Have you ever wondered about the circumstances surrounding the recent sale of a neighboring Smith Lake house? What factors caused this house to sell while other comparable homes in the immediate area seem to languish on the market? Was there some sort of perk offered to stimulate the sale?
Let's look at a typical example. The house, while competitively priced, was not offered below market. Although the house contained numerous bells and whistles, on a comparative basis, the accoutrements were considered to be within the norm.
Considering the current conditions that exist with today's real estate market, buyers and sellers who attempt to successfully transact the sale of Smith Lake property will need every participant playing "team sports".
In the next few lines we will share with you how playing team sports can turn a real estate purchase offer, one possibly heading for implosion, into a closed transaction. A prospective buyer asks the seller to investigate a "smell" emanating from the basement area, which in the buyer's mind, has permeated the entire house. The seller agrees to hire a qualified firm to identify and rectify the situation. In this case the seller understands that left unattended, the buyer's objection, could become a potential deal breaker. A few hundred dollars invested is minimal when compared to the loss of a sale.
Let's briefly review this example, the buyer has written a sales contract with a contingency to address the "smell" issue. The seller invests a small sum of money to identify the source of what is objectionable to the buyer. The seller, by his actions, has demonstrated to be upfront, trustworthy and willing to contribute in order to facilitate a successful transfer of his Smith Lake property. To the end, the buyer was reassured by the actions of the seller. With this example, the buyer, instead of heading "down the road" worked with the seller to achieve a satisfactory resolution. Both participants worked together as a "team".
When mortgage lenders, appraisers, home inspectors, realtors, closing attorneys, buyers and sellers all work together as a team, the process, while sometimes cumbersome, will work as intended.
If you are a prospective buyer, prepare yourself for negotiation. In most cases, the seller will expect it. If you are a seller, consider what will be necessary on your part, to accommodate a buyer's reasonable requests. Today's Smith Lake property market is unlike any that we have experienced in recent decades. Make sure your interaction with other team players serves to achieve a satisfactory end result. As a buyer or seller, consider yourself a "co-captain". With the new mortgage regulations, flood insurance requirements and appraisal practices in place, the responsibility for initiating fulfillment of these items falls on the shoulders of the "co-captains".
Let me explain with some detail how today's Smith Lake property market is unlike any that we have seen in recent decades. Imagine a three legged stool; each of the three legs represents one of the key components having the most influence over property sales. These key components are; inventory, price and readily available financing. Historically, one or maybe two of these key components will be at optimum levels during any given sales cycle. Although it is rare, the unusual market we experience today incorporates all three legs of the stool at optimum levels. Not in recent history has the cost of mortgage financing been available at today's historic low rates. Inventory of Smith Lake properties continues to remain at very favorable levels for all buyers and current pricing is providing excellent values for Smith Lake property purchasers regardless of the price point.
With every situation there are "speed bumps" which come into play. Procuring a mortgage loan on second or vacation home property has become more involved today than what we experienced just a few years ago (2004 - 2007). The appraisal process has been streamlined by regulation so that a "one size fits all" environment now exists. Lenders no longer share input, or have any control regarding the selection process for securing a qualified appraiser. As we have mentioned previously, the question regarding mandatory flood insurance is now part of the equation many purchasers must contend with. The list goes on.
Given the fact that we are now experiencing a true "buyer's market" for those purchasing Smith Lake property, the flip side of this opportunity offers a protracted process, one which must be negotiated utilizing a sufficient timeframe, due patience and a reliance on all participants who will ultimately make the process work. Today's buying experience is much more complex. For those who are willing to work the system, the rewards can be substantial.
We can divide "buyers" into three groups; those who are qualified and ready to buy, those who are wishing to buy, and those who are waiting for some unstated reason to buy. Unless a buyer initiates the necessary steps to become qualified, wishing or waiting to purchase Smith Lake property will simply be a waste of one's time as market conditions can and will change like the seasons.
To gain a complete understanding of the real estate "phenomenon" we are experiencing today at Smith Lake, enlist the services of a qualified realtor, one who specializes in the selling of lake property. Keep in mind that qualified Smith Lake Realtors deal with these situations on a re-occurring basis, they know what to expect and how to proceed, utilize their expertise.