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Anthony: Are you looking at the properties with higher prices opening up, expanding the criteria for your buyers, and looking around for those two? You need to. We’re getting into the season. Yes, there’s still a lot of demand. It’s busier than normal because COVID changed the year. There’s still a lot of demand, but what’s happening is some of those properties that were listed late summer or even in the last few weeks that aren’t selling– There’s going to be more of those in the few weeks to come.
There’s going to be more of those properties coming up. Expand the criteria. See, in the spring and summer many agents got in the habit of saying, “All right, if my buyer can afford 500, I’m going to start looking up to like 480 because everybody has to go over asking.” Agents got in the habit of looking under what their buyer could afford because they wanted to make sure that they be able to have room to go up in a negotiation.
Listen, here’s news for you the next 60 to 90 days, everything’s not going to sell over asking. It’s not. There’ll be some selling over asking, but it’ll be less, much less than it was in the spring and summer. If you have a buyer that can spend up to 500, switch their criteria, and start having them see properties up to 550. You got a buyer that’s approved for up to 900, switch their criteria, and make it to 950 because you want to make sure they can see what’s above. Because if it doesn’t sell that’s your time to strike and negotiate.
I’ll be back to you within about three to four weeks when we get to that time of year that people are either going to come off the market or they’re going to price adjust which is late October and I’ll be telling you strike right before they price adjust. In the meantime, increase that criteria, broaden the horizons for the buyer. Make sure you are looking at properties above their preapproval amount instead of what you probably did with most of your buyers in the last three to four months, as you started looking below because you wanted room to go up.
Now I want you to do the opposite thing because you’re going to miss out on opportunities if you don’t. This is the time to strike for a buyer. The next 60 days is hands down by far the number one time of year to buy is always fall, but this year because of the craziness of the year it’s by far the best time in 2020 to buy. The next 60 days. In the 60 days after that won’t be bad, but there won’t be as much inventory.
Right now to like the first week in November is when you’re going to have the best choices for your buyers and that’s when you need to be looking. Make sure that you increase that criteria and really look at what’s out there. Look at what’s not selling there aren’t many, but look for them. Okay, my friends have a great day. Talk to you soon.