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Real Estate Tips for Buyers & Sellers

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Kari AbtWixii, Kari Abt, shares real estate tips for buyers and sellers:

SELLERS:

1. Now may be the time to sell!  Owners still sitting on the fence waiting for the market to peak should be aware that the length of this real estate cycle is almost unpredictable.  Therefore, your window of opportunity may close sooner than you realize… or it could last longer.  The bottom-line is, if you’re thinking of selling, strongly consider it.  If it makes sense today, go for it.  Now is a good time.

2. Vet and hire a real estate professional you can trust.  His/her expert advice on price, marketing, and negotiating can be extremely helpful.  Vet your agent and when you’re comfortable with hiring them, stick to their guidance.  Agents handle pricing, staging, marketing, negotiating, maneuvering deadlines, inspections and appraisals, and handling the time and expense of any litigation that may arise as a result of the transaction.  Litigation happens far more often than most sellers and buyers realize.

3. Yes, this is your market, but that is no excuse to not give a little.  If you’re getting more than you listed or expected, give something back.  Agree to minor repairs, an earlier close date, a mounted TV that has already lost its value, or the backyard jungle gym and sandbox.  Your generosity and compassion will go a long way in getting to the closing table smoothly.

BUYERS:

1. Review your financial picture with a mortgage professional prior to house hunting.  Understand your credit report and clear up any issues.  Obtain preapproval from an underwriter, it strengthens your buying and negotiating power, avoids any unforeseen surprises related to your financial picture, and shows the seller that you are ready to go.  In the event of a multiple offer scenario, ask your lender to call the listing agent and assure them of your ability to purchase and close quickly.

2. Re-evaluate your negotiation expectations.  First and foremost, lowball offers are no more.  They may actually cause more damage in the negotiation process than you realize.  You may just be disregarded altogether; especially in a multiple offer scenario which in today’s real estate environment is the case more often than not.

3.  You may realize homeownership sooner than you think even if there was a bankruptcy, short sale, deed-in-lieu, or a foreclosure in recent years.  If this is the case for you, you might think you have to wait several years to experience homeownership again.  However, in some scenarios, the waiting period may be as little as 1 year.  Meet with your mortgage professional and review your financial picture.  Together you can come up with a roadmap to homeownership again.

 

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