Purchasing a home in beautiful Orange Beach is a very emotional and personal decision, which is different for everyone. The spacious beach house that might be right for you might not appeal to someone else who wants a maintenance-free condo. In this market, it seems that all buyers have one thing in common: no matter what a home is listed for, no matter how much they realize it is the perfect home, the buyer wants a better deal. He immediately asks "what can we take off the listing price?" when making an offer. This is considered the "X factor." Don't let the love of a "deal" cause you to lose the perfect house.
You, like many other buyers, may feel that "X amount" should automatically come off the price of the home, which does not take into consideration all the comps (neighborhood selling and listing patterns), the features and location they are really looking for, or the overall appeal of the home. All of those should be factored into what the home is worth to you. Maybe you have fallen in love with the house, or like the location or the amenities
Your quest for a deal may lead you to start with a low ball offer - which can sometimes backfire on you as the seller may feel insulted and cease to proceed with any negotiations. If you really like the home, you should be careful about doing this; stubborn, offended sellers may walk away from the offer. The mentality that some kind of "X Percentage" should come off the price, even if it a competively priced home and has everything you are looking for, hurts both parties - the buyer and the seller.
Depending on circumstances, you might pay a price that another may not be willing to do for the very same home. But, on the other hand, needing to sell, pressures of needing to purchase another property can also affect the seller's decision to accept an offer. To establish the real market value of the house, there are appraisals that make sure the home is priced in line with the area and how much the lender is willing to provide to the buyer.
There are many negotiations that come with purchasing a home. Both parties need to understand that negotiation also means to compromise on both sides and hopefully come to a happy agreement for both buyer and seller. So, if you find a house you really wants, then reasonably negotiate for it and compromise it you have to. Your Realtor® can skillfully handle the negotiations for you.
Hopefully, the seller can meet you in the middle. If both sides give a little, you can avoid taking weeks negotiating on even the smallest of repairs, etc. that can ultimately result in more in money, time ,and perhaps even losing the deal itself. Being fair on both sides and being able to compromise results in the best outcome for all parties in this ever changing real estate market.
Don't let the "X factor" and the l ove of a good deal let you miss out on the perfect house. If you are looking for a home or condo in the Orange Beach-Gulf Shore area, Lance Steffek of ReMax Paradise can find you a competitively priced home that meets your wants and needs. If you want to discuss this further, or need a good lender to talk to, give me a call at 251 981 2225 or visit my website.
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