Four real estate tips to help buyers and sellers both win this fall

(BPT) – The real estate market is heating up and spring and fall are traditionally the most active seasons for home sales. This year, industry experts predict that home prices will continue to rise and, with mortgage rates remaining low, the spring and fall real estate season will be competitive for both buyers and sellers.

Buying the right house, especially under pressure, isn’t always a sure thing. A quarter of North American homeowners who bought the home they currently live in said they would not buy their same home again, according to a nationwide survey conducted online of more than 2,000 adults.

Everyone wants to win in the real estate market, but not all do. Fortunately, some simple steps can help ensure both buyers and sellers achieve the best possible outcomes.

1. Don’t go it alone.

Use a Real Estate Agent. Real Estate Agents bring value to both sides of a home sale, ensuring that sellers get top dollar and spend less time waiting for their homes to sell, and that buyers get the best home at the best price. To find a good agent, search this Real Estate Magazine and search online. Interview several agents, read online reviews, get recommendations from family and friends and take your time. Look for an agent who makes you feel comfortable. An agent should never pressure buyers to bid on any house, and sellers should never feel pressured to list their home for a price they’re not comfortable with. If selling, look for an Agent that has a comprehensive marketing plan, including printed Real Estate publications and an online strategy to sell your home.

Historically, Real Estate Agent have asked for commissions up to a total of 6% of the sell price of the home. Today, Real Estate Agents will negotiate their commissions. Typically the Agent that brings in the buyer will receive 2.5% and the listing Agent (the one that sells the home) will also receive 2.5%. The listing Agents commission is usually negotiable. However, don’t be fooled by a low commission that may not offer full service or a marketing plan.

2. Know what’s going on in your market.

When it’s a hot market Agents get competing in multiple offer situations. In order to maximize their chance of success, both buyers and sellers should thoroughly research home prices in their area. Knowing what other homes are selling for will help sellers competitively price their homes, and buyers who do their research will be less likely to overpay. Buyers may also be able to avoid unproductive bidding wars if they’re armed with price information and know ahead of time how much they are willing to stretch their budget for any given home.

Most agents will be happy to provide buyers and sellers with a comparative market analysis of home values and prices in their area.

3. Be creative.

Sellers don’t want to set prices too low and buyers don’t want to pay too much. Creativity can help close the deal for both groups.

Rather than listing a home for a lower price, sellers can enhance their listing’s attractiveness in a number of ways, such as offering to help buyers with closing costs or including a home warranty in the sale. Buyers – especially those in multiple offer situations – can make their offers more attractive by getting mortgage pre-approval, waiving contingencies or offering to rent the home back to sellers for a short period of time to help them with their transition.

4. Know when to walk away.

Sometimes a deal just isn’t right. Perhaps the other party’s agent makes you uncomfortable, a buyer is adamant about a lowball offer or a seller refuses to make necessary repairs. Flash sales, bidding wars, price jumps and inventory crunches can also make you feel uncomfortable.

When a bad scenario occurs, the best course of action may just be to walk away. With 25 percent of current homeowners feeling buyer’s remorse over the home they’re currently in, it pays to do everything you can to make sure the deal you’re considering is right for you.

To learn more about buying and selling homes, contact any Real Estate Agent advertising in this Magazine.

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