How to buy the right apartment in a moving market

Summary:

Buying in the right market means you need to perhaps pay that extra $5000 initially or make sure you are not being too fussy because if you buy the right apartment the market will do it thing for you.

What is frequently seen is when you wait for the ‘perfect’ deal and continuously miss out, you become a buyer that is too fussy. In the time you miss out the values can increase by thousands and thousands as the market moves. Buying a desirable apartment rather than looking for the one that is five to ten thousand less. However, by talking to Apartment Specialists we can take away some of this frustration and help you reach your goal of finding the right apartment for you.

TRANSCRIPTION:

Good day, Andrew Murray here from the Apartment Specialists. How to buy in a moving market? How to buy when you know the values are going upwards, but you want to find the best deal? You want to get the apartment for the lowest price, but what do you do?

The thing with a moving market is - I see this over and over again -You might fall into this trap, but this is where you wait for that perfect deal. You try to get the apartment for the lowest price, and you miss out again. You become too fussy and you take time to purchase. In that time that you have taken, the market's moved $30,000, $40,000, $50,000.

I have seen buyers wait for that perfect apartment for two years, and in that space the market's moved $100,000, $150,000. Now, that is a $150,000 mistake, as I have put it. I will give you another personal example for myself. I bought an apartment for $340,000. At the time, it was really difficult and I thought, “I’m a real estate agent. I should be buying well below market,” but I was buying at market minimums. And I knew this one was bought out, but I really wanted this apartment and I loved this apartment. I just got an evaluation the other day and it is worth $500,000 now. This is in two years.

The fact that I agonized over this, even some of my peers said, “You’re paying too much.” The market did the movement, not me. So, it comes down to buying the right apartment, and it comes down to buying a desirable apartment. If you buy the right apartment, which is desirable, then the market will do the rest.

Trying to get that apartment for $5,000, $10,000, $15,000, $20,000 less than what they ask can actually hinder you. The important thing here is not so much as getting the lowest price, it is getting the best apartment. For example, one that is favorable and that is not going to leave. It does not have any issues and it is in a good location.

I hope it helps, because I know it is very stressful. In the next three to five years, this market is really going to be moving. I know. It is something that I have struggled with. I am sure a lot of buyers struggle with this as well.

Talk soon. Cheers. Bye.