Buying Real Estate IS NOT LIKE Buying At The Bay

 

 

The phrase I always hear from people looking to buy real estate is, 

 

I Want A Bargain!

 

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When I first entered the real estate industry, a colleague of mine told me.  “Gary, buying real estate is not like buying at The Bay”

I said, “What?  What do you mean?”

He continued, “You know how you go to The Bay and you’re looking to buy a $100 shirt and because it’s Bay Day, you get 30% off.  Then when you sign up for their Bay card, you get another 15% off, then there’s a scratch and save and you get an additional 25% off, and by the end of the day, you end buying the $100 shirt for $20?”

“Yah, it’s such a great deal eh?”, I replied.

“That DOES NOT happen in real estate.”  He emphasized, “But people seem to think buying houses are like that, they want 30 – 50% or more off of the purchase price and it’s ridiculous.”

I learned something that day.  The public doesn’t know how it works in the real estate industry.  They think they know, but they don’t.  

 

Then how do I know how much I can sell my home for?

 

For sellers, you talk to a Realtor who knows the market (balanced, buyer’s or seller’s market), knows the comps in the area and has a general forecast of where the market is heading in the short term.  Realtors don’t have a crystal ball, but from all the news and economic forecasts they read and hear about, they have an idea of where the market is going.  

 

What if I’m buying?  If I can’t get 50% off, can I get 25% off?

 

Rarely, do Buyers get a large discount like that unless the home was overpriced to begin with.  If a home is worth $1M and the seller decided to price it at $2M, then yah, a 50% discount may be possible, but more likely than not is the seller will reduce the price from $2M to $1.8M to $1.6M to $1.4M to $1.2M and then it’ll sell for $1M.  Then, when it sells, the buyer will have received a 17% discount (from $1.2M to $1M).

 

Typically, when homes are priced well, they’ll receive showings, if the home is listed and it’s getting showings but no offers, then usually a 5% price reduction is what’s needed.  When the home doesn’t even receive showing requests, then usually a 10% price reduction is what’s needed.

 

 

For more information about this topic, feel free to email or call me.  

 

 

What Our Clients Say

“I think Gary’s a very professional Realtor, that’s not just coming from me as a Mentor, it’s because I’ve worked with him, he truly cares about the client… You want to work with someone who is caring.”

I know so much realtor, but he’s the best one. Once I talk to him about the investment, he’s thinking, “Okay, this is the only person I trust.” Usually I just refuse to have any connecting with a salesperson or a realtor, but he’s only the exceptional one. Make friends with him.”

“It’s because of [Gary’s] knowledge, his insight, the way that he analyzes and he’s able to put real estate in perspective… he really is genuinely interested in me and what i’m looking for, that blew my mind… because he knows the market and he specializes in the luxury market he’s really able to provide that insight”

“The word professional sums up Gary, extremely knowledgeable… extremely honest, he didn’t sugar coat things… Gary will get it done, he’s done it for me, he’s done it for lots of people I know.”

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Real Estate investing can be a long and arduous task. But it doesn’t have to be.

With my help, and my team, we’ll make sure the process is smooth, straightforward, and as simple as possible for you. As an award-winning REALTOR®, my team and I work with diligence to help you achieve your goals. We’ll deliver exceptional results with attentive care.

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