Here are some helpful tips for succeeding on both sides in today’s housing market.
SELLERS: Now more than ever, a seller needs the expert advice of a Realtor. Your Realtor will give a ‘must do list” -items that need to be addressed in order to sell the home- and is not optional. The process will likely take several weeks longer than in the past, so the sellers need to be patient. A good way for the seller to differentiate their property from the others on the market is with a home warranty and/or pre-inspection. These little items will keep little issues from being blown out of proportion, and help balance the scales during negotiation. Also, buyers will ask for the moon. However, experts are finding that most buyers become emotionally attached to a home as soon as an offer is agreed upon, and are not quick to walk away at this point. BUYERS: Although it may seem like it, buyers do not control the whole situation. It is fair and common for a buyer to request repairs, but unfair to take advantage of the inspection process and try to negotiate twice for the items that need work. Today’s buyers can also be unrealistic in understanding the financing requirements and the time it takes to underwrite a contract. While many sellers are willing to make concessions in order to sell, they will still walk away if a buyer is too demanding. Losing money, especially on something personal like a home, packs a powerful and emotional punch. Moral of the story: The seller wants to sell. The buyer wants to buy. Put yourself in the shoes of the other; play nice; and you’ll both end up feeling like you’ve won.