Moving Your Home In A Buyer’s Market

Moving Your Home In A Buyer’s Market

The first part of this decade was glorious for home sellers. Just stick up a sign on your home and get an offer. Well, things have changed and so must your approach. Here are some advice that will help.

• 1. When you are selling your home, allow it to be shown at a moment's notice. Qualified buyers aren't "a dime a dozen."

• 2. When you are selling your home, keep it clean and tidy ALL the time. Let it get out of hand and an otherwise serious buyer WILL show up. If you don't have time to clean, hire a cleaning service.

• 3. When you decide to sell your home, giving the kitchen the once over is a good first step. Kitchens are unique in our daily lives. For some reason, we always seem to congregate there. Buyers know this and will be focusing on the condition of yours.

• 4. With the fluctuating home prices we are currently seeing, buyers can have problems getting financing regardless of their credit. Don't drop the buyer! Instead, offer him or her a second mortgage.

• 5. When analyzing homes for sale in an area, it is important to focus on the correct numbers. Typically, you want to throw out any home that has a distinctly higher or lower price than the other homes unless there is something unique about it.

• 6. Many people try to sell real estate with an “as is” qualifier. The idea is this protects them from any claims the failed to disclose problems with the property. This assumption is incorrect. If you sell a home with problems, you must disclose them.

• 7. Buyers aren't a dime a dozen but they are out there. Showing flexibility can make your property more attractive than the competition. Be willing to vacate quickly for a qualified buyer who wants it.

• 8. Most states require real estate contracts to be in writing to be enforceable. The buyer invests time and thought in the process of committing his offer to paper. When you receive his written offer, you know ALL the items the buyer is trying to "nibble" from you.

• 9. Whether buying or selling, you will want to take a close look at comparable homes in the neighborhood. Do not pay much attention to the listed prices. Homes do not sell for the listed price. Focus on the actual sales prices of recently sold homes.

• 10. Many people work so hard to get an offer on their home that they do not know what to do once they get one. Your choices are to accept it, reject it or make a counter offer.

Real estate market advice

Certainly! Here are some general tips and advice for navigating the real estate market:

• Research and educate yourself: Before entering the market, take the time to research and understand the local real estate trends, prices, and market conditions. Stay updated on current news and developments in the real estate industry.

• Set a budget: Determine your budget and financial capabilities before beginning your search. Consider your income, savings, and potential mortgage options to understand how much you can afford. This will help narrow down your choices and prevent you from overspending.

• Obtain pre-approval for a mortgage: If you plan to finance your purchase, it's a good idea to get pre-approved for a mortgage before house hunting. This will give you a clear understanding of your borrowing capacity and allow you to make competitive offers when you find the right property.

• Define your priorities: Make a list of your must-have features and prioritize them. Consider factors such as location, size, amenities, and potential for growth in value. Having clear priorities will help you focus your search and make decisions more efficiently.

• Hire a reputable real estate agent: A knowledgeable and experienced real estate agent can provide valuable guidance throughout the buying or selling process. They can help you find suitable properties, negotiate offers, and handle the paperwork involved.

• Attend open houses and inspections: Take the time to visit open houses and conduct thorough inspections of properties you're interested in. This will give you a better sense of the property's condition, potential issues, and whether it meets your requirements.

• Perform due diligence: Before making an offer, conduct thorough due diligence on the property. This may include researching the property's history, obtaining a professional inspection, reviewing relevant documents, and assessing any potential legal or zoning issues.

• Consider long-term prospects: Think beyond the present and consider the long-term prospects of the property. Look at factors such as the neighborhood's future development plans, schools, transportation, and amenities. Buying in an area with potential for growth can be a wise investment.

• Negotiate effectively: When making an offer, be prepared to negotiate with the seller. Understand the market value of similar properties in the area and use that information to make a competitive offer. Your real estate agent can provide guidance and support during the negotiation process.

• Stay within your means: Avoid stretching your budget to the limit. Consider additional expenses like property taxes, insurance, maintenance costs, and potential renovations. Make sure you have enough financial cushion to comfortably handle these expenses.

Remember, the real estate market can vary significantly depending on the location and current economic conditions. It's always advisable to consult with professionals and experts who have specific knowledge of your target market for more tailored advice.

The funny thing about the real estate market is it is always active. If you listen to the news, you would swear not a single home was being sold these days. In truth, hundreds of thousands of them are and yours will be next if you follow the above advice.