A New Breed of Buyer

Being a Realtor can be a frustrating job. Especially in a tough market like this one.   The reason it’s become difficult is because there is a new breed of buyer that has emerged from the new normal in Real Estate. These are buyers who are looking for the cheap of the cheap when it comes home prices. These buyers are a mix of small investors and buyers who normally would not be able to afford to purchase property.  Of course with home prices dropping like a bad habit, many buyers recognize that there are some great deals out there,and they are absolutely right. The problem is not the price range they are in, which can be anywhere from $20,000 to $60,000, it’s the kind of property they expect to get in the price range mentioned. In a city like Tampa, the $20,000 to $60,000 price range will most likely get you a condo or town home depending on the area, The challenge that I found with many clients is that they want either a move in ready home or a property with all the amenities for under $40,000.  There is certainly inventory in that price range, however you also get what you pay for. Most likely many of the properties in the price range mentioned will either need some work or they might be a little dated. The ones that are in tip-top shape are becoming difficult to find because someone already recognized that they were a good deal.  It’s great that buyers today want a good deal. But there is a difference between looking for a good deal and being unrealistic about what you can get for your money. Trying to teach your clients about the realities of the market is no easy task. Sometimes your client has to learn the hard way before they come to the conclusion that they either have to go up in price or change their specifications of what they are looking for. Patience is the name of the game when handling these kinds of clients. This doesn’t mean you should not do business with them. You just have to approach them differently.

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~ by fnunez on June 3, 2011.

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