In this real estate market, those who have the ability to wait, be patient, and let things draw out as they may are the ones who get the best buys when it is all said and done.
Every buyer wants to get the best deal possible but very few have the patience necessary when it comes time to buying a house. In today’s age of text & instant messaging, twitter, and the wealth of information at your fingertips, actually having to wait for anything these days is a rarity.
The most difficult part of patience for a buyer today is when they find a property that just hits the market. Typically the seller is going to be a lot less negotiable during the first couple weeks or months on the market. They think they’ve got something special, and sometimes they do and the property sells fast.
More times than not though, the property is priced too high and the property will sit on the market for at least 3-6 months or more. This is where patience comes in for a buyer. Knowing that a property is priced too high for the market and having the ability to wait for the seller to come down and get more realistic on the price is easier said than done.
The more patient a buyer is, the more options they will have as well. In today’s market of falling prices, more foreclosures, bank owned properties, and short sales, it only makes sense for a buyer to be patient and see all of their options.
Additionally, I have seen several buyers in this market use patience to their advantage in the offer process. They made offers based on what they wanted to buy the property for and held there, patiently and without a lot of emotion. At first, the sellers balked and said no. Eventually, sometimes 45-60 days later, the seller came back and met their terms, and the buyer ultimately got the property.
Patience plays a big role in getting the right property at the right price. Be sure to keep this in mind if you are looking to buy a property.
“He that can have Patience, can have what he will” — Benjamin Franklin