Real estate has always been a mental game. Whether buying your first home, or purchasing your 100th investment, you likely have a "Game plan" - preconceived thoughts and opinions on how this should all go down.
In some cases, it's very simple. But for many, the purchase of real estate is all about "winning". Now, don't get me wrong. I am all for getting a fantastic deal on a property. I love when I help my my clients buy a home with substantial instant equity. I love hearing about my client who got such a great deal, he flipped it quickly and made a small fortune.
Those are GREAT stories! And it is what we strive for, every time.
However, all too often we find clients who are so obsessed with "winning" in their mind, that they cannot see the deal right in front of their noses. "Winning" usually has to do with a perceived victory in the area of negotiation. For instance, one gentleman told me that he would never buy a home without getting 20% of the list price away from the sellers. "What if the home is already priced under market value?" I asked him. And his answer confounds me to this day - "Given two exact houses, I would pay MORE for the home I got the sellers to negotiate on, then pay less for a home I had to pay list price for".
If a home is priced well in the Sarasota real estate market , it is going to sell. If it is priced exceptionally well, it may sell for OVER list price as a savvy buyer beats out all his "winning the negotiation" minded competitors. And he is laughing all the way.
I revel in getting great deals for folks. As an exclusive buyer agent, it's what I do. But there are times when I need to tell my folks - "offer list price, or you will not get the home". Because shouldn't "winning" be defined as getting the home you want at a great price for the current market?