Local Real Estate versus Sy Syms - a local Analogy
Mr. Sy Syms is well known in our area as having been someone who transformed the retail business in clothing sales. Mr. Syms’ store “Syms” was the first store in the United States to offer -off price Armani clothing.“ Already discounted designer clothing would have one price, BUT if it wasn’t sold within 30 days, it would then reflect another lower price, and then after 30 days, it would be further reduced and again after an additional 30 days, it would be even further reduced…… The only catch was (and is), if you have your eye on a particular designer suit for example, and there was only one in that size, then you would run the risk of losing out completely….. Such is real estate, I see that there are many people looking at listings based on the website traffic stats, but those potential buyers, like the Syms customers are perhaps waiting for their favorite item (house) to be further reduced….. BUT they run the risk of losing that house…..
I know that many times, rather than take the chance of losing something I really loved, I would purchase that gorgeous suit and appreciate it for its ‘quality‘, ‘design’ and simply being the right ‘fit.’ I would then reflect that if I had to pay a tad more for that suit, it was worth it as I was happy, didn’t have to squeeze myself into something that wasn’t quite right, and since it was perfect and ‘classic‘, it would be something that I could enjoy for years to come……
With mortgage rates so low (Bankrate.com showing 4.29% up from the 4.23% of last week for a conforming 30 year fixed loan, and 3.68% up from a 3.62% rate for a 15 year fixed loan), it is simply a wonderful time in which to purchase a home - TODAY - that is the RIGHT fit for you or your customers/clients. Waiting those extra 60 days, 90 days for that house to perhaps reflect the price you would like could result in your being disappointed if a savvy buyer steps in first. You can always negotiate a touch lower based on your thoughts that the market will further decline….. But do not lose the house you really like….. It might not be 100% right, but most home-owners will tell you that they bought the house that was 90% right.. And LOVE IT!
SO, take the plunge and enjoy - better the right fit than to settle for the wrong (bargain) house later.
Footnote: Mr. Syms passed away in November, 2009. As a footnote, I would like to mention that he endowed the Syms School of Business at Yeshiva University, and was very charitable to the Boys Town of Jerusalem. His advertising slogan is “An educated consumer is our best customer.”
When searching for a home, look for that Realtor who can help educate you. Please contact me with any of your Real Estate needs.
LARCHMONT and New Rochelle are great!
Posted by: Gay E. Rosen