THESE STEPS WILL HELP YOU SAVE THOUSANDS WHEN BUYING A HOME
FOCUS ON YOUR NEEDS, ESPECIALLY IF IT’S YOUR FIRST HOME
As difficult as it is to say, your first home is your first home, it’s not likely to be your dream home. However, it is a necessary stepping stone to getting to your dream home. The important part is to get into the game. Here are some tips:
Find a home that fits your needs and your biggest desires. It’s important that you understand the difference between a need and a want, prior to getting caught up in the excitement of shopping for homes. Ask your agent if they offer “Off Market Properties”.
This can often give a new homebody an advantage because they won’t have to compete with so many other buyers, many of them cash. These programs will help a Buyer get access to BOTH what is on the market as well as the advantageous homes that other buyers don’t know about.
FOCUS ON WHAT IS MOST IMPORTANT TO YOU…
Most Buyers don’t have a clear idea of what matters most to them prior to beginning their search.
When you’re searching home homes, you’ll discover that you fall in love with different homes for different reasons. Some homes will be smaller and have fewer amenities but will be closer to work and/or family. While the much larger home with all of the amenities is further away. We want to ensure that our Buyers see everything and have the opportunity to weigh the pros and cons of everything before pulling the trigger on a home.
IT’S IMPORTANT TO UNDERSTAND HOW SELLERS SET THEIR ASKING PRICE AND HOW YOU CAN USE THAT INFORMATION TO YOUR ADVANTAGE
It’s important to understand how sellers price their homes. This will often give you an advantage in negotiations.
1. Clearly Overpriced
These homes can usually be identified very easily by seeing that they have been for sale much longer than the average sale time for that neighborhood. If you find yourself struggling to get an offer accepted, try finding these homes. Oftentimes the Seller is now understanding that his/her home isn’t worth the asking price and is getting ready to lower it. You can swoop in and get them to agree to the lower price before the asking price gets lowered and creates a lot of new competition for you.
2. Priced Correctly At Market Value
You will have a reasonable amount of competition for these homes so be prepared for it. These are often the best houses, but the best houses also attract the most competition.
3. Price Below The Fair Market Value
These homes will attract a LOT of Buyers. The competition will be fierce. Be prepared for this. The asking price is just the “opening bid”. Be prepared to have some things in your offer like: A. shorter timeline of contingencies B. Waiving of certain contingencies C. Escalation Clauses to name a few.
The Jim Bottrell Real Estate Team has a list that we will share with you that details 17 techniques that can be used to get an offer accepted. Reach out to us and we will share it with you.
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