Market Knowledge is Critical When Purchasing a Property

We believe there is a stairwell of three steps that you must ascend when buying or selling a home. In a market, with low inventories and high prices, it is even more critical. Unfortunately, most agents and their clients miss one or more of the three steps, and that creates issues for all concerned. We call it the “Market Knowledge Staircase.”

Step 1: Confidence. Agents called it ‘caravanning.’ You go out and visit the property regularly. It’s a no-pressure environment. Visit open houses in the neighborhood you live in or plan to move to. You gain market sense, see things you like or not, and build a basis for comparison, which allows you to recognize the relative value and home styles you want when you see it.

Step 2: Timing. If you are serious about buying, you should put yourself in a position to capitalize when you see that deal. The difference between selling above the market or buying below the market value often boils down to being prepared to act. As a skilled observer, you will trust your judgment when the time comes to act.

Step 3: Certainty. Sometimes you only get one chance at the right home or the right price. Things move these days quickly, and sometimes buyers rush to buy too soon, or sellers jump at an offer without getting a creditworthiness evaluation of a buyer.

Confidence, Timing, and Certainty are learned through experience. Most people will take more time picking out a cut of meat or bottle of wine before thinking and working through a home purchase or sale. Take the stairs one at a time whether you are buying or selling. Proper preparation prevents poor performance.

JC Realty Group

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