Holidays are a great time to buy

Every mid to late December I'm able to negotiate an incredible deal for a buyer. So many agents give up in December, go on vacation, start thinking about 2009, and sellers certainly see less activity. Doesn't this seem like the best mixture for a great deal? This is what happened this December: my buyers were looking for a 2 bed home in the CalTech area of Pasadena, and we found one that hadn't had an offer in 3 months and was listed with an out-of-area broker. We wrote an offer for $40k below asking price an got it, then it appraised for $20k more than our contract price, and this is practically unheard of. My buyers close escrow in the first week of January.

Deals can be had

Where are the buyers? Seems like everyone is frozen, waiting for something to happen, and when we hit bottom (and it will happen), no one will know until a few months later. But in the meantime, I have a buyer that got a great deal on a home in an exclusive area of Pasadena. The asking was $450k, no offers in 90 days. Same exact property was in escrow at $475k. My clients decided to offer $410k and got it. Just a day later the $475k home closed escrow, and my buyer's $410k home appraised for a lot more than their contract. The market is great for buyers, and there are sellers that will give big discounts, but you just have to ask (in other words, give an offer).