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June 15, 2010

Are you a Realistic Buyer?

Filed under: Center City Real Estate,General Real Estate,Of Interest to Buyers — Center City Philadelphia Real Estate Agent @ 10:34 am

Of course our Philadelphia condo market is not moving at the pace it was back in say 2006/2007. But are you looking a gift-horse in the mouth when a condo is clearly undervalued (say a foreclosure), and you want to offer 60% of the asking price?

Lets say a condo you adore once sold for $500,000, and has gone through the foreclosure process, and is now asking $400,000. You want to offer $240,000 although the comparable valid comps suggest it is worth every penny of the $400,000. Sure, you are probably going to get it for less than asking, but is a $240,000 offer really valid and/or realistic? Probably not.

Though each seller has their own level of motivation, I would suggest that buyers need to look at condos realistically. Don’t you think that IF the seller were going to take $240,000, that there would be a line out the door, and around the block to buy that Philly condo?  What, are you the only big-brained, know-it-all who is clever enough to come up with a plan to buy a condo at an unrealistic price? Perhaps you are new to this planet.
Again, YES…the market is not as strong as it once was in terms of sale prices. But ask yourself- are you being realistic, or are you looking a gift-horse in the the mouth?

Mark Wade
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

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