Secret {Real Estate} Agent is an exciting new feature on OTBKB. The writer will remain anonymous.

Who am I?

Are you sure you want to know? The stories I am about to tell are not for the faint of heart. I'm a
Park Slope resident over ten years and I've been selling real estate
about four. I'm "in it," as they say. When I started it was the hottest
of hot markets. That was back when being a real estate agent was sexy
and the topic was like crack. No one could get enough of it. I've been
riding the wave as it's gone from a seller's- market to a relatively
even-market to the buyer's-market we're in now. It's been a wild
journey so far and anything but boring. Real estate is still a hot
topic. People are skittish, holding their breath and waiting for the
bottom. But it's not all doom and gloom. People are looking and
transactions are happening. It's not going at the frenzied pace that it
once did. Now it's more like molasses.

But It’s not all doom and gloom.

There is good news out there. Mortgage interest rates are very low.
Asking prices are more flexible and there is usually room to
negotiate. But people are still collectively holding their breath.
When will we hit bottom? Should I buy? Should I wait? What do I do?

My opinion? Don't wait for that proverbial bottom. When that tipping
point happens, it may be too late. The frenzy will begin again and
buyers will swarm and drive the prices right back up. If you're
hedging your bets and waiting for the bottom, you could be left
behind. No fun!

Pay no attention to that man behind the curtain. And don't pay attention to asking price.

Why?

There’s wiggle room. Sellers may not reduce their asking price because they are anticipating people
will offer less. If they are serious, they’ll negotiate with you.

You’ll need to do a little homework before sealing your deal of the
century. Better yet, work with an agent and have him or her do it for
you. It's what we get paid to do, after all.

In any case, here are some negotiating tips:

1.     Find out length of time on the market.

2.     What are comparable properties on the market asking?

3.     What have comparable properties closed for recently?

4.     Have your financing ready (talk to a reputable mortgage broker
– you can be pre-qualified for free after about 15 minutes on the
phone)

5.     Depending on the info above, be bold. Serious sellers want to
make a deal, so start the conversation!

Don't forget. Park Slope is a desirable place to live and will likely
be for some time to come (you know that already if you live here).
It’s not likely you’ll get 20% off the asking price and there are  not
many fire sales out there. That said, there a lot of opportunity and
you might be able to afford something you didn’t think you could. Good
luck!