Fortunately, savvy buyers can still utilize effective techniques for getting the best deals, even in an improving real estate market.
With the real estate market finally improving, it’s no longer a given to get the best possible, lowest deals on buying a new home. As the market improves, there’s more competition for houses, and buyers must be more vigilant and aggressive about getting good deals. Fortunately, savvy buyers can still utilize effective techniques for getting the best deals, even in an improving real estate market.
Look for Motivated Sellers
Motivated sellers are the best source for great deals in an improving home market. Sellers who are just testing the waters might not be offering the best deals, but sellers who need to relocate or are selling their homes due to life changes are more likely to price a home to sell, and be willing to negotiate a good deal with you. If you can, find out why sellers are selling in order to determine how motivated they are to sell their homes.
Sellers whose properties have been on the market for a long period of time may also be more motivated to sell. If you see a property that has been on the market for a while, or has been re-listed, it’s probably worthwhile to open discussion with the seller and see if you can negotiate a good deal.
Negotiate, Negotiate, Negotiate
Getting a good home deal is all about negotiating a good home deal. You can’t just take the price offered on a property and assume you’re getting a good deal. Even motivated sellers list their homes above the price they’re willing to accept, and the right negotiating tactics can cut a home price by tens of thousands of dollars.
Open negotiations with a reasonable offer, but one that leaves both you and the seller room to negotiate. Be sure to negotiate a home inspection provision in your purchase and sale agreement, so you can re-open negotiations if your home inspection uncovers any problems with the property. If you go in with an offer that’s too low, you might insult the sellers, but an offer that’s too high might not get you the best deal. Good negotiation is all about finding a deal with which both you and the seller are happy.
Be Prepared to Walk Away
Some sellers just aren’t prepared to negotiate a good deal, and want to sell their homes for more than they’re worth. If you get your heart set on a specific property, you might not get the best possible deal. You can only get the best possible deal if you’re willing to walk away. Ultimately, many homes are on the market right now, and while the market is improving, it’s still a buyer’s market. If the home you want isn’t available at the price you want, move on to the next. There are always other homes, and sellers who won’t negotiate a good deal aren’t worth the time and effort.
Thoroughly Examine CMAs in Your Area
Check out thorough Comparable Market Analyses for your area. A comprehensive CMA can tell you how much you should expect to pay for a home, and whether the sellers’ prices are in line with realistic expectations in your area. You may find that your budget just isn’t realistic for the property you want in the region you want, or you may find that the sellers aren’t prepared to make the right deal. You can only discover this by being thoroughly informed, so make sure you examine the CMAs in your area to determine whether you and the seller are realistic in your negotiations.
Let Us Help You Find Your Dream Home
Good deals are still available, but finding them requires more footwork now that the home market is improving. Let us help you find your dream home without all the hassle of shopping around for the best deals. Great Deals are everywhere right now and we find them all over the United States. Let us know if we can help find your next great deal.
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