An Opportune Time to Make a Move on LBJ
We always talk about how we wish prices would go down creating a buying opportunity. Well here we are. From my discussions with clients most people aren’t hurting but I would have to believe that sellers are more motivated today then they were a few weeks ago given the economic conditions and what has transpired with the Corona Virus. Warren Buffet said ” Be fearful when others are greedy and be greedy when others are fearful”. I can tell you that at least some are fearful right now and that means its a good time to be greedy. If you are willing to buy something right now, some sellers are anxious to liquidate and your cash may be just what they need to calm their nerves.
Here are a few tips to seek value in the current market:
- Look for builder inventory – I would have to imagine that any builder with significant inventory has to be ready to unload at least some properties right now to firm up their position, especially if they are leveraged. We know they are in it for business and many can argue that they won’t be setting any records on sales prices for a while.
- Look for properties listed in the last few days – Unless you have to sell, why would you list your home in the middle of the Corona Virus outbreak? It doesn’t make sense. I have had many conversations with clients and have advised them to hold off on listing for a few weeks, or until this passes unless of course they have to sell. I would assume that anyone that lists right now, in the middle of the pandemic, has to sell or desperately wants to.
- Look for properties associated with owners in the Oil and Gas sector – Oil has taken a beating in the last few weeks and by beating I mean a very bad one. Oil is at historic low prices and many producers need cash to make margin calls on bank debt. I am not saying that all sellers in oil and gas need to sell but some most definitely do.
- Look for properties that have been on the market for a long time and/or that have taken recent price reductions. Often times it takes sellers a long time to get realistic on price. Everyone believes they made a great purchase and their property is worth way more than they bought it for but the reality is that in any market you have to be realistic about your price. We always advise our sellers to be aggressive with their pricing and in order to make a sell rather than overpricing and gaining days on market that will scar your listing. Sometimes days on market means sellers are incredibly stubborn and are willing to hold but again I would imagine with everything that is going on right now there are some minds changing.
As the top waterfront producer on Lake LBJ I bring real value to my customers. I have a strong pulse on the market and know where the opportunities lie. Please reach out at any time to discuss how right now may the perfect time to scoop up your dream piece of Lake LBJ Real Estate at a really attractive price.