Have you watched the new TV Series called "The Offer”? The show explores the making of the 1972 Oscar-winning mobster saga "The Godfather." Miles Teller stars in the new drama as Hollywood producer Albert S. Ruddy. The film is streaming exclusively on Paramount+.
Wow! It is so good. I had no idea what it took to get "The Godfather" made decades ago. I recommend that you add it to your watchlist at some point.
Ok, on to real estate…
As I’ve been writing about for the past few weeks, the market has slowed down significantly. Home sellers are either still reeling from the “loss of value” in their homes, or are looking at the market and deciding to list their home aggressively in order to get it pending vs. the competition. What I see is opportunity all around!
Home buyers are a bit hesitant to pull the trigger, as many feel that prices are bound to go lower in today's environment (mortgage rates rising, cost of living and inventory levels increasing). The tradeoff is that mortgage rates may significantly increase with the next Fed meeting, which will again lower the purchase power of many buyers and keep them on the sidelines a bit longer.
So where’s the opportunity?
I’m counseling my buyer clients to find a home they like, and make an offer that the seller “can’t refuse” — or will at least take a serious look at.
I mean, why not? Why wait for a seller to do a price reduction when they may not be as agreeable to looking at lower offers – until they get some market time at that new price? I say: Throw something on the wall and let’s see how the seller responds.
I’m not suggesting cutting the seller off at the legs, I’m suggesting a strategic lower offer with terms that are strong and a price that we can begin negotiating from.
It could be the offer that works for them at that time and day after many frustrating days on the market.
I’m having success with this premise right now, and wanted to share that this is one way to get into today's real estate market, while enjoying the current mortgage rates and potentially a pretty good (or very good) purchase price.
Until next time…
