End Of Buying Season Creates Motivated Sellers
Summer Buying Season May be Over
But That Doesn’t Mean it’s Time to go Home
As the peak of the buying season winds down and the air turns cooler, it may seem to some who are less experienced that the market is slowing down; not so, as more savvy investors know, and this can be a highly advantageous time for those who keep their cool and pay attention because less experienced sellers will get a little desperate and less experienced investors will likely have given up and gone home early.
Many people desire to sell, buy or move (if renting) by the time summer ends, in preparation for the new school year; roughly 40% of home sales typically take place from April to August, hence the term “home buying season” Those that weren’t able to do so are likely going to stay put for the winter.
Nonetheless, there will be many who will turn into increasingly motivated sellers, as summertime gets further behind us, and therefor be more willing to deal in your favor. As these mildly desperate property owners reduce asking prices, smart real estate investors are able to get down on some great home deals.
So what’s the best way to deal with potentially motivated sellers, who might also be on the defense and wary of being taken advantage of?
Be ready to buy. Have your list of cash buyers and private moneylenders ready so that when you do come across a motivated seller, and get past the threshold to make that deal, you are prepared to act fast.
Make sure you’re talking to the right person. Sometimes the person you are speaking to is not the person who has the legal ability to say the word and sign the deal.Then, approach with sensitivity and create a rapport.
Don’t be afraid to offer an extremely low-ball price. There are two reasons for this:
#1 “NO” can sometimes be your best friend. This is a numbers game. The more quickly you get past the “NO”s the more quickly you can get to the “YES”es.
#2 You are more likely to get to the bottom of what they are expecting to get for their property this way, as many sellers are reluctant to disclose a number in fear of being taken advantage of.
