I have heard it said and use this saying a lot, especially with my investment clients. You make your money when you buy, not when you sell.
A skilled Realtor, who is well versed in the art of negotiation, knows it's not always about the price - sometimes it's about the terms of the contract. A Realtor will reach out to the Listing Agent to discuss motivations and write the contract accordingly and also to find out how much interest there has been in the home. I often say "If I haven't offended you with my first offer then I've offered too much". Seller's who refuse to negotiate an offer are really missing the boat and so is their Realtor.
If you are thinking about buying or selling a home be sure to hire a Realtor that is an expert negotiator.
If this the first time you're considering buying a home, or selling your first purchase, there are a lot of possible challenges you can end up facing. Having the right agent can ensure you're able to get through these challenges, but since some of the issues are universal, let's review some mistakes you want to avoid making.
1. THE RIGHT PRICE
Pricing a property is a science of it's own. There are a lot of components and factors, so many small details, that ultimately lead to the value of a home. Although there are a lot of sites with estimates, namely Zillow, the technology uses on online sites to determine property values are simply not accurate. Zillow even states that their numbers can be inaccurate up to a whopping 20%. Without a background as a real estate professional, it's virtually impossible for a consumer to be able to know the proper components needed to price a home. When you're purchasing a home, you're want to find a deal, can lead to stubbornness about what you're willing to pay and what you think a home is worth. But what you WANT it to be worth is the complete opposite of what it should sell for. If you're a first time seller, you may want to sell your home for as much as you can squeeze out of it, but this can lead to unrealistic expectations, and ultimately lead to an overpriced home that never sells. Don't make the mistake of assuming you know what a home's value should be. Instead, partner with a real estate agent that truly is working for your best interest, and let them provide you the tools to support home values, so you can place an offer, or price your home, at a number that makes sense.
2. REFUSING TO NEGOTIATE
If you go into a sale, or purchase, refusing to make negotiations, hard-set on what you want without exception, you're more than likely going to cause a lot of grief and stress for yourself during the sales process. When you're looking to buy or sell a home, you have to have an open mind about negotiations. They are a common practice within the industry, with buyers wanting to spend less and sellers wanting to net more. If neither party is willing to make negotiations, you'll find yourself in a contract time and time again, only to fall apart before you can finally close on the home. Having a great agent will help you ensure you make negotiations that are reasonable to lead both parties to the closing table, without compromising you.
3. REALISTIC EXPECTATIONS
Although we all have an idea in our mind what our dream home should be, sometimes the market, and your budget, don't fit realistically into check marking everything off of your list. Find an agent that helps you look for the most important needs in your dream house, but keep an open mind to a home that fits most of your needs, but not necessarily all of them. Having too many expectations within a home can become stressful and result in never finding a home that really matches your needs. If a home has the major components you are seeking, get creative and see if the other things you want can be added down the road. Have a certain number of non-negotiable items, like bedroom/bathroom count, but then have a list of "wants."
4. YOU'RE NOT ALONE, DON'T GO IT ALONE
Don't make the mistake of trying to handle the sales process all on your own. There is a reason that the real estate profession, and the laws around it, are as strong as ever. Real estate agents are a necessity during the sales process to ensure the right steps are taken to get a home sold. Buying and selling is a difficult process that requires knowledge and expertise that comes from a professional within the industry. From legal terms, to finding homes that aren't even listed on the market, there are a lot of ins and outs un-experienced buyers and sellers may not think about, which can lead to losing value on your home or never finding the right one. Avoid the stress of "learning the hard way" and find a professional that can give you the guidance you need to get the task at hand completed and ensure you're happy with the outcome.
Stephanie Atkins-Arnett, Broker Associate, Coldwell Banker SRE Realtors, www.StarkvilleLife.com
If you are thinking of buying or selling an home in Maryland give us a call at 410-292-0100 or start your search here and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building alone is worth the plunge into todays market. Remax New Beginnings and I are connected with some of the brightest and best real estate agents in the world and can assist with your move here in Maryland or anywhere in the United States or abroad. Ask me how.
June Piper-Brandon ~ Associate Broker ~ CDPE, CIAS, ePro, MRP
Long & Foster Hampden
410-292-0100 - Direct 410-889-9800 Office