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4 Things to know if you are getting a Good Real Estate Deal!

Reblogger
Real Estate Agent with Metro Real Estate LLC

This is a great post reminding Buyers and Sellers to really, yes really, make sure they are looking at the whole packet in "their" Real Estate transaction and truly understand what is important to them before making a decision. Is it only price, is it finding their Dream home, is it selling now and moving on to the next adventure in their life. If you as a Buyer or Seller are getting stuck on only price, is it providing you the end result in your life that you really want? Hmmmm

Original content by Sharon Sigman

Selling or buying a home is a funny effort.  It is your biggest investment yet making an offer on a home can make you feel pulling numbers out of a hat. And selling is difficult- stakes are high and the market is so harsh that you want to take any offer you can get at the same time hard to know whether you are leaving money on table when you finally do sign on the dotted line.

The best way to deal with the emotional panic to both buyer’s and seller’s regret is with information; below are thing to know whether or not you’re getting a good deal when buying or selling your home.

1. Know what “good deal” means to you: is a good deal getting the property of your dream, above multiple offers at the price you can pay for? Buying a property for 30% off beneath its current owner paid for it? Getting a bargain on the open market? That is what public call having instant equity and is possible when the seller’s situation, the property condition enable you to get a home for a price lower than the price similar properties in the area are selling for or even lower than it appraises for.

A great deal is different from one person to another because real estate is about life. Whether the real estate results are good or bad it is about your life. So the first to know is whether you are getting a good deal knows what your own personal priorities for the transaction are.

2. Do your own math! You need to compare your price to other benchmarks.

The most important of these benchmarks is the most tricky tp get handle on: the market value of the home.  The meaning of market value is the value a qualified buyer is willing to purchase for the property in an open-market transaction which is the best way to calculate market value is to search at what similar homes in the area have currently sold for.

3. Factor in the specifics of your circumstances: market dynamics, affordability, seasonality and competition. If purchasing a home in Wisconsin in the winter, buyers should anticipate to have a better” deal” than in the summertime. When market dynamics means prices are trending growing in your neighbourhood, what seems like an “okay” deal according to yesterday’s prices may actually be even better than you thought.

4. Don’t disregard any extra “bang” you’re getting for your buck.  Buyers: if the seller is paying some or all of your closing costs, throwing in extra furniture, HOA dues or sweetening the pot, bare that in mind. Sellers on the other hand, if the buyer has concurred  to a fast or slow close or even came up a few thousand on their offer to authorize you to purchase all your mortgages and liens off, bare that in mind as well.

Nowadays, real estate market, where sellers are forced by their upside down mortgage and buyer are forced by what many look as too-conservative appraisal benchmarks, a “good deal” sometimes simply one where the other side gives, to get you something that you need or want to create the deal that work for you.

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