The 2017 real estate market is starting out as a Seller's Market. What does that mean if you are a buyer? It means, you are probably going to be competing with other offers and paying close to or above asking price in many cases. Nobody wants to pay full price, but here are some tricks our Green Lawn Realty agents use to help ensure you get your dream home at a fair market price.
Make your contract a winner!
1. Know Your Comps.
Unfortunately, now is not the time to put in "lowball" offers. Especially if the house is in good condition, is located in a desirable neighborhood and shows well. Ask your Green Lawn Realty agent to run some comps to ensure you are not completely overpaying for the home of your dreams.
The appraisal will protect them but even if comes in low, they may need to be prepared to pay more than the appraised price - I know - Crazy!!
2. Be Unique
Make your sales price a unique number. For example, if the sales price is $250,000, offer $250,500. It's over asking price which always appeals to the seller and doesn't break the bank. Or $251,888 - most agents recommend offering prices in round numbers, use a odd number, you don't have to go up a ton but every little bit helps.
3. Be Quick and Flexible
Everyone makes the settlement date the last day of the month and usually on a Friday. Make yours a week earlier and even on a Monday or Tuesday if possible because it will make settlement smoother for the title company and lender and give you a leg up on competing offers, it might be a little inconvenient for you to move during the week, but moving is going to be inconvenient no matter what day it is!
4. You Have a Safety Net
If you are financing a property, your bank appraisal will ensure you don't pay more for a property than what it's worth. Even if the appraisal comes in a little low, consider how long you will live there and if you put in renovations, paying above the appraisal price might be worth it if you can add lots of equity in the future.
5. Add an Escalation Clause!!!
Most agents do not use these forms. They are awesome and force the seller to "Prove" they got multiple offers better than yours. Your Green Lawn Realty REALTOR will explain how this document can work in your favor.
6. Limit Contingencies
Make your home inspection "For information Purposes Only." There are several ways to write this up into the contract, I prefer striking out all of the negotiation language. Your buyers can still get out of the contract if they are totally scared by what they find in the home inspection but it puts the seller at ease knowing the won't have to fix a bunch of stuff.
If you are a seller, now is the time to get your house on the market but keep in mind if you are buying something else in your area, you might just find yourself as a Buyer in a Seller's Market.
Contact Green Lawn Realty today for a home value report. 703-963-0923