If you are planning to buy a home soon and only have a limited budget to work with, you’ll probably want to make sure you’re getting the best bang for your buck and sealing a great deal. Here are a few tips to help you score a new home at a good price:
1. Most of the country is currently considered a hot seller’s market. If you are planning to buy in an area that is a seller’s market, making an offer that is lower than the asking price will most likely get you ignored and dropped out of the race completely. The same thing applies to asking for too many concessions. In a hot market, homes can get sold in just a matter of days–in some cases even only in a matter of a few hours. If competition is fierce, you will need to step up your game and come up with the most attractive offer possible without going overboard. For this, working closely with an experienced realtor and getting their expert advice would be invaluable.
2. If, on the other hand, you’re planning to buy a home that has been on the market for more than a month or that has received few to no offers, making an offer that is below the asking price may be better received. The longer a home stays on the market, the more desperate its owners usually are to sell. Again, work closely with your real estate agent to figure out an offer price that is within your budget and that the seller is likely to accept.
3. Be sure to do your research thoroughly beforehand and figure out how much other homes in the area are selling for. If the home you are interested in is priced above the market, you may be able to use that as leverage for negotiations. Remember that a home’s selling price is usually determined by the law of supply and demand versus the actual value of the property, and sellers don’t have much control over this and typically play by the market rules.
4. When browsing for homes, keep your eyes open for ads that contain key words such as “motivated seller.” This may mean that the seller is particularly anxious to sell and not necessarily interested in getting the highest price.
If you are planning to buy a home, let The Incorvaia Team make the process as easy as possible for you. Call us at 440-879-7130 today!
