If it’s been a while since you bought your home you may find that things are quite a bit different.
Not long ago you could call a Realtor or look in the newspaper for homes for sale by the owners, shop around on the weekends and wait for sellers to throw all kinds of concessions at you in order to entice you to purchase their home instead of all of the others that are remarkably similar.
Today that doesn’t work too well.
For the past few years there has been a shortage of listings. What does that mean to you?
Well it’s just the opposite as the scenario I described earlier – in that scenario there was a shortage of buyers so that the sellers had to bend over backwards in order for you to choose to buy their home. They had to offer things beyond just the hard facts of the home because if they didn’t you’d choose the one who did. Prices were falling so there really was no urgency to buy – the price would be the same or lower in a few months so why the rush.
Today anyone wishing to buy a home better come ready to make a deal today because there are more buyers than sellers and the buyers have to make themselves more appealing to the seller than simply having the ability to close the deal.
Today there is urgency in buying a home because if you don’t buy today the price may very well increase.
So how do you as a buyer make yourself more valuable to a seller?
Come prepared to buy. That means that you need to be as close as an all cash buyer as you can get – beyond ‘Pre Approved’ (whatever that means). Your lender should have everything that they need from you to close the deal as soon as the inspection, appraisal and title work arrive. You also need to do the best you can to save up so you do not need concessions. As the economy has improved concessions seller paid closing costs) have proven to be more and more difficult to get.
Eliminate contingencies – if Uncle Charlie needs to look at it before you buy it then Uncle Charlie should be with you when you first see the home. Do your homework and come prepared to move. I’m not suggesting that you act rashly but rather that you do your homework before you make the offer – not after. In a multiple offer situation, you are going to struggle to get anything accepted with long inspection periods.
Tell your story – I know it may sound silly but remember that the sellers are selling you their home – it means something to them and they often want to know that you are going to care for it as they did. You may be surprised at the offers that are accepted because the presenting Realtor told or presented the story of the buyers and how they intended to love their new home. I’d even type up the story with a picture of my family and give it to my agent to present with the offer.
I do have a few other tricks up my sleeve to help the buyers I represent get the home they want without having to over pay for it. If you have questions about anything in Real Estate call or text me on my cell at 810-938-3339.
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Ed Constable is a top Realtor in Fenton, MI, and surrounding areas!