If you are looking to buy or sell a house, here are some real estate tips to help you negotiate an advantageous deal for all parties involved:
Price it Right
Price it high and negotiate down or price it low and look desperate. Perhaps those were the models of the past, but today sellers should be aware that buyers have options. If you out-price buyers, it could be some time before you find a person willing to pay close to your asking price.
Price your home right the first time. Work with a local, expert agent to review comparable home sales, foreclosures and short sales in your area. And be sure to also review recent home sales prices against the original listing price. This will help you come up with a marketable price from which you can be negotiations.
Spend Smart on Home Improvements
Homeowners can improve their chances of sale by making a few smart choices in remodelling or minor updates. Be wary of spending more on improvements than you can recuperate from the sale of the home. This is known as over-improving the property.
Efforts to make repairs, replace roofs, update fixtures, painting, adding square footage and landscaping can all bring excellent returns and appeal to a wide variety of buyers. Some repairs are more cost-effective than others. Check out this article on Home Improvement Tips to Improve Your Property Value.
Maximize Modern Marketing Tools
Aside from getting professional help from real estate agents, modern home buyers and sellers are turning to the internet for way to improve their chances of scoring a good deal. There are a number of internet forums and mobile applications which allow you to expanding your listing visibility or refine your property search. And social media platforms can also be excellent places to network with other home buyers and sellers.
Explore a Variety of Market Choices
Buyers can afford to shop around. There is an abundance of affordable real estate inventory on the market, so buyers don’t need to rush into purchasing the first home they see. Review property auctions, foreclosures, short sales, for sale-by-owner and other markets with your agent.
Get Ready to Negotiate
Home sellers can rarely afford to their initial listing price. Listen to the concerns and wishes of buyers, then be ready to negotiate price, closing costs, fees and taxes, financing, furniture and appliances. Some buyers may even wish to have certain repairs complete or partially paid for by the seller before agreeing to an asking price.
Become a Smart Buyer
Many homeowners wishing to sell have a team of lenders, appraisers, home inspectors and real estate agents to help them protect integrity of the transaction. Buyers can be just as diligent with financial details, legal disclosures and expert protections to ensure a smooth property purchase. You may want to consider:
- Using a self-appointed home inspector to ensure the property is safe and up to code to avoid potential future drains on finances
- Hiring a title company to assess any liens against the property
- Verifying property lines with land surveyors and county recorder of deeds
The real estate market is an ever-changing landscape, but homeowners and potential buyers can take steps to maximize their property investment. Set reasonable home prices, make practical home improvements, utilize mobile marketing tools to buy and sell, explore your choices, be open to negotiation and protect the transaction from unexpected future expenses.