need to be prepared, plan carefully, embrace
negotiation and exercise patience.
Getting pre-approved with a mortgage broker
or lender to find out how much you can
afford is an obvious first move. Pre-approved
know exactly how much they can borrow,
and they have an easier time negotiating with
sellers. Make sure that you're comfortable
with the size and kind of mortgage you
to make the purchase.
from overpaying, you need to research the
local market carefully. Some of today's home-sale
transactions require several rounds of
counteroffers to reach a mutually
agreeable purchase contract. Standing firm on
your price can be a viable negotiating
sure that your contract includes an inspection
contingency, even if you find yourself in competition. Buyers often wonder how they'll know a good deal
when they see it. The key to understanding local
pricing is to look at a lot of property. Find out
what the listings you liked sold for and keep a
record of this information.
oooMaintain relative calm during the process of buying
a home because there are many details that need
attending to during a real estate transaction.
The key to reducing stress during the transaction
is to stay personally involved with the choices
that you and the agent make together, and to keep
an open flow of communication. Knowledge is power.
Don't hesitate to ask for an explanation if you
have any questions.
"The best deals are made between
buyers and sellers who are motivated."
ooo Motivated sellers usually prepare their homes
for sale before putting them on the market
because first impressions are lasting. Conducting
an open house
is a great way to balance your marketing plan. Public open houses provide
additional market exposure that in some cases
will result in a sale. Evaluate your marketing
plan to make sure that it provides full exposure to every possible customer,
locally, nationally, and internationally. The property should be advertised
in the local multiple listing service, newspapers and on the Internet. There's
no chance of receiving multiple offers and a higher price if only one buyer
sees the property.
oooThe market is dynamic, not static, as market factors change, so will the
value of your home. To find current market value, compare the list price
of your home with similar listings in your area that have sold. Buyers pay
what they perceive is market value. A successful sale requires accurate pricing
for the market; everything sells at the right price.
oooThe most important factor may be your choice in a real estate professional,
one who has strategic negotiating skills, allegiance to the client, and a
strong, personalized marketing plan for your home.