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Real estate survival gets back to basics

Part 3: Hot tips for handling shifting markets

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(This is Part 3 of a four-part series. See Part 1, Part 2 and Part 4.) How can you best cope with market shifts? Back to basics is the key to success. Our last two articles looked at two strategies for surviving shifting markets, i.e. creating a three-level business plan and guerilla marketing. Today we look at how having a mastery of the fundamentals can help you to cope more effectively with market shifts. Shifting Market Strategy No. 3: Back to Basics In a number of areas along the East Coast, the market has been so hot that buyers routinely waive physical inspections and loan contingencies. In fact, there is a whole new generation of agents who have never experienced a so-called balanced market, much less a buyer's market. In many places, properties sell as soon as they are listed, often with multiple offers and over asking price. Agents merely had to list the property and close the transaction. Buyers were so desperate that they would do almost anything the sellers wanted i...