I am gonna say it isn’t really a true buyer’s market right now, not based on the prices I see. It is much more so than it was 18 months ago but super great deals are not everywhere, YET.
Yet? Yes yet! They are coming and I am going to discuss why the market is always good for smart buyers all the time anyway. That said, trust me, the recovery no matter how good it is, if it is the best one we can hope for will take time. During that time people will need to sell, not want to, need to.
When you get people that need to sell, (some always do) along with reluctant buyers (like during a recession no matter the cause) you get deals! Additionally I have had a ton of home buying questions lately, many by email but also a lot on social media. We have not covered this topic for a while so lets do that today.
Join Me Today to Discuss…
- Finance options
- Hybrids like 80/20
- Let me be clear, don’t ever do an ARM loan, EVER!!!!!!
- The 1% Effect selling formula (houses that get top dollar)
- Using the reverse 1% effect as a buyer
- Identify the homes that
- Show 1% worse then most homes in the price window
- Find homes that are on the market for more than 90 days
- Find empty homes (already bought another or a failed flip)
- Be a smart and savvy negotiator
- Identify the homes that
- Finding a home
- HOAs are the devil
- List your wants and rank them from 1-5
- 1 – I have to have it
- 2 – I really want it and likely won’t be totally happy without it right away
- 3 – I really want it, I don’t want to give it up, but I can do without it for a time
- 4 – I would like it, but I can live without it
- 5 – It would be nice, but I won’t really factor it into my decision for the right property
- As you find homes that don’t have what you want, rank them from 1-5 as well on the permanence scale
- 5 – There is no way I can ever have it in this home
- 4 – It is possible but very expensive or very difficult to do
- 3 – I can have this for a reasonable cost, at some point in time down the road
- 2 – I can have this for a reasonable cost, relatively quickly
- 1 – I can have this with simple sweat equity, it will just take work
- Making your decision on which house to make an offer on
- Communication with buyers and doing the agents work for them, you likely have to, most are morons
- Spirko’s 6 Laws of Buying a property
- Rule One – Never overpay for a property
- Rule Two – Never get emotionally invested in a property
- Rule Three – Never overpay for a property
- Rule Four – Be willing to walk away from any deal
- Rule Five – Never overpay for a property
- Rule Six – Always buy with thoughts about an exit strategy
- There is no magic, but there is being smart and 1% smarter then average is enough on either side of the deal
- They key is a clear but reasonable vision of what a property can be, vs. what it currently is
Resources for today’s show…
- Follow Life With Jack on Instagram
- TSP Facebook Group
- Join the Members Brigade
- Join Our Forum
- Walking To Freedom
- Carry on My Wayward Son – Anthrax Cover
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