Buyers are now in a tough position when it comes to buying a house. Due to real estate is so strong and hot market and you need to make an upfront offer as soon as a property is put up for sale.
You need to put the Best and Highest offer at the current market.Competition has increased in most areas.
Things buyers can keep in mind to get the best deal in the market:
- Do your homework and negotiate fairly.
In a changing market, the biggest problem is human nature. Market value can drop or stagnate. But sellers often refuse to believe this. To them, the price of their home is based on how dear it is to their heart regardless of its actual market value. On the other hand, buyers take advantage of a market slump and make unrealistically low offers. Before you make an offer, research and think about important things like the features of the home that you want to be in the home, the size of the home and the going rate of properties in the area.
- Research on comparable sales.
Find out how much the last one in the area sold. See what’s going on out there. Don’t insult the seller by making a very low offer. You’ll drive them away. Your goal is to make them consider your offer.
- Why is the seller putting it up for sale?
Find out as much as you can about this. Is it because of retirement, job-related, divorce, they need to relocate, or they simply want to sell to the highest bidder. This information is crucial. If a buyer knows this, they can either negotiate better or decide to look elsewhere.
- Check the MLS (Multiple Listing Service). Your agent may be possible to find the information for you such as mortgage balances, etc. With this information, you could negotiate accordingly.
- Timing.
After 45 to 60 days the seller is usually absolutely sick of keeping their house spotless and sick of people walking through. After this period the seller will be anxious to sell their house.
- Go for newer or well-maintained houses.
It will cost you time, effort and money to fix damages.
Even in a tight market, it’s okay to ask the seller to add the closing costs to the price of the house. It’s better to pay 20% down payment and roll the closing costs into the loan than pay 15% down payment and pay upfront for the closing costs.
- Be reasonable
When you ask for extras. You can also ask for new kitchen appliances or washer and dryer. You can even ask the seller to pay for the first year of homeowner association dues. But don’t ask them for things that involve workmanship. Don’t ask them to paint. “They won’t do it the way you want. They’ll do a lousy job.’’
When you consider buying a home, think about staying there for at least five years. Remember your goal as a buyer is to get the home that you want; not to outsmart the seller.
