I have met hundreds of buyers and sellers so far. Many of them are in the market for a very long time – at times half a dozen years. Every buyer wants the best house. This is understandable. But few are willing to pay that extra premium to buy it. Some buyers can never makeup their mind and whenever they do it’s too late. Somebody has already taken that property off the market. Likewise every seller wants the best price with the best payment terms. Understandable again, but few are willing to reduce their price or alter their terms to close the deal.
On the whole I might say that if the right price of a property is 100% most buyers are willing to pay 90% while most sellers want 110%. Our task then is to bring them in the 98-102 zone and settle the issue.
That’s no mean task, if you ask me.
My father once put his thinking in a nutshell:
Buy dear and get on! Sell cheap and get on! Get on, get on, get on! For life is short!
I have found it an exceedingly sensible piece of advice.
In fact, I have made it my philosophy and have often succeeded in persuading clients to see how eminently reasonable it is. The accumulated wisdom of mankind, embodied in sayings like “Nothing risked nothing gained!”, or “Fortune favours the brave!” are entirely on the side of such a bold course of action.
Our history is replete with examples of sellers who sold quick and made a tidy profit and buyers who bought quick and picked up the best of properties.