Should we wait for a price correction?
"Should we wait to see if prices will drop?"
I don't have a crystal ball but I can share how my real estate mentor answered that with me, the secret to big price drops, and the best negotiation book to insure you get a good deal no matter what!
My mentor ask 3 helpful questions and gave me one response when I asked the same question.
- Is this for your family?
- Can you afford to live in property comfortably?
- Can you live in this home for a long period of time?
My mentor Bruce Norris (www.thenorrisgroup.com), one of the most respected California real estate market forcasters asked me those three questions and gave me one response that made me think long and hard.
When I answered "yes, yes, yes" then he said, "then who cares what price you buy the home at, what you want to be able to do is BRAG ABOUT IS YOUR INTEREST RATE." Then he turned and walked away.
I was taken back, because I was expecting a market timing response, so I dug into the research and he was SO RIGHT! Have you ever looked at the cost of a loan after 30 years? If you are blessed to have cheap access to capital, then go find your dream home!
There is only one significant reason property values would drop a lot ... excess inventory! In San Deigo do you see any reason why there would be an excess of inventory and or in the surrounding beach communities?
Now, in the higher prices points ~$3 million and higher there is at this moment there is a good amount of properties for sale. As a top buyer agent who lives in San Diego, if you were in that market to buy a home then this would be a fun time to negotiate and secure a good deal.
Understand a good negotiation strategy is critical to the success of any "good deal" in today's market. My favorite negotiation book of the decade is Chris Voss's book Never Split The Difference Negotiate Like Your Life Depends On it.
A thorough analysis of the competition's pros and cons, a very specific interview with the listing agent and some team (you & me) agreements on the rules of the game are how I like to create big wins for buyers that want to play to win.
The average agent usually doesn't offer much to their clients in the world of negotiation, which is why my clients appreciate when I set a formal meeting to discuss their goals and what's important to them in finding their slice of heaven in San Diego.
Let's do a buyer consultation and review your vision, all the options on the market and off the market, and create a game plan to secure your new home in San Diego.
Patrick Ferry - Use - 858-519-7101 - to book a San Diego buying consult.