From the Globe:
If home shoppers are frustrated by the lack of bargains in the real estate market, they might want to follow John Pesa’s lead.
Pesa was a bulldog of a buyer. When sellers would laugh at his outrageously low offers, he would counter with a lower figure. He would dig up information on comparable, but less expensive, houses to buttress his point and learned as much about the pricing and movements in the market as the brokers showing homes knew.
An architect with a master’s in business administration, Pesa developed a detailed spreadsheet of possible homes that charted costs and various financial scenarios. He and his wife researched communities, collecting test scores on the local schools and timing likely commuting routes.
The result, after almost three years of research and shopping, was a house in Halifax that they bought at the end of summer for $81,000 below the seller’s original price.
One thing above all worked in Pesa’s favor: discipline.
“I was able to put myself in a frame of mind where I was a complete businessman,” Pesa said. He put aside any sentimental considerations, such as where he would put the Christmas tree or where his children would play. “I was a stone cold hunter.”
Good luck with that!
I’d be exhausted. As a matter of fact, I’ve MOVED twice in the past three years.
That’s the difference between him and me.
I don’t think the average person should mimic the behavior of this buyer. I see problems and warning signs, all over the place.
It worked for him, so that’s great.
More: Who’ll blink first? – By Andrew Caffrey, The Boston Globe