:01 AM EDT|
|Updated:||Aug 09, 2013 10:04 AM EDT|
FORT MYERS Fla.- Just like when we were in school, a little effort on the front end will go a long way toward getting a good grade (or being able to get a great buy on a home). We are already familiar with the 3 R's so let me apply them to our real estate market.
1. Reading the Market (Slide)
• There are good books that talk about how to buy a home but a book cannot describe the
market's playing field.
• This slide is the most important piece of information when it comes to buying a home as it tells
a buyer who's in charge
• As you can see, in the Lee County market, sellers at or around $300,000 are in charge
• Determining who's in charge will then equip the buyer on how to apply the other two "R's"
which are Writing and Arithmetic (today I'm going to take them in reverse order)
2. Arithmetic: Know the numbers
• The two most important numbers are the asking price and the Days on the Market at that asking
o Price range determines the type of market that property is in (Seller's or Buyer's)
o DOM may indicate sellers motivation
• Understanding these two numbers will increase your odds at "Writing" an offer that will be
3. Writing (the offer)
o The longer a home has been on the market at a particular asking price the greater the
chance that home is priced higher than market value, which means you MAY be able to
SUBTRACT something from the asking price.
o However, if it's a new listing there may be a greater possibility that you have to ADD
something to the purchase price