In 2011, I helped my buyer get a prime 3BR/1BA home in Pacific Heights. I discovered—after the deal closed and we wrapped up 2011—that we not only got a great deal, but actually scored the best one of the year! This purchase was the lowest-priced 3BR in Pacific Heights since 2009, and this is how we did it:
The home had stunning curb appeal in a great location, yet overpriced and not a condo or a TIC but a stock-cooperative.
Strategy #1: Pay attention to inventory that’s 20% above your expected purchase price and don’t rule anything out.
Gracious floor plan; includes elegant public rooms to the left and right of its sizable foyer.
Strategy #2: Floor plans can be tough—but if finishes are all that the home needs—that’s a cheaper makeover. Always remember to shop for a home and not a deal.
Strategy #3: Time your offer well after reductions. This particular property was reduced by $30K after the first 30 days on market (DOM), then after another 60 DOM, was reduced again. On July 13, it was reduced one more time for a listing price of $739K. My buyer and I came in about 60 days after that, timing our offer for Labor Day weekend when no other buyers were around.
Strategy #4: Remember that looking for a great deal doesn’t get you one; writing offers is the only way to get a great deal. When negotiating with a seller that doesn’t budge on price, be willing to walk away for two or three days and come back. The seller may feel differently, having almost had a deal, and then losing it. But don’t wait around a week; by that time the seller will have likely resolved any remorse they had from your going.
Come learn more! I’m hosting a buyer’s seminar and you’re invited:
WHEN: Thursday, Feb. 16
TIME: 6:30 p.m.
WHERE: 555 Mission Street, San Francisco
RSVP: To Jamie Comer at (415) 420.2510 or firstname.lastname@example.org
Examining renting vs. owning
Overview of current market conditions
Review of the home buying process
Strategies for shopping and uncovering the best deal
Preparing for home ownership
Affordable mortgage programs
Questions and answers with mortgage specialists
[photos courtesy of: SFARMLS]