REAL ESTATE OF MIND: Never make an offer on a Friday

REAL ESTATE OF MIND: Never make an offer on a Friday
Mario Carey

Early in my real estate career, a prominent Buyer said this is how he learned to buy real estate. His advice was based on not wanting to allow the Seller to shop his offer over the weekend.

There is some truth to this in a Seller’s market. However, in a Buyer’s market, everyday is the best day to make an offer.

A time constraint can indicate the offer is good for 24 hours. And with the advent and prominence of online real property activity in real time, constraining buying and selling to certain days of the week and restricting from others can be like shooting yourself in the foot and wondering why it hurts.

The online market is 24/7 and has little respect for weekends.   

As Realtors, we have a fiduciary responsibility to present any and all offers. There’s a delicate balance when the offered price might be a huge discount from asking price.

Sellers often, if not almost always, over-value their property. They may have poured years of labour and love into it and they tend to think everyone should appreciate it. Being sensitive to a Seller’s pride can help swing a deal your way as a Buyer.

It’s a good idea not to insult the Seller muttering ‘they’ll never get THAT!’ for the home you are looking at. Buying and Selling are personal and annoying the Seller can kill the rapport needed to reach an agreement.

Listing sales prices are best established using CMA (Comparative Market Analysis) and Appraisals. Dates like number of days on the market and history of price reductions provide good guidelines for Buyers to make reasonable offers.

A Buyer’s Agent with good negotiation skills can achieve profitable results for his/her client.

So if it’s true that you are never supposed to buy a car built on a Monday, or tires on a Friday afternoon, there’s no best or worst day to buy real estate.

When it comes to the right residential property, any given day is the best time to make an offer.

Businessman, investor and real estate veteran Mario Carey shares thoughts on the economy, lifestyle, environment and The Bahamas of the future in this series.