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March 27, 2014 11:17 am
I lived in Asia for over 22 years and prided myself in my ability to go into a local market and haggle with the locals to get a "good deal." It didn't matter if I was shopping for hand-carved teak furniture or a trinket for the Christmas tree-there was JOY in feeling like I could get them down to a price where they would squirm and I would walk away, and they would come running two blocks down the dusty path to save the sale.
In retrospect, I'm not so sure I am still so proud of these frenzied events. It was only a "good deal" because that is what I had decided to pay for something. I became stubborn if the merchant felt they had more value in their craft.
On more than one occasion I walked away from a deal for things I still (after many years!) really wish I had purchased. And all for what . . . usually it came down to a matter of cents on the trinkets and a matter of less than $5 US dollars on some of the "big stuff!" Now that I am back in the States, I can recall dozens of times I left REAL value on the street. From my perspective in the States now, I see how much people are paying for fine, hand-made craftsmanship, often from the same villages I was haggling in.
So, what does this have to do with buying a home or investment property? I deal with people everyday who want assurance that they are getting quality for their dollar and who are anxious to get bottom price on for that value. Unfortunately, I see people walk away from REAL value.
As with my experience in the markets in Asia, home buyers and investors need to slow down their decision making process, take a good hard look at the current as well as the potential value down the road. Get out of the emotional state and think about the consequences down the road.
What will you be glad you did five years from now?
Now, may not be the best time to haggle, but rather to think about REAL value and make a sound investment!